Digital signatures are a valuable resource in today’s digital environment. Companies use digital signatures for various purposes, mainly to optimize their paperwork processing, improve services and of course, reduce the use of paper.
There are many uses and benefits for digital signatures, which we’ll review in this article. Then, we’ll guide you through how to choose a digital signature solution for your business.
But first, back to the basics of digital signatures.
Digital Signatures are personal digital marks that authenticate the identity and consent of a person signing digital papers. They are a form of electronic signatures, a software code that contains a public key (PKI) which is used to create and verify the integrity of a signature. As an encrypted technology, digital signatures hold the same legal validity as handwritten signatures.
Digital signature solutions help companies ease the signing process for all parties involved by sending and signing documents online. Plus, companies using digital signatures can automate their document processing and offer more flexible services while saving paper and optimizing their workflows.
All businesses, starting from small-medium companies to large enterprises, can utilize digital signatures for various use cases across multiple industries.
Here are some examples:
– Banking and insurance companies can optimize their payment management by receiving digitally signed checks.
– Real estate firms can send leases and sign tenants without meeting in person.
– Retailers who operate globally can sign deals with customers in multiple countries and send digitally signed invoices.
With digital signatures, all options are literally, in the paw of your hand.
Digital signatures allow companies to improve their paperwork processing. Instead of sending, printing, signing, and scanning a signed document, companies can shift the whole process to digital channels, and optimize their workflows.
According to research, 65% of companies lose an entire day of work a year if they use physical signatures. However, companies that shift to digital signatures reduce 90% of their processing errors and increase their productivity by 85%! Plus, collecting physical signatures takes about 5 days, compared to only 37 minutes on average when done digitally – a lot of reasons to switch to digital signatures!
Managing paper costs US businesses over $8 billion a year. Using digital signatures, agents and companies will need less time to deal with each request. Instead of guiding a person in a phone call, agents can send the document with signing instructions and get it signed digitally, saving time and tremendous amounts of paper.
Companies using digital signatures can reduce the costs of used paper and the time agents need to care for customers. According to research, companies can save about 85% of their document handling and 80% of shipping costs by shifting to digital signatures.
Today’s digital consumers are used to exchanging messages in a conversation, so why not do the same for signing forms and documents? Using digital signatures, companies can send personalized papers to customers with their details already in the document. All they need to do is sign and send it back. Doing so can boost customer loyalty by up to 500%!
Digital signatures are highly encrypted and hard to fabricate. Unlike paper signatures that can be copied and used for malicious purposes. Plus, with digital signatures, companies can transmit the paper directly to their system, without risking losing it in the process. In simple words, digital signatures are better and safer to use than paper.
Environmental and climate changes have been a key discussion in recent years. Today, more companies across sectors understand that being environmentally friendly in the public’s eyes is crucial to reputation, brand image and their bottom line.
Research shows that consumers are 58% more likely to buy products or services from “green organizations”. Additionally, they are willing to spend up to 20% more on environmentally sound products and services.
By “going green” with digital signatures, you can boost your brand image, get more customers and grow your revenue, you always win!
Choosing your digital signature or E-signature solution requires you to understand all the business functions necessary to meet your business goals. For example, small businesses might only need to sign documents on a small scale but don’t require personalization and data analysis. However, enterprises will probably need a solution that fits a larger scale of customers and offers additional capabilities except signing. Therefore, determining your goals and mapping your needed capabilities is crucial to choosing your digital signature solution.
Verify Integration Capabilities
Before choosing a digital signature solution, verify the solution can integrate with your current CRM\ERP system, to avoid wasting time on switching platforms. The integration will also allow you to stream data across your organization and improve your work efficiency.
Small businesses need simple signing solutions. If you’re a small business, a single-channel digital signature solution might do for you, but that’s not the case for enterprises.
Enterprises need robust, multiskilled solutions that fit a large scale of customers, and except digital signatures, offer a set of features. Enterprises need a solution that includes a digital signature feature, offers personalizations, enables self-service, and is available 24/7 over all communication channels.
Furthermore, enterprises need to drive processes and analyze all the data across departments, requiring a more holistic solution. In other words, they need an omnichannel customer communication solution with a secured, built-in digital signature feature.
If you’re looking for a digital signature solution for a medium-sized business or enterprise, don’t rush and pay for a solution that offers only one function. Look for a solution that offers you a set of features including digital signatures. That way, you’ll be able to scale multiple parts and services in your organization. Once you’ve identified the best omnichannel solution for you and verified it is a secured platform, contact the provider and implement it in your systems.
Commbox is a leading AI-powered omnichannel customer communication platform that allows you to manage all your communication from one smart interface. Additionally, Commbox offers a smart digital signature feature, that enables you to manage all your data on digital channels and sign documents and forms digitally and automatically.
See how it works:
With Commbox, you can finally send and receive forms within seconds using the same native channel without any interruption. All conversations are kept within the same channel without switching channels and asking customers to print, sign, scan, and send! no more tedious and time-consuming tasks for your customers.
Commbox’s chatbot can not only interact with your customers in an elegant and natural way, but it can also send and receive digitally signed forms using the same channel for a seamless non-interrupted customer experience.
When using the Commbox digital signature (forms) feature you have full control of what your customers and agents can send and receive.
Give your customers an easy and secure way to sign digital forms, improve your document processing and save a lot of money and resources with Commbox.
Digital signatures will be a part of customers’ future lives. The more they will use it, the more companies will be obligated to provide it. According to predictions, the global digital signature market size is will grow 33% annually by 2026, from USD 4.0 billion in 2021 to USD 16.8 billion by 2026.
Shifting your organization to digital signatures can benefit you in a number of ways. You can increase your productivity by 85%, collect signatures in minutes instead of days, save about 80-85% of your document handling and shipping costs, all while improving your customer experience and growing your revenue.
So what are you waiting for?
We’re extremely excited to announce that we have changed our company name to CommBox. It’s still the same company with the same awesome people! just a new name, a fresh look, and a brighter future.Read full story