Reducing Drag on Your Revenues – Electronic Signature Omniscience

 In our Digital Signature ROI blog series, we’ve been talking about the multitude of ways implementing a digital signature service can result in significant benefits for your organization, from cost savings to paper efficiencies. We’ve also been exploring why typical wet ink signatures drag out your revenue stream by making it difficult to close contracts due to the time and effort taken to send out and return paper documents.

How many times have you or your company sent out multiple paper copies of documents to be signed, only to have the process stall? You call the client and they say they never received the document. Or they sent it back to you… didn’t you receive it? Or it’s in the process of being routed around to internal approvers and signers… they’ll need to get back to you next week when they have time to track it down.

This is one of the hidden ‘costs’ of sticking with paper and ink signatures. When you can’t immediately determine where a document is in a signature process, you can’t take action to speed it up. And in the meantime, your company’s revenue is in limbo, instead of being a productive part of your business. If your profit is always waiting on that one signature, you need to be considering electronic signatures.

A recent blog entry we wrote linked to an article from the TechLeaders 2012 site. One of the figures it quoted resonated with us:

“76% of documents not signed within 24 hours will never be signed.”

It’s an incredible figure and one which speaks to the inherent challenges in sticking with a paper and ink signature strategy. It’s simply not sustainable in this fast-moving economic environment.

With a digital signature service like SIGNiX, no longer will your company be in the dark about where a document is. Rather, electronic signatures can usher in ‘signature omniscience,’ where your users, agents, sales personnel, and managers can know at any given time where each document is in an electronic signature process. You can see which transactions have yet to get a first signature, and send out an email to that first signer to login and complete their task. You can see if the fifth approver on a process is taking a nap, and slowing it down for the rest of his colleagues. And you can see which transactions have been completed, putting a smile on your face… as well as your accountant’s.

SIGNiX MyDox Document Center lets you see which of your transactions have finished, or peek in on those that have stalled.

Just like in the paper world, even emails now can get stuck in someone’s inbox under the flurry of emails that mark the chaos of business today. To prevent this from gumming up the works, digital signature products like SIGNiX provide reminders that can be easily sent out, both manually and automatically, to be sure an action is taken.

Not only do electronic signature systems reduce the drag on your revenues, they can also impart positive branding. If a customer receives their product faster or does not have to wait to receive their service because your company can easily track a contract and speed it on its way, they will stay more loyal to your company.

In fact, Tower Group, an analyst organization, recently noted, “The reduction in paperwork and ability to track a transaction throughout the process [provided by an electronic signature solution] facilitates a positive buying experience for both consumers and brokers.”

Choose electronic signatures, gain omniscience over your document workflows, and drastically speed up your time to revenue.