E-signature technology doesn’t often catch headlines, but behind the scenes, its market has been growing rapidly over the last decade. Between 2014 and 2017, the adoption of e-signature software snowballed from £67 million to £561 million worldwide.
As companies continue to evolve their flexible working practices, that revenue figure is only going to increase. Even before the pandemic, some projections expected the digital signature market to reach £6 billion by 2027. With so many moving to remote working, the value that e-signature solutions like DocuSign and SignNow can offer businesses of all sizes is clear.
Reduced costs, increased revenue
The right digital signature solution can increase ROI and reduce costs that are often overlooked. Though we often don’t consider it, printing, sending, and storing physical documents can get expensive quickly. And, incorrect submission of documents can quadruple costs. As a result, businesses can save significantly on every agreement signed with e-signatures — to an average of £30.
As with most digital technology, e-signatures also speed up the entire contract signing process, which can lead to revenue acceleration. Agreements are commonly closed in fifteen minutes and the vast majority are closed within a day. The ability to collect payment as part of the signing process can speed this up further, which can be vital on time-sensitive contracts.
Of course, at times the problem isn’t the technology, but the unreliability of the people behind it. Solutions like DocuSign and SignNow address this through in-built tracking that gives a real-time status of who has and hasn’t signed. You can quickly prompt the people you’re waiting on and get results and therefore payments, faster.
Though there are numerous direct benefits for businesses that utilises e-signatures, some of the value is passed on indirectly through the customers. Good e-signature solutions significantly reduce the amount of time spent for those signing the document. Cutting out the laborious process of printing and mailing documents reduces the chances they’ll put it on the back burner and forget about it.
For businesses, this can translate to a 500% average uptick in customer loyalty and fewer errors. Digital signing interfaces reduce the stress for the customer by guiding them to the correct boxes to fill. Standard terms agreements can be captured with just a click, reducing the time they spend bogged down in paperwork.
Even when away from the desk, customers also see the benefit of digital signatures. SignNow and DocuSign supports a variety of screen sizes across mobile, tablet, and desktop, reducing the need for squinting or zooming, ensuring everything is read in detail. This combination of clear interfaces and resolution flexibility can lead to an average error reduction of 80%.
Perhaps more importantly, though, customers can be sure their personal information is safe. Unlike physically mailing or emailing documents, e-signature solutions offer strong security and compliance. Adherence to GDPR, ISO 27001, and other standards is a must for data-centric companies, as are features like 256-bit AES encryption and built-in threat/link protection. Together they ensure the risk to the customer and business itself are far lower than traditional methods.
E-signature solutions can offer many avenues for cost reduction, while increasing accuracy, speed, security, and customer satisfaction. Their lack of major downside has led to an exponential adoption rate by businesses Worldwide which seems set on continuing for the foreseeable future.