Did you know the e-signature global market is expected to reach $9.07 Billion by 2023? It is a fast-growing market which was born from convenience for consumers. We live in a world where technology cuts our time as consumers down and we have more things readily available at our fingertips. Look no further than Amazon, Google, and millions of businesses world-wide, which we will talk about below.
We’ve compiled a few eye-opening statistics of what businesses experience when they offer electronic signing of documents. We’re talking lower administrative costs, hours saved each day, faster turn-around time to actually get the signatures and most importantly the customer experience that consumers everywhere now expect. Take a look below:
Businesses who adopt electronic signatures:
1. Save 55%-78% in administrative costs
Studies
show businesses that collect signatures electronically, instead of by paper, save anywhere from 55% to 78.62% on administrative costs. This takes into account materials such as paper and pens used, administrative personnel, shipping costs and subscription costs. To add to the administrative costs, according to
MSB Docs, 41% of companies require signatures on more than half of their documents and 48% of businesses make three or more copies of their needed documents.
2. Save an Entire Day’s Work of Time
According to
MSB Docs, businesses that use pen and paper to get signatures are shown to add an entire day to their work process. Switching to electronic signatures provides a more convenient alternative not only for the family, saving them from driving into the funeral home or waiting for documents to arrive, but also for the funeral home by cutting down on the time it takes to prepare, deliver and meet to get a physical signature.
3. Get Signatures from Clients 80% Faster
According to
Finances Online, when collecting a signature from a client using paper and pen, the average time to collect the signature is approximately five days, compared to only 37 minutes when done electronically. You can see that allowing a family to sign documents electronically, from the comfort of their own home significantly improves the time it takes to get a signature.
4. See a Decrease of 80% in Errors
When comparing traditional ways of obtaining signatures to more modern, electronic ways of signatures, error reduction is an important factor. When a customer is able to sign a document electronically, businesses see a reduction in signing errors by 80% (
Finances Online). This is likely due to the fact that electronic signatures can be re-done with a simple click if an error is made. If someone signs a piece of paper in the wrong place or makes an error, it needs to be re-printed.
5. See an 85% Improvement in Productivity
Businesses who adopt electronic signatures see an 85% improvement in productivity (
Finances Online). A lot of this has to do with everything you are reading above – from reducing time on administrative tasks such as printing, shipping and organizing documents to setting appointments with clients. Electronic signatures are sent in a few simple steps, which reduces the time it takes for paperwork to be prepared, sent and signed.
6. See a 500% Increase in Customer Loyalty
There’s nothing worse than being a consumer today that is used to things being automated and instant, and having that experience broken. A lot of these conveniences shape what consumers have come to expect from businesses. Amazon delivers a seamless shopping experience with next-day delivery. Google delivers answers at our fingertips in seconds. Businesses allow customers to complete and sign paperwork at home, rather than sitting in long, unnecessary meetings. Make sure your funeral businesses is delivering the same experience consumers are living through today. If a family can review the contract and sign the paperwork from their home instead of having to get in their car and drive to you or wait days to receive paperwork – give them that option. With this electronic signing tool now in your toolbox, you can offer families a great, convenient experience. It’ll make them talk highly of you and shout from the rooftops about how easy it was working with you. Companies like
Finances Online
suggest you can even see an increase in customer loyalty of 500% just by offering such convenience.
7. Prevent Files from Missing by 66%
We’ve all been there. We have a paper contract or important documents that we sign and file them away in a safe place, until we can’t remember where they are months or even years later. By moving to electronic signing, you put a digital stamp on the entire paperwork process. Families no longer need to physically file (and potentially lose important documents), but if they want to, they can print a copy. They no longer have to write or call you to get a copy at a later date. Electronic signing puts them in the driver seat and gives them a digital copy they can save in their inbox or on their computer to access at any time. According to
Finances Online, providing the service of electronic document signing decreases the “I lost my file” scenario by 66%!
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If this is the year for your firm to offer great customer experiences centered around convenience, providing the option of electronic signing of documents is a great start. It’ll help you reduce administrative costs, save multiple hours each day, get signatures faster and reduce errors that come with traditional methods. Be that funeral home that offers families more options and start using E-Signature by SRS today!
Want to learn more about the SRS E-Signature tool? Visit the dedicated webpage
here
to read more and watch a video explaining the popular feature in more detail. If you have any questions, do not hesitate to
contact us
or call us at 1-800-797-4861.