From Sumerians to Egyptians, the evolutionary journey of signatures is incredible. Gone are the days when we were required to carry pen and paper to sign a document. Now we can sign any document on the go, from anywhere and anytime. For decades now, e-signatures have been helping organizations enhance and speed up their operations.
In today's competitive market, e-signature software provides a comprehensive range of benefits and features to bring convenience, efficiency, and agility to business processes. For example, e-signature solutions essentially automate document workflows, allowing you and your team players countless free hours to focus on more priority and revenue-generating tasks - so that you can focus on actual business without worrying about document security and faster paperwork. In addition, you can save a lot on physical storage, which not only accounts for an additional amount but the space and security issues.
In a nutshell, electronic signatures reach far beyond signing. And to put it into perspective, we have put together ten impressive statistics that will blow your mind and keep you abreast of what's hot in this primary software niche.
The use of e-signature technology is growing at a high rate. As the need for digitization has skyrocketed in the last few years, modern businesses enter the market feeling the need to introduce digitization in their document workflows from the very start. Even legacy corporations have joined the throng going toward automation. As a result, almost every business from every industry, be it manufacturing, retail, education, healthcare, I.T., automotive, or even government organizations, is embracing digital signing.
- Global electronic signature transactions have risen from 89 million to 754 million over just five years.
- The global electronic signature market was valued at over four billion U.S. dollars in 2022.
- The e-signature market is anticipated to grow by over 35 billion by 2029.
Manual signatures mean putting pen to paper and distributing copies with multiple signatures from various individuals. Sounds complicated? That is because it is. And the costs associated with this method? You wouldn't believe it.
- In the Philippines, an average sized business is spending close to ₱ 84,000 in raw material, printing and scanning, storage and manpower
- Organizations embracing e-signature solutions reduce document handling expenses by 85%.
- Going paperless also helps organizations to save 80% on shipping costs, on average.
We know H.R. departments spend hundreds of hours recruiting and onboarding workflows, property dealers juggling rental agreements and maintenance requests, and healthcare staff swamped with patient intake forms and physician licensing. These are examples of real-life workflows that are instantly advanced with the help of e-signatures.
- 65% of organizations using pen and paper reported that collecting physical signatures adds an entire working day.
- 48% of businesses said they make three or more copies of their documents.
- Research suggests that switching to e-signatures shortens the sales cycle by 400% and increases conversion rates.
4. Effective documentation
Effective documentation requires error-free data, an easy signing method, and effective document sharing and storage. Even the slightest error on a document or a signature error can take weeks or months to resolve. On the other hand, an e-signature solution allows you to digitally create your own signatures within a few minutes, with no shaky hands or signing in the wrong boxes. Moreover, you can find any document whenever you want with just a few clicks, as e-signature software allows easy cloud access where you can store all your documents.
- Electronically signing a document allows companies to witness an 80% reduction in signing errors.
- With the use of e-signature software, you can reduce the number of missing files by 66%.
- An astounding 92% of scanning errors are wiped out once you start signing online.
E-signature solution helps streamline your business processes, allowing users to focus more on priority tasks, improving their performance. The very definition of automation is to eliminate menial, time-consuming tasks, such as printing, document sharing, getting documents signed, and scanning. And e-signature solutions are star performers when it comes to performance and efficiency.
- Companies embracing electronic signatures show an 85% improvement in performance.
- After eliminating manual processes and adopting digital technologies, such as digital signature solutions, businesses can witness 70-80% improvements in efficiency.
- A study shows an average of 15 days faster contract turnaround time and 37 percent improvement in productivity with eSignatures
Also Read: Digital Signatures: Accelerating Digital Documentation in the Philippines
6. Customer experience
Customer experience (CX) is crucial to any business that wants to survive today's competitive and customer-centric business world. Today, consumers are more likely to invest in brands that provide a quick, hassle-free experience. An e-signature solution allows you to gain consumer trust by providing them with a smooth signing experience.
- Organizations embracing electronic signatures report a 500% increase in customer loyalty.
- A 2021 research shows 53% of businesses use online signing for improved experiences for stakeholders.
- At 61%, millennials lead the way in using e-signatures.
