As organizations continue to explore new avenues of digital transformation, the need for paperless contracts and processes becomes more significant. Creating, printing, signing, and scanning of documents is time-consuming, whereas, with digital contracts, the deals can be closed electronically without the intervention of manual tasks.
For this reason, organizations are now looking towards digital contracts with electronic signatures as a smarter alternative to hard contracts.
Let’s look at some benefits of e-contracts and how they can help to scale your business.
Traditional contracts can delay the closure of a sales deal and kill the proposal simply because it takes time for your potential to receive, read, consider, and manually sign. Your prospects spend a certain number of hours at the desk for their daily responsibilities, and considering their responsibility to change, your proposal may just be in the inbox basket for several days before they open the envelope.
On the contrary, e-contracts solve the issue by enabling prospects to view the contract immediately after disbursal. In fact, your prospects can even E-Sign the contract without much hassle and close the deal. With e-contracts, you can also track your prospect’s progress in reading the proposal, and create an urgency if needed.
Furthermore, with E-contracts, you can enter or edit data without the process of manually doing everything all over again. You can easily send a link to your prospect with the edited data, and they can access the document again.
Few or no errors with e-contracts
Errors or discrepancies in contracts occur for two major reasons,
There can be instances when the contract creator might just have overlooked to proofread the data. Similarly, the recipient might also miss out on checking through the important data, to just close the deal faster.
There can be instances when the contract is ‘doctored’ after signing of the contract. This can result in legal issues or other unfavorable conditions which might harm the parties.
Electronic contracts can produce few errors. Why?
E-contracts can reduce operational costs
E-contracts can help you save monetary value on equipments or things like,
All of these extra operational costs just disappear when you migrate to e-contracts. Not only do you save the costs, but you can also save time and money of yours and the prospects and give the leverage to not go through the hassle of manually printing and signing the document.
APIs allow you to integrate e-contracts from your CRM
Electronic contract computer program offers API functions and procedures to integrate your CRM. These integrations allow you to expand functionalities of your existing CRM and streamline the internal process. You can easily create, sign, and collaborate on documents and take fewer steps to complete the tasks and close deals.
E-contracts are secure than paper documents
Paper documents can be manipulated through document creation, submission, and signing. This is why organizations go the extra mile to keep the document safe and intact.
E-contracts on the other hand provide electronic signature capabilities that reduce a signee’s ability to tamper the document. Even if both parties collaborate on a particular document, with an e-contract you have better security.
Electronic contracts improve customer service
Electronic contracts allow you to send documents to your prospects at the earliest. Prospects can sign the document from any location without waiting for hard copies. Since electronic contracts provide the prospect the feasibility to E-Sign the documents, you can save time by getting confirmation instantly.
None of your employees need to work hard to follow-up with the prospect for the hard copy. Neither do you have to spend time to remind the prospects for signing the documents.
E-contracts meet compliance and contract laws
Although there is a hesitation in accepting e-contracts as a medium to send and sign contracts, many organizations are moving towards accepting e-contracts to send documents between two parties.
Electronic contracts keep user information secured without compromising privacy. You can be confident in choosing e-signatures as they meet all compliance standards and contract law regarding electronic commerce.
Create and edit templates on the go
When you produce high-volume contracts, don’t you personalize the documents as per the prospects?
In such cases, writing and rewriting documents can be time-consuming. With electronic contracts, you can create templates with just a few clicks. You need not change the entire document for each of the prospects, you can just make edits, change the template, and send it across.
The software will save your template and you can use and reuse the templates as many number of times you wish to. It’s super simple and easy. If you are good at working with MS Word, then a proposal template editor is a cakewalk.
Easier to monitor, track and find data
Have you spent hours of your time sifting through the document to look for an error or a typo? If yes, then electronic contracts are your savior.
With electronic contracts, you can do multiple searches in a single document or throughout the entire database. You can find a term, phrase, amount, and other piece of crucial information that needs to be changed in the document quickly. Imagine how much time you can save when you are not performing searches manually.
Should you consider electronic contracts over traditional contracts?
The answer to the question is YES.
There are several advantages of using electronic contracts equipped with electronic signatures over the traditional medium. You can save money in operational expenses, improve your productivity and efficiency, create more sales proposals that are secured, hold greater accountability, and close deals faster.
So, if you get a chance to equip or adopt an electronic contract application, do not hesitate to make the move.