5 May 2023
Robust e-signature solutions can advance a company’s goals far beyond cost savings and helps save companies from facing a reputational blow amid rising privacy concerns.
In an adverse business environment, CFOs everywhere need hard numbers and strategic data to prove the value of their spending and ensure every dollar supports company goals. Facing the threat of recession, volatile supply chains and rising costs, today’s executives are tasked with cutting expenses and expanding revenue — all while making decisions that position companies for long-term growth. With every new investment, CFOs have to answer essential questions:
● How much will it cost compared with other options?
● How will it affect our bottom line?
● When will we see returns?
● How will it make our process more efficient?
● How will it ease risk management and regulatory compliance?
In the face of growing cybersecurity threats and data regulations, CFOs must also ensure that the systems that manage their data are compliant and secure from breaches. Kartik Krishnamurthy, Area Vice President, Asia, DocuSign shares that creating a simpler, faster and more secure contract and agreement process, e-signature helps CFOs cut costs, increase income, safeguard confidential data and support overall flexibility — and it has the numbers to prove it.
Here are Five eSignature stats every CFO should know
1. Spend less — and do more: eSignature cuts hard costs by 56% on average
When companies switch over to an electronic signature solution, one of the first benefits they realise is the vast reduction or complete removal of agreement costs. The cost savings associated with the switch from paper to digital are significant — and exponentially increase with the volume of agreements, page counts, number of signatures and negotiation revisions.
Though savings vary by firm, DocuSign eSignature users typically save between $4 and $10 per document and 1280 pages of paper per agreement on average.
2. Take back opportunity costs: Users sign 79% of agreements within 24 hours
A simpler signing process reduces the amount of time teams across the organisation spend on NDAs, order forms, onboarding documents and more. Through contract templates, standardised workflows and automated approvals and storage, DocuSign eSignature users experience an improvement in contract turnaround times exceeding 75% on average.
With over 400 integrations with some of the top CRMs, ERPs and other productivity software — Oracle, Workday, Microsoft, Google, Salesforce and more — DocuSign eSignature saves an average of 300 labour hours per month.
3. Accelerate income flows: Time to deal close falls by an average of 41%
An automated and digital contract process increases the pace of document approvals. For businesses with ambitious sales goals, turning around order forms and invoicing documents faster is a crucial step in increasing both the number of transactions and profit margins. The overwhelming majority of DocuSign eSignature users (73%) see an ROI in less than three months — and 90% see a return within six months.
4. Enhanced security and compliance: Over 70% of users report fewer security and compliance incidents
Ultimately, fast, cost-effective agreements are only as valuable as their security and compliance. It’s essential to ensure your eSignature automates key steps in the agreement process to ensure all information remains accurate and confidential.
All DocuSign eSignature solutions come with robust data encryption and validation, industry certifications and signer authentication measures, reducing the risk of security breaches. Among surveyed DocuSign eSignature users, 58% experienced an increase in data and document security.
5. Elevate customer experiences: Customer satisfaction increases more than 70%
Internal teams aren’t the only ones who benefit from an improved agreement process through e-signature. Signing also becomes much more convenient on the client side. After implementing DocuSign eSignature, 20% of users experienced a drop in customer complaints, raising customer satisfaction and saving internal customer support resources.
While managing their busy workloads, the last thing customers want to do is spend time going through a taxing paper contracting process. e-signature simplifies signing by automating manual steps and enabling remote signatures from virtually anywhere and practically any device.