Techblog
Are small business customers ready for e-signatures?
In today’s digital world, companies increasingly use e-signatures to conduct business and transactions easily. But how do customers and employees really feel about signing electronically?
Today’s businesses have to operate in a fast-paced digital world. The question of how to increase a company’s efficiency and cut expenses are more present than ever. One way to save time and resources is by using e-signatures. In Singapore, e-signatures have been recognised legally since 2010 under The Electronic Transactions Act.
Efficiency
Today, more customers appreciate the ease and speed associated with completing purchases or other business activities online and digitally. That’s why a great number of businesses are offering paperless processes such as e-signatures.
The sheer speed with which digital technology provides users with information and answers means customers and employees expect this pace with all aspects of their life. E-signatures allow your customers to sign anytime, anyplace and anywhere. Most importantly, the process is quick, meaning the transaction is quick – no matter where each person is located.
Depending on your industry, some contracts may include multiple places to sign. By using e-signatures you’re able to include mandatory fields, meaning the contract cannot be submitted unless the fields are complete. With 100% accuracy, you no longer have to chase up customers who may have missed a page when signing – increasing their satisfaction with your business efficiency.
E-signature software such as DocuSign offer outstanding operational efficiencies for companies and improved customer service. It makes turnaround time 25 times faster meaning 80% of documents are completed in a day.
Keep the customer updated
While consumers are increasingly comfortable with e-signatures, businesses still need to pick the right platform so they remain happy.
Companies should ensure that their e-signature software comes with a document management dashboard enabling customers to see the status of the e-signature.
It’s important for users to see whether the document has been sent, opened, signed and returned. Being able to quickly see the status of the sent documents enables businesses to strategically do follow-ups and ensure clients sign and return documents.
Who is using the technology?
It’s been forecast that the global e-signature market will hit US$9,073.1 million by 2023. The fastest growing market will be Asia Pacific. These statistics show customers are keen to embrace digital transaction management platforms like DocuSign. E-signatures will become the norm for any business where a detailed contract agreement is required between two parties.
Some benefits of e-signatures in different industries are:
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Accountants are able to get signatures quickly while meeting all legal requirements
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The construction industry can easily manage purchase orders, subcontractor agreements or quotes and make any changes
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Sales processes can be completed quicker, increasing customer satisfaction and business cash flow
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Human resource departments and recruiters can on-board new employees quicker and more efficiently
Summary
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In Singapore, e-signatures have been legalised since 2010 under The Electronic Transactions Act
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E-signatures increase business efficiency which increases customer satisfaction
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Businesses should ensure that their e-signature software has a document management dashboard enabling customers to see the status of the e-signature
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The e-signature market is forecast to grow with Asia Pacific seeing the fastest growth across multiple industries