Drafting contracts used to be entirely paper-based, but today, you can complete agreements electronically. Review the benefits of e-contracts and e-signatures below to improve the efficiency of your business.
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Forget About Printers
Have you ever seen the social media meme about how nobody’s printer WORKS? So many people have problems with their printers for whatever reason, and some don’t even buy them anymore.
Plus, it doesn’t make much sense to force people to print a long contract and scan it. These days, you can make a contract legally binding with e-signatures with one click from a PC or smartphone.
Business no longer depends on stakeholders having printers.
Be In Control
Do your business processes give you complete control over who has access to contracts and can make changes to them? If you’re still emailing contracts back and forth to the stakeholders, you should start using e-contracts right away.
Emailing multiple versions of contracts is confusing and can lead to unauthorized access, and there’s no need for any of this today.
Easy To Use
When you make e-contracts, you don’t need to have any experience creating these documents. Anyone on your team can make an electronic contract with minimal effort. All you need to do is select a contract template, complete the necessary fields, and send the contracts to your stakeholders for their e-signatures.
Studies suggest that almost 90% of company information still exists on paper and that up to $14,000 per month of productivity is lost with manual documentation.
Using e-contracts takes the paperwork out of your daily business operations and improves efficiency.
Using digital signatures improves security because those signatures cannot be copied. Your information is kept secure, and no one unauthorized can see it.
E-contract software also features authentication to ensure all of your data is protected. In addition, the documents are stored in the cloud, and everything is encrypted to keep things secure.
Keep Business Going Remotely
In the COVID era, people work worldwide, so having e-signatures on contracts ensures that your business can always keep moving no matter where stakeholders are.
E-signatures can be done from any location so your company can keep bringing in new clients, suppliers, and vendors.
Get Signatures Quickly
E-signatures let your company cut the time it takes to sign contracts. You can quickly eliminate days or weeks from the old signature signing process.
This means you can reduce the time it takes to turn your contracts around so that new legal agreements can be put in place quicker.
Also, note these related benefits of e-contracts and signatures:
- First, an e-signature will stay in effect for the contract’s life, so there’s no need for multiple signings.
- You can speed up negotiations because every part of the contract process will be authenticated and easy to access for every party.
- Even if you have stakeholders spread around the globe, all signatures are digital, so there are no delays.
Studies show that digitizing your contracts reduces the chances of manual errors and can even increase productivity with contracts by 20% or more.
E-contracts reduce your costs because there are fewer human mistakes in the contract process. E-signature software also reduces risks by red-flagging records that look suspicious, and it also can spot compliance problems in a contract.
The above benefits make it clear that using e-contracts and e-signatures can significantly improve your business. So, if you have been thinking about switching to digital contracts but haven’t made a move yet, hopefully you’ll reconsider.