Key Reasons to Switch to Electronic Contract Signing
Paper documents and wet signatures are quickly becoming outdated. If you want to improve your practices and keep up with your competitors, online contract signing and management are the only way to advance in the digital age. Therefore, it is critical to switch to online contract signing as soon as possible. Otherwise, you’ll be left in the dust.
COVID-19’s Impact on Traditional Contract Signing
The traditional paper signing process requires all parties to meet in person and give authorization on a single physical document. However, the COVID-19 pandemic made signing contracts in person difficult since most companies moved their operations online.
In addition, the pandemic made it infeasible to meet with others in person, meaning that a virtual way to authorize contracts needed to be implemented. This is why online contract signing has gained traction among the workforce today and considering its benefits; it seems that businesses have no desire to return to pen and ink signatures.
Other Factors the Contributed to the World’s Transition to Electronic SIgnatures
Besides the pandemic, today’s business world is constantly searching for ways to make processes quicker, simpler, and more efficient, with technology being the obvious solution. As a result, automation is more prevalent in company practices today than ever before since companies are always looking for ways to stay one step ahead of their competitors. Contracts are just one element that has moved to automated virtual practices such as online contract signing and virtual management platforms.
7 reasons why businesses and organizations should switch to electronic contract signing:
1. Electronically signed and sealed documents are legally binding.
Like a traditional wet signature, online contract signing is legally binding and can carry the same legal effect and weight. However, an eSignatures legal weight depends on whether you can prove who produced the signature, their identity, and that the data was not altered post-signing.
2. Digital contracts with electronic signings are more secure than their paper counterparts.
Technology provides data security measures that paper documents could never even dream of providing. With features such as cloud-based encryption, a secure repository, assigned access roles, and more, you can be sure that electronic contract signing will provide you with the security that you’ve been waiting for.
3. Many online signature platforms integrate with the business tools you already use.
Electronic contract signing is a practice that is extremely easy to implement, considering that a majority of eSignature software integrates with the business solutions that you probably already use. For example, many popular business tools such as Microsoft Word, Google Docs, Dropbox, Salesforce, and more allow eSignature integration. Their widespread integration means that your team will quickly learn how to receive, sign, and send contracts virtually.
4. You can sign a deal or get it signed in minutes without delays.
It’s a hassle to wait approximately three to four business days to meet with the other authorizer and receive their signature. Not only that, but these waiting periods significantly drop your CLM productivity levels. With electronic contract signing, you won’t have to wait around for the other party’s approval. Instead, the platform will automatically send the document to them to sign at their earliest convenience.
5. Electronic contract signing makes remote work, which is a trend in 2021, easier.
The Coronavirus pandemic has flipped almost every work practice from physical to virtual, with no exception to the contractual process. Additionally, fully remote work is significantly more efficient when you use electronic contract signing rather than paper. Instead of sending paper documents out to the other party, waiting for them to receive them, sign them, and mail them back, you can instantly send the form for approval with the click of a button.
6. Electronic contract signing facilitates the entire record-keeping process.
Paper documents are prone to accidents. Whether they are misplaced, stolen, or damaged, it is nearly impossible to keep track of all of them. When you get contracts signed online, they are stored safely in a single repository that authorized users can easily access. This means that the record-keeping process will move along a lot smoother than it would with traditional agreements.
7. Digital contract signing services are affordable.
Traditional paper contracts tend to rack up unnecessary business expenses. However, by the time you purchase the necessary office supplies, storage space, and even postal stamps, you could have already paid for a digital contract signing service. Moreover, if you desire additional features, you can implement an online contract management platform that allows you to get contracts signed online and complete the entire CLM process virtually.
Final thoughts on switching to electronic contract signing
Why wait to send and receive contracts online when eSignatures are something that will significantly benefit your company in the long run. Additionally, everyone will eventually switch from traditional pen and ink signatures to a digital contract signing service.
The faster you implement them into your business’s practices, the further ahead you will be compared to your competitors. Therefore, make the choice now to switch to an electronic contract signing software, or the choice will be made for you sooner or later.