When it comes to contract management systems, it is important to include the ability to support electronic signatures. An electronic signature is a process of attaching an encoded signature to an electronic document. Today, companies executing contracts no longer use paper. Cost savings and process improvement are the results of using electronic signatures.
When there were no electronic signatures came, whenever there are contracts they need to sign, ship, fax, scan, and file the contracts. There are many steps involved in this process. This old process is very time-consuming and costly. You don’t have to go through these lengthy processes with electronic signatures.
Contracts in the healthcare industry which are time-sensitive can be sped-up with electronic signatures. It is important that these contracts are signed so as not to affect patient care. Any unnecessary delays can be prevented with electronic signatures finalizing contracts. This results in improved performance. You don’t need to shuttle paper contracts around for signatures if you use an electronic signature.
Electronic signatures are good for the life of a contract so repetitive signing is done away with.
With electronic signatures authentication and access by all parties is easy so you can accelerate negotiations.
There is no delay in updating or executing contracts even if parties are not in the same place if signatures are done electronically.
With electronic signatures, there are fewer security issues compared with paper signatures, which can easily be tampered with. Minor altering can easily be detected by contract management software with electronic signing capability.
Signing mistakes can slow down the process or cause costly problems if undetected initially. Elecronic signing software can help mitigate risks by providing alerts about suspicious records or compliance issues involved with a contract. With electronic signatures, the cost of fixing problems that could have been prevented will be saved since it ensures that everything is in order.
You also save on items like paper, copying, packaging, and shipping. Although minimal they surely add up to your expenses.
You and your office become more productive, allow to close more deals, and focus on more important tasks with electronic signature technology There will be the automation of document flow and the minimization of repetitive tasks. You can use the templates feature of the e-signature app if you use the same docs on a regular basis. Save your created single document as a template for reuse as much as required with minimum edit to fit each particular case.
Customer satisfaction is a significant factor that can influence your business success. With e-signatures, the customers time is saved and it becomes convenient for them to undergo the overall signing process.
Electronic software gives contract management systems a great advantage. The key benefits of using electronic signatures are increased contact speed, enhanced security, and lower transaction cost.