Whether you’re a small business or a big Fortune 500 company, chances are you have experienced the paper problem. Let’s face it: paper slows down a business and its employees. Paper-based processes can lead to errors, are expensive and distract employees from focusing on value-added activities. Today’s organizations need to be agile and are embracing digital-enabling technologies, like e-signatures, to be productive and help move their businesses forward.
AIIM, the Association for Information and Image Management, recently conducted a survey on the progress of the paperless office. The survey revealed that 57 percent of respondents committed to digital transformation, and reported that going paper-free is an essential starting point. Seventy-nine percent agree that all businesses should have an e-signature mechanism.
An increasing number of organizations are warming up to the idea of e-signatures because they recognize the following benefits:
- Cost savings
- Staff efficiency and productivity
- Stronger compliance
- Shortened approval times
- Improved customer experience
What’s more, e-signature technology has evolved to meet the needs of organizations by supporting a wide array of capabilities. These capabilities include user authentication, audit trail management to capture the signer’s activity during the e-signature process and the ability to integrate with an organization’s existing business applications, to name a few.
We asked eSignLive to share a variety of e-signature use cases to give insight into how organizations reap the benefits of using e-signature software:
INcreased efficiency and productivity
U.S. Bank, a top ten commercial bank in the United States, has more than 17.5 million customers and 60,000 employees. Across the organization’s more than 3,000 branches, millions of transactions take place each month. With eSignLive, U.S. Bank eliminated its error-prone manual paper process and increased employee efficiency. Employees no longer spend the majority of their day processing paperwork. Instead, they leverage more time on sales and delivering a better customer experience, impacting U.S. Bank’s top line.
The State of Vermont’s Department of Information and Innovation (DII) manages the delivery of IT products and services to all of the state’s departments. The DII signs approximately 240 vendor contracts monthly. Each contract is circulated for review, negotiation, revisions, completion and signature among internal and external stakeholders. Since adopting e-signatures, the DII has digitized their contracting process and eliminated a $30 round-trip courier fee per contract, resulting in significant cost savings.
Shorten approval times
Premier, a healthcare performance improvement alliance of approximately 3,400 U.S. hospitals and 110,000 other providers, incorporated e-signatures to easily transact with their vendors and internal stakeholders. Premier witnessed accelerated sign-off times on contracts and amendments, from ten days to one day. Premier also gained a competitive advantage by offering flexibility to executives to e-sign contracts from anywhere, at any time, on their mobile devices.
Deliver a better member experience
Cal Poly Federal Credit Union serves employees, alumni, students and other members of the California State Polytechnic College. The credit union is using eSignLive to automate member-facing and internal processes including loans, board approvals and human resource documents for new hires. The CEO was thrilled by how easy and cost effective it was to get started with e-signatures. “With eSignLive, distance and busy schedules no longer impede securing a loan. Our members love the convenience and think we’re rock stars,” says Barbara Bean, president and CEO of Cal Poly Federal Credit Union.
E-signatures are on an upward trend and show no sign of slowing down. Organizations in banking, insurance and government have been using e-signature solutions for years to help simplify the process of obtaining signatures and have realized the productivity benefits. So what are you waiting for? Take the leap and find the right e-signature solution for you today!