If you run an organization that handles lots of documents, the process of managing these documents can take its toll on your business operations. Many processes are involved in managing documents. The cost implication is on one hand and the time invested in the process is another.
According to reports, organizations spend about $8 billion on paper and print annually across the world. Now, this is a huge investment that could be diversified into more productive projects that will impact the organizational bottom line. The manpower that is used up in the document management process is another major cost factor that organizations have to deal with in this situation.
In this post, we will look at one of the major ways that enterprises can streamline their document management, how it works. We will also look at the benefits of some of the free esign services. Let us get right into it.
Major Problems with Pen-and-Paper Document Management
Businesses regularly have contracts and documents to sign. Most times, these contracts require multiple signatories that are not domiciled in the organization. This means that the documents have to be printed, scanned, and sent through email or fax machines to the recipients.
To ensure that the forms are signed accordingly, the contract creator would have to follow up on the document to ensure that each signatory has access to the form after the others have signed on it. This is a lot of work that may take weeks to complete, depending on the number of the signatories and their speed of attending to the document.
In some cases, the documents may be signed wrongly or misplaced along the way. When this happens, finding the document becomes an issue and may require that the process starts all over again.
With a lot of waste that is associated with managing documents, organizations must begin to look for ways to streamline document management in their business operations? So, is it possible to streamline it? In what ways can this be possible and what are the benefits associated with the process?
How E-Signature Can Streamline Document Management
E-signature technology is a popular trend among organizations that handle extensive documents. Enterprises that invest in e-signature technology like the Signature Generator do not have to deal with any of the aforementioned problems with pen and paper documentation systems. They do not have to print or distribute documents manually.
With Signature Generator, businesses can create documents and upload them to the e-signature platform. They can then share the link with the appropriate person to request that they append their signatures on the documents. The contract owner can easily monitor the documents and get real-time notifications as each signatory append their signature on the document. Here is how to use this tool:
- Visit Signature Generator site and upload your document. You can also choose a document template from the site.
- Locate the e-sign tool and click on it. It will open a box where you can either draw, type, or upload your signature.
- Drag the created signature to the space for signature on your document.
- Save and download the signed document.
Within minutes, the document can be signed and completed. With this, there is no need for a long-drawn contract signing process. There is also no need for any physical storage as all documents can be stored digitally. With documents stored digitally, it becomes easy to streamline document management.
Benefits of Streamlining Document Management with E-Signature
Every action that a business takes has a cost implication. Investing in e-signature also has a cost attached to it but the long-term benefits outweigh the cost. Organizations that already adopted the e-signature solution understand its impact in different areas of their business operations.
E-signature solutions increase project completion rates, improves workplace efficiency, and minimize staff workload. It also helps to improve customers’ experiences because customers can complete transactions faster than the traditional counterpart. With a few clicks, a client can sign a document from the comfort of their home or office without the need to print or scan any document.
How Document Management Streamlining with E-Signature Work
Organizations that work with extensive documents can benefit greatly from e-signature to streamline their document management. It becomes easy to drive business value and improve customers’ experience. So, how does e-signature work to streamline document management?
- Improved Completion Rate
When you have to send documents to multiple clients to append their signature manually, monitoring and following up on each person can be cumbersome. If the clients are expected to download, sign, scan, and resend the document to you, there is a high chance that they will abandon the whole signature process.
However, with an e-signature, you can send them a link to the uploaded document and request their signatures. You get status updates on each completely signed document and it is easy to track others that are yet to sign. With this, you enjoy an improved completion rate and fewer abandoned contracts.
- Flexibility of Integration
E-signature solutions allow you to adapt the features you use based on your need. It is easy to integrate an e-signature solution into the organization’s workflow and processes. With this, the enterprise can have single digital storage space for documentation in the company.
It becomes easy to streamline and access documents seamlessly. When an employee leaves the organization, the workflow does not stop with them. All vital documents that they have worked with are securely saved in a cloud platform that any authorized persons in the organization can access.
- Real-time Access and Action
You do not have to wait for weeks to complete a contract. You can have all contract participants sign a contract document from any part of the world within minutes. Each participant does not have to wait for the other to complete their signature process before they append theirs. Signatures can be appended in real-time and simultaneously.
This means you can schedule a digital contract signing meeting with multiple signatories and have a contract signed within minutes, irrespective of the number of signatories. This makes the whole contract signing process streamlined and less stressful.
Adopting next-generation technology is the smart way of doing business. The next-generation business environment is a paperless generation. It is a generation where every aspect of the business is digitalized, giving employees, partners, customers, and other stakeholders the freedom to perform their duties remotely and from any part of the world.
Organizations that embrace e-signature technology will not only streamline document management but also reduce costs in many areas.