E-Signature: A Decision That Keeps Business Moving ForwardBy Jaime Morales | Tue, 10/05/2021 - 08:53
Due to the COVID-19 pandemic, we have seen companies in Mexico and around the world facing the great challenge of adapting to the remote environment, seeking to maintain business productivity in times of pronounced change. The tried-and-true way of doing business face-to-face, signing stacks of paper, no longer works.
Those companies that had already started their journey toward digital transformation were able to adapt more easily. On the other hand, companies that had not started, had to accelerate their technological change decision to keep their businesses running.
One of the great demands companies had during this period was for solutions to continue operating remotely, especially those related to systems of agreement. According to Forrester Consulting, the more contracts or agreements an organization manages, the more benefits they can expect to earn from technology and automation improvements. Among the most popular resources sits the electronic signature, due to the growing need organizations have to close agreements anytime, anywhere.
While many companies previously had doubts about electronic documents, especially in Mexico, the context came to confirm that the adoption of electronic signatures is an important decision for businesses. In general, we talk a lot about the operational benefits of reducing mistakes and direct and indirect costs by eliminating paperwork for companies, but the unexpected cost of not being able to enforce contracts was one of these factors that the pandemic made companies face, a risk they could not take.
With the advance of remote work, we saw the adoption of this technology accelerated in Mexico. According to a recent survey, for 64 percent of Mexican legal teams, electronic signatures will become essential within the next five years.
Companies that are evaluating the change to digital processes have real opportunities to generate great efficiencies for their business and in their industries. Firstly, because the ROI from this type of technology is great. Electronic signatures can replace the inefficient costs of physical resources, transportation, postal and storage, adding everything in one envelope. Implementation is fast, use is simple, and there are no large investments related to culture change or tool training.
The second point is that it allows teams to be more productive, anywhere, on any device. And as a scalable technology, it can be adapted to different sizes of companies and their departments, such as sales, HR, legal, IT, procurement and so many others. It also allows these efficiencies to be brought to different industries. There are use cases from B2B organizations to construction, financial services, education, real estate, pharmaceuticals and telecommunications.
The opportunity that e-signatures provide is that, on the one hand, companies perceive an increase in quality in their processes and a leap in efficiency in their teams; on the other hand, they find that their customers are also switching to this digital environment. In recent years, delighting customers has been the motto for many companies. With the pandemic, customers are looking for digital experiences that are not only efficient from an acquisition standpoint, but that also provide them with greater health security, as well as data security and commercial and legal validity.
Finally, technologies that support systems of agreement and automated processes prepare organizations not only for times of crisis and unexpected situations but also support companies looking to innovate their internal processes, service offerings, business processes and, of course, provide a simpler experience for their customers and grow rapidly in an increasingly digitized and automated environment.