Often our clients realize the benefits of using electronic signatures and assume the benefits by far outweigh the cost. However, some of our clients or their external consultants ask questions about how to quantify the business benefits in monetary value. In this article I intend to answer this important question.
Let’s start with a list of the possible business benefits of using electronic signatures:
- Lower costs (less printed paper, stamps and above all time)
- Automatic administration of all documents digitally in one place (time saving)
- Faster (less time for signing yourself but also for partners/customers)
- Environmentally friendly (less printed paper and encourages working remotely)
- Increased conversion of signed documents due to the ease of signing for your clients
- Customer friendly alternative
- Marketing insights: overview and notifications of who opened, viewed and signed the document. Send (automatic) reminders if necessary.
The financial benefits do, however, differ per type of organisation. For example, the main benefit for a sales company probably is the higher conversion rates which directly increases revenue and lower cost for monitoring the contracts. The main benefits for a consultancy company, however, are the saved time and increased productivity. Therefore, to determine the financial benefits, you should take your specific situation in to account.
To assist in this process we've created a calculation tool that helps define the financial benefits per type of organisation.
Your yearly Financial Benefit is:
We hope this overview helps you, if you have any questions please let us know!