It’s obvious from the widespread consumer hunger for digital transformation that businesses cannot stand still. The pace of advancing technologies clearly poses challenges for companies across all industries, however it also offers huge potential opportunities. While a completely paperless office still might be a while away, digitally managing documents and workflows is already a reality for an ever-growing number of organisations.

Consumers, with digitally-driven expectations are demanding fast, seamless experiences from any device with more than 85% of consumers expecting businesses to provide electronic signing and purchasing methods according to a study by DocuSign. Furthermore, if given the choice more than half of Europeans would prefer to deal with companies that provide digital options for completing transactions. In this respect, it is impossible to ignore focusing on digital transformation, as consumers are clearly willing to move elsewhere, if it means their digital expectations are met.

With that said, what are the benefits of switching to electronic signatures?

  • Time is money

Processing physical documents on a daily basis is a laborious process, which includes printing, scanning, posting and chasing documents. By utilising a electronic signature platform these time-consuming tasks can be eliminated, leaving your team able to focus on activities that drive concrete value such as business development or customer service. With Xodo Sign, your experience has been optimised for any device, allowing you to process your documents anywhere, anytime. As a result of the mobile nature of electronic signature platforms turnaround time for documents can be shortened by up to 90%, which means that revenue will come back into the business at a faster pace.

  • Avoid lagging behind the competition

According to a Forbes Insights survey of 573 top executives, digital transformation sits on top of the strategic agenda for businesses. Sticking to paper-based workflows and transactions leaves you vulnerable to falling behind your competition. By incorporating a paperless solution, you not only provide your customers with an experience they have come to expect but you also diminish the risk of customers leaving to the competition as contract turnaround is sped up. Ultimately, Xodo Sign helps speed up the sales cycle and get the sale across the line.

  • Decrease your carbon footprint

With the ever-growing focus on sustainability, companies are looking for economical, significantly impactful ways to decrease their carbon footprint. With the paper industry being the 5th largest energy consumer in the world, going paperless has a huge effect on an organisation becoming more environmentally friendly. Not only does eliminating the use of paper save trees (which play a vital role on our planet by absorbing CO2 and producing oxygen), but it also cuts down on pollution and resources needed for paper production. To put it into perspective, it requires 10 litres of water to make a single piece of A4 paper. Lastly, switching to a electronic signature solution like Xodo Sign saves fuel and subsequently cuts down on greenhouse gas emissions, as a document is sent securely with the click of a button instead of being transported across the world.

  • Giving customers what they want

Today’s digital consumer expect a frictionless, user-friendly digital experience and if that expectation isn’t met, consumers will happily and rightly-so switch to whoever provides it. Furthermore, as three quarters of consumers agreed that organisations have an environmental obligation to reduce paper usage, it is important to realise the damage the resistance to going digital could have to a brand and image. Brand reputation and trust are valuable, hard-to-build assets that are put at risk when businesses persevere with old-fashioned processes.

  • Additional security and audit trail

Electronic signature methods incorporate a comprehensive audit trail with a detailed log of transactions (such as signer data, signature time stamps, IP addresses, etc) attached, which minimises the risk of fraud and compliance issues. When combined with strong user authentication options, a electronic signature is impossible to forge and as a result provides enforceable evidence in a court of law. Furthermore, electronic signature solutions also provide proof that documents haven’t been tampered with since signature, as Xodo Sign creates a unique hash of each document which is then uploaded to a blockchain. Furthermore, users can only access their documents through the credentials provided by the electronic signature solution provider, and the signer of the emailed document can only access it through his account, which when compared to traditional paperwork adds another layer of security.

Ultimately, electronic signatures are leading the way to a paper-free future, so it’s time to start having the discussions around implementing a digital solution to upgrade your office operations.

You can learn more by contacting me directly on alex@eversign.com.