- September 27, 2022
- Symphony Ragan, Content Specialist
Over the years, technological innovation has impacted the way businesses grow, communicate, and provide services. Technology has simply changed the way we operate. Tools like video conferencing have improved client and employee communication, mobile apps have increased accessibility, and customer relationship management (CRM) solutions have changed the way we sell.
Electronic signing and digitized documents are two technological advancements that continue to transform the way companies conduct business. The process of completing sales transactions, approvals, agreements, and contracts digitally allows businesses to scale and compete in ways never seen before – specifically, with digitally signed contracts.
- More Convenient
When growing your customer base, convenience is key. Customers want to deal with companies that allow them to conduct business on their terms, when and where they see fit. Utilizing electronic signatures to complete digital PDF documents on the web, through email, or via a mobile app allows for more customer autonomy and the freedom to review and sign contracts on their schedule.
- Accelerated Completion
Contracts are completed faster with electronic signatures. Gone are the days when you need to drop everything to run paperwork to a meeting or wait for the mail to arrive. With digital contracts, you can email for signatures in seconds and your clients can sign and complete them in just a few clicks, allowing things to move forward more rapidly and efficiently than ever before.
- Fewer Mistakes
Digitizing contracts and utilizing electronic signatures gives you greater control over the entire process, which can lead to increased accuracy, fewer mistakes, and less headaches. By implementing electronic signing and data completion with your PDF contracts, you can clearly indicate where data input and signatures are needed, make fields mandatory to eliminate missing information, and indicate exactly where signatures and initials are required. And when mistakes do happen, corrections can be requested and completed in a matter of minutes, not days.
- Cost Savings
Producing traditional wet ink contracts on a regular basis is costly. When you total the expenses of paper, printing, mailing, filing, and storage it adds up quickly and demands a substantial chunk of your budget. Making the switch to digital eliminates the need for businesses to sustain printing and mailing costs and provides an opportunity for significant cost savings, allowing you to divert resources to other projects and goals.
- Improved Compliance
Industry and regulatory compliance with paperwork can be tough. Electronic signatures are legally binding and useable for practically any scenario requiring signed contracts. By switching to PDF contracts, you will find that compliance is simplified with things like audit trails, tamper evidence components, visibility controls, and identity verification features like knowledge-based authentication (KBA) and qualified electronic signatures (QES). These features and more allow businesses to meet their document compliance obligations more easily and provide the privacy and control that customers and industry authorities expect and demand.
- Enhanced Security
When paper contracts are utilized, businesses open themselves up to an entire world of security vulnerabilities. Paper contracts can be easily duplicated, forged, misplaced, and stolen which can lead to contract invalidation and the viewership of sensitive information. When PDF contracts are utilized and electronically signed, businesses can take advantage of security features like two-factor authentication (2FA) and knowledge-based authentication (KBA) to control access. Additionally, with electronic signature solutions like Foxit eSign, documents remain locked and secure through 256-bit encryption and detailed audit histories track your contract’s every moment.
- More Sustainability
Electronically signed contracts provide a significant opportunity for businesses to make an impactful difference on the environment. More so than ever, businesses are becoming more environmentally conscious and taking steps to “go green.” Digital PDF contracts and electronic signatures allow businesses to reduce paper waste and save more trees in doing so. Additionally, going digital can reduce greenhouse gas emissions by eliminating the need for travel just to sign paperwork.