Whether your company directly or indirectly sells, distributes, or markets products or services to other businesses or directly to consumers, the impact of a company’s sales team is directly proportional to the company's revenue. Sales teams are integral to the success of any business. Hence, simplifying processes and easing their burden is in the interest of every employee. Although conventional sales strategies are the most effective, tedious workflows and delays in a typical sales cycle can lead to clients and potential customers losing interest. Every sales and marketing personnel understands the importance of time. The sooner you close a deal, the better it is. This is the golden rule!
If you aren't tuned into digital procedures, chances are, your sales force's productivity is probably compromised because of delays in the signing of contracts. The way to combat this is by empowering your sales team with electronic signature workflows. Incorporating e-signature solutions expedites processes by leaps and bounds while giving your clientele a better customer service experience. Additionally, the introduction of e-signatures simplifies the attestation and authorization process, enabling your sales team to close more deals faster. Electronic Signatures are a superior alternative to handwritten signatures. They have the same legal standing as handwritten signatures and many more advantages. Let's review some of the advantages of this method:
- Legally Binding:
- Provide quick TATs (turnaround time):
- Cost-effective:
- Environment-friendly:
- Free from Human Error:
- More Secure:
- Entirely Traceable:
Legally Binding:
As mentioned, electronic signatures are recognized and accepted in almost every country by law. For example, e-signatures are legally recognized in India and provided for in the Information Technology Act (IT Act), passed in 2000. The IT Act defines an Electronic Signature as 'Authentication of any electronic record by a subscriber by means of the electronic technique specified in the second schedule and includes a digital signature.'
- Provide quick TATs (turnaround time):
E-signature solutions reduce the time taken for signature acquisition from an average of 5 days to just a few minutes. Envision the time your Business Development teams will save if you succeed in migrating the entire sales cycle, right from floating a tender or proposal until the closure of a deal to electronic signatures and documentation. E-signature solutions help you make important decisions without needing to be physically present.
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- Cost-effective:
While signing files the traditional way, there are a lot of unaccounted expenses. But, if you consider the costs in printing, scanning, filing, copying, transporting staff, and meeting clients, electronic signatures incur only a fraction of that cost while maximizing your ROI.
Also Read: 5 Ways Marketing and Ad Agencies Can Raise their Game Using E-signatures
- Environment-friendly:
Transferring processes to paperless workflows saves trees and creates a heightened sense of responsibility towards sustainability that radiates to other areas of your employees' professional and personal lives. Many companies already follow digital workflows but still sign on paper. With electronic signatures, you now have to power to say no to paper!
- Free from Human Error:
Bid adieu to the days when your EA or secretary has access to all your sensitive information. Only intended receivers can view documents in digital workflows. To err is human, and clerks may miss photocopying documents or be unable to retain the correct sequence when files move from one desk to another. The absence of secretarial and clerical intervention in documentation & transportation of files reduces the scope of privacy leaks, fraud, or errors caused by negligence.
- More Secure:
Cutting-edge PKI (Public Key Infrastructure) technology and cryptography ensure that a sealed document's contents are not tampered with. But, when you sign documents with ink, there is much scope for the entire file or even certain pages or clauses to be edited or excluded. Whenever a physical copy goes back and forth, it is impossible to conduct due diligence. But, with electronic signatures, a sealed document cannot be altered in any way.
- Entirely Traceable:
Electronically signed documents maintain a complete audit trail, storing evidential data such as source, IP address, the status of a document, whether opened or unopened, number of times it has been viewed, along with the timestamps. In the event the authenticity or trails of files are challenged, all the evidence is instantly available, leaving no room for uncertainties.
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