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.
- Growth
- Costs
- Workflow
- Effective documentation
- Performance
- Customer experience
- Increases ROI
- Time savings
- Turnaround time
- Environment-friendly
Growth
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.
2. Costs
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.
- Paper consumption is likely to witness 6-7% annual growth and will reach 30 million tonnes by FY 2026-27
- Organizations embracing e-signature solutions reduce document handling expenses by 85%.
- Going paperless also helps organizations to save 80% on shipping costs, on average.
Also Read: How 2FA & eSignatures Ensure the Security of Digital Documents
3. Workflow
We know H.R. departments spend hundreds of hours on recruiting and onboarding workflows, property dealers juggle rental agreements and maintenance requests, and healthcare staff is 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.
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5. Performance
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
Learn more “10 E-signature Statistics that will Blow your Mind”: https://bit.ly/3xYzspp
In today’s hyper-connected world, conventional methods of signing and validating documents are increasingly being overshadowed by technological advancements such as electronic signatures.
However, let’s focus on one and the most straightforward one.
Adoption of this signing technology has been on the rise for some time now, particularly when dealing with legal, business, and government documents.
Enforcing decisions, especially in an organization setting, is not an easy thing.
The time you save while using e-sign technology makes you more productive by allowing you to focus on more important assignments.
E-signatures are more legally defensible than wet-ink signatures
