John P.

John P.

3 minute read

How can eSignatures help Contract Management?

How can eSignatures help Contract Management?

Automation is driving businesses; nowadays, nobody wants to spend days on repetitive tasks. Technologies such as digital signatures enable organizations to engage with employees, finalize contracts, and build relations with customers in a better way.

Document Management to Save Time and Money

Digital signatures and automated workflows can help businesses ditch paper and traditional follow-up processes. Let’s see how technology can help teams work better:

Improve productivity with automation

Businesses with clearly defined processes perform better. Technology streamlines processes and over 40% of enterprises adopt tools to improve efficiencies. Automating the routine tasks can simplify processes, which helps in improving productivity.

Automatic follow-ups to avoid contract delays

The sales team will spend a lot of time finalizing contracts; you have to chase prospects for days and weeks to get contracts signed. Besides this, poor contract management, including missed deadlines, will end up costing more to the companies. The key advantage of digital solutions is that they send automatic reminders, so you will not miss the deadline again. To get your documents signed, specify the due date in the eSignature solution, and the system sends reminders to get the task completed.

Minimize delays with data accuracy

Data errors is one of the biggest problems with paper-based processes. Incorrect data can take weeks to be processed and proves to be costly. Eliminating data inaccuracies would eliminate 30% of the costs associated with contract management.

How can Electronic Signatures Help Businesses?

Employees often carry documents all around the office, and the challenge with paper-contracts was that incorrect or incomplete contracts delay the tasks. With eSignature solution, the delays can be addressed as the solution prompts candidates before the document to be sent on. Employees can update all the details and complete the process anywhere, anytime, and from any device.

Easy Integration

You have to consider two things before you select the eSignature solution:

  • Security
  • Integration

The solution you choose should easily integrate with your existing system. This means your customers don’t even know they are redirected to the digital signature solution. Integrating with third-party applications allows you to seamlessly transfer the data between multiple systems, eliminating manual entry, and saving time. Also, you don’t have to remember the passwords of various applications as you can easily switch between the applications.

Real-time Notifications

The stakeholders will be notified when a contract is due for signing, signed, or about to expire. You will be updated with the contract status in the real-time so that you can keep track of every contract in the pipeline. You don’t have to see who has signed contracts manually, when and at what time. eSignature software can help you keep track of everything.

Benefits of eSignatures

  • Improved efficiency
  • Protect business-critical data
  • Enhance user experience
  • Minimize the risk of fraud

The bottom line

Document management can be a time-consuming process and act as a backbone to your company. Organizations that don’t leverage technologies will be left behind with outdated processes. Finding the right eSignature solution allows you to automate routine and labor tasks, so you can focus on adding value to the business.

Author Bio:

Kevin Peterson is a content marketing enthusiast, freelance writer at SutiSoft, specializing in Business, ERP, Technology and Cloud/SaaS trends.