7. Increases ROI
E-signature drives value for every stakeholder in the agreement process, including customers and employees across sales, H.R., legal, and procurement teams. Online signatures help companies increase their ROI by saving time, improving efficiency, and increasing productivity and sales.
- According to commissioned research by Forrester, 32% of organizations report reduced completion rates and abandoned deals due to inefficient agreement processes.
- 81% of electronic signature business users experience an ROI in a 12-month budget cycle, while 25% have an ROI within three months or earlier.
- With eSignature, up to 80% of agreements are completed in less than a day and 44% in less than 15 minutes, organically driving ROI.
8. Time savings
Time is money! And money saved is the money earned! We are all well aware of this fact, so organizations strive to have streamlined and agile business processes. Here's how adopting an e-signature solution saves time spent on redundant tasks:
- With an electronic signature solution, you can open a bank account within just 8 minutes.
- You can save up to 22,000 hours annually.
- While it might take a day or 5 to obtain a physical signature, with an e-signature solution, you can close an entire contract or agreement process end-to-end in just 30-40 minutes.
9. Turnaround time
Businesses today simply cannot afford to spend countless hours following up with a client to complete the documentation. Every second matters. Embracing an e-signature solution reduces the document turnaround time, ensuring completion of the paperwork as early as possible.
- Organizations integrating e-signature solutions in their processes observe an 80% reduction in turnaround time.
- 45% of companies spend a week just to get a contract signed.
- The time spent by customers or clients in viewing and signing documents can be reduced by 40%
We have witnessed countless benefits of using e-signature technology, but have we considered its environmental impact? For instance, manual documentation requires a pen, paper, scanner, printer, storage, and transport facilities to share documents and obtain signatures. On the other hand, a digital signature solution eliminates the need for all these elements, allowing you to sign electronically. This, in turn, reduces the environmental impact of paper pollution, CO2 gases, toxins released during paper production, paper and pen waste, and more.
- E-signature solutions can save up to 2.5 billion trees in less than 20 years.
- Paper & pulp industries produce 100 million kgs of harmful contaminants like SO2, H2S, CIO2, and CO every year.
- Paper waste disposal & recycling is the main problem as 40% of the total waste is paper waste contributing to 71.6 million tons of waste annually.
DrySign e-signatures to make you stand out!
DrySign, one of the leading e-signature solutions, provides the best-in-class features and a wide array of benefits to keep your business ahead of the curve, helping you stand out in today's corporate crowd. However, it has far more to offer than just the convenience of electronic signing. DrySign complies with different e-signature laws and regulations Sec. 5(e) Electronic Commerce Act (Republic Act No 8792) to integrate end-to-end legitimacy in your documentation. Here's everything you should know about compliance and certifications of DrySign.
Compliance and Certifications
- Veracode DrySign
DrySign digital signature platform enables quick and secure e-signing, allowing the user to sign any document or get the document signed seamlessly. DrySign provides 128-bit secure e-signatures that abide by all the legalities. As a result, you only need a minute to sign and send a document via DrySign. In addition, the platform is cost-effective, prevents wastage, and reduces the carbon footprint.
Veracode performs both dynamic (Automated penetration test) and static (Automatic code review) code analysis to find security vulnerabilities, including any malicious code or absence of functionality that may lead to security breaches. The binary scanning approach of Veracode produces more accurate testing results with the help of methodologies developed and continually refined by a team of world-class veterans.
Dragonpay protects data transmission from the browser to the server using an industry-standard Secure Socket Layer (SSL) technology.
Amidst the conversations of paperless offices, e-signatures have been helping organizations streamline their processes for decades now. But e-signatures have far more to offer than just the convenience of electronic signing. The above-listed e-signature statistics must have given you an idea of how e-signatures can benefit businesses. DrySign, one of the leading e-signature platforms, provides a wide array of benefits to help simplify business operations. Start DrySigning now!
DISCLAIMER: The information on this site is for general information purposes only and is not intended to serve as legal advice. Laws governing the subject matter may change quickly, and Exela cannot guarantee that all the information on this site is current or correct. Should you have specific legal questions about any of the information on this site, you should consult with a licensed attorney in your area.