Getting a contract signed manually is expensive, inefficient and lengthens revenue cycles — resulting in thousands or even millions of dollars in lost revenue. Other pain points include waiting on payments, filing and storage issues, and lack of line of sight between sales and operations.
Faxing has become an archaic practice (and is usually inefficient, resulting in multiple faxes of the same document). Being able to sign and email contracts is more user-friendly and provides electronic line of sight into business processes — increasingly important to a mobile workforce.
eSignature technology helps to address these pain points — it’s easy for end-users to adopt, doesn’t require IT resources to get it installed onto devices, is secure and can demonstrate a return-on-investment for the organization.
So what exactly is eSignature?
eSignature technology provides an inexpensive and automated way to finalize contracts and conduct business. It’s not a new technology; Canada and the U.S. have approved its use since 2000. However, it hasn’t been widely adopted because in the past it’s been complex, complicated and expensive to implement. But that’s changing — and if businesses don’t do something now, they’ll continue to face long, expensive sales cycles.
Bank revenue faster
eSignature has been proven to decrease sales cycles by 500 per cent — reducing it from weeks to days or even hours. And that means it’s a lot easier for sales reps to focus on the next sale, instead of following up on paper contracts. It also improves operational efficiencies with visibility across sales and finance departments, and allows for better compliance and governance.
Say goodbye paper
Since the solution is entirely electronic, businesses can free themselves of paper — and save on filing and storage (another big cost). It reduces the operational overhead of managing paper documents, is more secure than paper-signed faxes, and can be used by multiple departments (including legal, HR, IT, sales, customer service and finance).
Is eSignature right for your organization? What do you need to consider before choosing a solution?
If you’re thinking about deploying an eSignature solution, consider if the delay in getting contracts signed is resulting in delayed revenue. How much is your current signature process costing your business in time and money? And how much time is sales reps spending on post-sales paperwork?
When looking for a solution, consider: How easy is it to use? How many resources will it take to implement and maintain? How easily does it integrate with existing operational applications? Does the pricing model work for your organization?
Adobe just added an eSignature solution to their document management portfolio called EchoSign, which addresses many of these concerns. It’s easy to use and requires no end-user training — it’s as easy as sending an email. And it provides enterprise-wide contract status visibility with a reporting dashboard to measure performance at a glance.
Since it’s a software-as-a-service solution, it’s easy to implement (in minutes) and doesn’t require any IT resources to deploy or maintain (there’s no need for end-users or customers to install a plug-in or download a software client).
EchoSign is secure, using both email and password authentication. All documents are encrypted with 128-bit SSL security and all account data is encrypted with RSA keys. It also captures every transaction in the contract signature process and records a comprehensive and detailed audit trail in PDF format.
Discovering eSignature technology is similar to the experience of realizing your entire CD collection can fit on your hard drive — a simple, yet game-changing, solution. You can test it out with a free trial (and because it’s SaaS, you don’t have to install any software).