And going paperless makes sense. Not only is it better for the environment, but it is also much easier to manage paperless documents and helps reduce administrative costs.
One of the main considerations when transitioning to paperless solutions is to check all the legal and regulatory boxes (for example). If your company or organization needs to make it easier for certain documents to be signed, you will need to find a way to do this digitally.
Digital signatures are the solution, especially when integrated with a CRM solution.
You'll probably want to know what the benefits are before you invest in a subscription to an e-signature platform. Good news: that's exactly what we're going to look at in this article.
What is a digital signature?
When we talk about digital or electronic signatures, we're not really talking about a signature in the traditional sense: a handwritten representation of a person's name.
An electronic signature is more like a "fingerprint". It provides a way to verify that someone has read a document and agrees with the terms contained therein. In other words, digital signatures eliminate the need to physically sign a piece of paper.
They use a standard protocol known as Public Key Infrastructure (PKI) to record and store a signed transaction in a secure, tamper-proof and universally accepted manner. PKI applies a unique algorithm to generate a pair of keys, one public and one private, for each transaction. These keys guarantee that the electronic signature is genuine and has been validated.
Digital signature or eSignature platforms and tools handle the entire process for the document issuer and the signer. The software provides PKI and often applies a security layer known as a Certification Authority (CA) to validate the signature.
7 reasons to implement digital signatures for your business
1. Convenience
The main advantage for both the document issuer and the signer is that the process is faster and easier than signing paper documents.
For example, multiple bank loan documents can be read and signed online, eliminating the need for the borrower to visit the bank in person or receive and return paper documents by mail.
In addition, some of the most innovative CRM solutions allow digital signature integrations to automate the capture and storage of digital signatures.
2. No more paper
Electronic signatures are added to digital documents and stored centrally in the cloud or on a local network, which means there is no longer a need to keep or print a paper copy. In this way, eSignatures help reduce physical storage in the office and provide a more environmentally sustainable solution.
3. Improved security
Digital signatures are much more secure than sending documents through the postal service. By applying digital authentication systems, document senders will have the assurance that their documents are received and signed by the right person.
4. Complete traceability
The document sender can see exactly who has opened, signed and verified a document, which is useful when multiple signatures are required.
5. You get worldwide signatures quickly
Traditional methods of obtaining signatures from overseas residents could take weeks. Electronic signatures can be requested and provided in seconds using any device, including smartphones and tablets.
6. You enable more agile work practices.
Digital signatures help support agile or rigorous workflows and maintain project momentum. Waiting for traditional paper signatures can slow projects down or stop them altogether, which can make the difference between success and failure in our fast-paced digital world.
7. You save money
Last but not least, electronic signatures can help companies and organizations reduce costs. Money can be saved by reducing the costs of paper and printing, postage, administration and storage. In some cases, eSignatures can unlock the potential for remote working by reducing the need for physical office space.
Why should companies integrate digital signatures with CRM software?
Customer relationship management (CRM) software provides valuable tools to align teams and increase efficiency. Modern sales departments rely heavily on this tool to collect and analyze customer data, and collate documents from a centralized location.
Customer relationship management solutions significantly reduce administrative tasks, saving salespeople time and enabling them to generate more revenue for the company. With an innovative solution like Efficy CRM, your company can also integrate third-party tools, including electronic signatures. Integrating a digital signature with a CRM solution allows you to:
One of the main considerations when transitioning to paperless solutions is to check all the legal and regulatory boxes (for example). If your company or organization needs to make it easier for certain documents to be signed, you will need to find a way to do this digitally.
Digital signatures are the solution, especially when integrated with a CRM solution.
You'll probably want to know what the benefits are before you invest in a subscription to an e-signature platform. Good news: that's exactly what we're going to look at in this article.
What is a digital signature?
When we talk about digital or electronic signatures, we're not really talking about a signature in the traditional sense: a handwritten representation of a person's name.
An electronic signature is more like a "fingerprint". It provides a way to verify that someone has read a document and agrees with the terms contained therein. In other words, digital signatures eliminate the need to physically sign a piece of paper.
They use a standard protocol known as Public Key Infrastructure (PKI) to record and store a signed transaction in a secure, tamper-proof and universally accepted manner. PKI applies a unique algorithm to generate a pair of keys, one public and one private, for each transaction. These keys guarantee that the electronic signature is genuine and has been validated.
Digital signature or eSignature platforms and tools handle the entire process for the document issuer and the signer. The software provides PKI and often applies a security layer known as a Certification Authority (CA) to validate the signature.
7 reasons to implement digital signatures for your business
1. Convenience
The main advantage for both the document issuer and the signer is that the process is faster and easier than signing paper documents.
For example, multiple bank loan documents can be read and signed online, eliminating the need for the borrower to visit the bank in person or receive and return paper documents by mail.
In addition, some of the most innovative CRM solutions allow digital signature integrations to automate the capture and storage of digital signatures.
2. No more paper
Electronic signatures are added to digital documents and stored centrally in the cloud or on a local network, which means there is no longer a need to keep or print a paper copy. In this way, eSignatures help reduce physical storage in the office and provide a more environmentally sustainable solution.
3. Improved security
Digital signatures are much more secure than sending documents through the postal service. By applying digital authentication systems, document senders will have the assurance that their documents are received and signed by the right person.
4. Complete traceability
The document sender can see exactly who has opened, signed and verified a document, which is useful when multiple signatures are required.
5. You get worldwide signatures quickly
Traditional methods of obtaining signatures from overseas residents could take weeks. Electronic signatures can be requested and provided in seconds using any device, including smartphones and tablets.
6. You enable more agile work practices.
Digital signatures help support agile or rigorous workflows and maintain project momentum. Waiting for traditional paper signatures can slow projects down or stop them altogether, which can make the difference between success and failure in our fast-paced digital world.
7. You save money
Last but not least, electronic signatures can help companies and organizations reduce costs. Money can be saved by reducing the costs of paper and printing, postage, administration and storage. In some cases, eSignatures can unlock the potential for remote working by reducing the need for physical office space.
Why should companies integrate digital signatures with CRM software?
Customer relationship management (CRM) software provides valuable tools to align teams and increase efficiency. Modern sales departments rely heavily on this tool to collect and analyze customer data, and collate documents from a centralized location.
Customer relationship management solutions significantly reduce administrative tasks, saving salespeople time and enabling them to generate more revenue for the company. With an innovative solution like Efficy CRM, your company can also integrate third-party tools, including electronic signatures. Integrating a digital signature with a CRM solution allows you to:
- Save time and money by eliminating the need to print or scan paper documents;
- Automate time-consuming tasks such as sending quotes and sales agreements manually via email;
- Make it easier for your customers to choose between multiple quotes and sign them directly;
- Retrieve documents faster;
- Shorten your sales cycle.