How eSignature Software Could Benefit Different Business Verticals

There are many ways that electronic signature software benefits different business verticals. Some are clear-cut; others are subtle. 

That said, e-signature tools are only beneficial if they businesses one of the two:

•  First, they should enable enterprises to get consent faster.
• Then save companies money along the way.

 E-signature software versus conventional signatures

Savvy business owners use electronic signature solutions to close more sales faster. Most often faster than their competitors. According to LunarPen, signing a document takes an average of 37 minutes. In contrast, a traditional way of signing may take five days. 

So collecting signatures faster stands businesses in good stead to compete. But also to grow market share exponentially. 

Human Resources Department 

Electronic signatures software helps critical departments such as human resources (HR) too. HR Managers can streamline the recruitment, and speed up the hiring process.

Why do businesses need eSignature software?

An electronic signature software allows entrepreneurs to sign a digital document anywhere, anytime. It will enable them to sign documents from laptops, tablets, or even smartphones. Clients can have their products and services without wasting time and money printing multiple documents.

Are e-signatures valid?

Yes! E-signatures have the same legal status as a written signature. So they are now the legal equal of any handwritten signatures.

We can’t underestimate the value of e-signature solutions.  Here is why: The growth of any business depends on getting and retaining clients.  And that’s what e-signature helps enterprises do. 

Some of those key benefits of using e-signature include:

• Helping businesses sell products and services faster.
• Eliminating paperwork and saves you some space.
• Allowing business owners to streamline and centralize their documents.
• They reduce costs associated with printing documents.

Quick facts

In 2020 alone, the e-signature industry grew up to $2.8 billion.

• The United States alone has the largest e-signature market, estimated at $440 million.
• More small businesses use e-signature than before.  Using e-signature allows them to reduce their costs by 80%.  (LunarPen, 2020)
• e-signature reduces scanning errors by 92%. (OneSpan)

1. SaaS companies

SaaS companies can benefit from using e-signature software solutions. Using electronic signatures allows SaaS companies to onboard new customers faster. The sales team, for instance, can use it to collaborate with clients on contracts. 

SaaS companies can use e-signatures to scale up businesses as well.  How? By using it to get more out of their team and resources.

Example:   Boise is an invoicing SaaS company. Whenever Boise’s sales team onboard a new client, they use Flowz eSign to send a contract to them. Clients can sign documents without printing and emailing documents. This helps Boise to sign five new clients within two hours.

2. Law firms

One industry that stands to enjoy using electronic signature solutions is the law. Law firms can speed up their signing process by introducing e-signatures. The paperless workflow can allow lawyers to sign up as many client’s as possible. Without wasting money on printing.

Example: Thompson and Smith is a Houston-based litigation firm. They use Flowz eSign to collaborate with clients online.  This way, Thompson and Smith’s lawyers can reduce the risk of human error. That will culminate in winning more cases in court.

3. Real estate

Today real estate brokers need a smartphone or tablet to finalize the sale of a property. Electronic signatures help agents  prepare documents fast.  Also, get their clients’ signatures before they change their minds. 

Good news: A savvy real estate agent, the seller, and the buyers can collaborate on a document regardless of where they are.

Example: Real estate agents can leverage e-signature to list and sell properties. By using Flowz eSign, they can improve processes of producing, managing, and signing documentation.

3. Accounting firms

Accounting firms are under pressure to process financial reports faster than before. They have two options: adapt or die.

 The conventional way of signing documents is no longer beneficial. Instead of helping accounting firms, it causes unnecessary delays.

Following the rapid increase of clients that are comfortable signing documents online.  Accounting firms are beginning to embrace e-signatures. 

Example: For any CPA or bookkeeper to help a client, they start by emailing an engagement letter. Once a client signs it, accountants can begin offering their accounting services. So e-signature makes signing engagement letters easy 

 both clients and accounting firms. A client of an accounting firm can sign the agreement from any PC, laptop, tablet, or smartphone. No need for emailing, printing, and scanning costs. 

4. Insurance companies

E-signature software has not come at the right time like now. Clients are claiming insurance and taking more policies at the same time. Insurance brokers no longer have to fill out forms, scan documents, and email them.

Solution: Flowz eSign has made things for many insurance brokers. Now they can sign clients faster than before. Once a prospect agrees to take a policy, an insurance broker can send all the documents right away.

5.  Healthcare industry

Healthcare is another industry that can save time and millions from using e-signature software. But there is one critical factor: The tool has to meet the federal criteria.

Once it does, hospitals can use it to improve compliance. Over and above that, they can use it to strengthen security and reduce paper waste.

Managing contracts between patients and physicians, or vendors and hospitals would be easy. As hospital managers can collaborate with them in signing contracts online.

Example: Flowz eSign enables the healthcare industry to the signing process. Saving patients is now easy as there is no need to wait for days for signatures.

6. Education

Electrical signature solutions help institutions of education to speed their administration. Given the amount of paperwork, the education sector will benefit.

The sector will save time by adopting a user-friendly e-signature like Flowz eSign. 

Fact: At least 80% of teaching today takes place online. Parents and learners are becoming increasingly aware of this shift. Hence most are now registering online, then use electronic signatures to sign forms.

Using electronic signature software will be beneficial to businesses. Regardless of the size or type of business.

Are you looking for an e-sign solution for your business? Sign up for Flowz eSign today!