5 Business Situations That Require E-Signatures
Updated October 6, 2023
With people getting more adept at technology, necessary tools are put in place to support businesses and work constituents. The ultimate motive of maximizing the use and benefits of tech tools is to increase convenience and business efficiency. This holds true for one particular business tool—the electronic signature technology.
An e-signature is an individual’s signature or symbol, similar to the printed writing form, except that it’s done electronically on the web. Companies and businesses worldwide utilize this means to transact business deals, commit to agreements and contracts, and confirm approvals that require the electronic symbol of the other party to validate its effect.
If you’re thinking of shifting to using e-signatures to make your business more efficient, here are more business situations wherein they’ll become more handy:
- Creating Purchase Orders
In some cases, a purchase order is a simple, straightforward form, but it can also be a longer document outlining all the terms, conditions, and scope. If your company requires the latter, using e-signatures can help expedite the purchase order process. This won’t only benefit your business, but your customers as well.
They won’t have to wait for your snail mail to arrive so they can sign it and mail it back again. Using document signing apps, like jSign.com or other reliable providers, your customers can verify their purchase orders in a timely manner. And, thankfully, such software comes with encryption security so your clients can be at ease when using them.
- Committing In Business Agreements And Contracts
Organizing procurement activities and managing supplier relationships are key to the success of growing businesses. Businesses need time and effort to build a successful relationship together. But, with the changes in business operations, it’s also critical for both parties to evolve together and apply the easiest and most effective way to conduct business together.
With e-signature technology, procurement processes become speedier, reducing the risks associated with errors and the costs associated with paper documents. Moreover, purchasing policies can be adhered to with ease. Contracts and agreements are now renewed and created via online, which is practical compared to face-to-face meetings.
- Changing Orders
Whether you’re starting your own business or continuing an established business, all scales of businesses in many industries are prone to change. There could be a change request for a purchase order, a contract, in shipping, or other details. But, a signature is necessary to confirm that the change request is, indeed, coming from a client. This is where e-signature comes in.
A change order can be sent out as soon as the change request is received with an e-signature. Electronic signatures allow the firm to avoid project delays and keep all records and agreements accessible on any device and at any time in the cloud.
- New Customer Registrations
What documents do you need from your customers to conduct business with you? Some companies allow customers to fill out forms that require e-signatures in the end for verification of identities. This might apply to institutions requiring sensitive information and should be verified with a client signature. You can take the easier route and allow your customers to use electronic signatures.
Electronic signatures are a great way to save time and money when your customers need to complete forms or other paperwork. For example, they might need to fill out consent forms or policy updates that require more than one iteration.
In addition to the material costs of paper documents, processing, tracking, and filing customer forms can take a significant amount of time, resulting in an underwhelming customer experience. Your customers will enjoy a better experience using electronic forms with electronic signatures. They don’t need to incur extra costs for mailing the signed forms or driving to the post.
- Employment Contracts
It requires a lot of paperwork to hire the right employees. Your new staff needs to fill out contract forms, client information records, paycheck accounts, and other documents. It’s even more troublesome if a new employee is working remotely and isn’t from your city. They will need to drive and visit the office to sign all the employment documents.
You can eliminate all these unnecessary processes by opting for electronic signatures. Your HR department can simply email all the contracts and forms, and your new employee can go through them virtually and sign them electronically.
Whatever the size of your business, you need to utilize every business opportunity to make your business more successful and efficient. It’s time to veer away from the traditional customs of printing documents and having them signed manually by your business partners, customers, and workers.
It’s smarter to shift to electronic signature technology. The amount of time you spend on document management and signatures can affect your business. When you use an electronic signature, on the other hand, you can save both money and time regardless of the type of paperwork you handle.