In our last post, we covered a few important electronic signature statistics that will be useful to know while planning for 2023. If you haven’t yet read through that post, we encourage you to check it out because it contains additional valuable numbers that won’t be included in this part. Today, we wanted to bring a few more digital signature statistics to light that we find particularly compelling as to why platforms like TrueSign can be so beneficial for an organization. If you’re currently contemplating moving away from traditional wet signatures, or if you are looking into profitable ways to modernize and digitize your business, continue reading.
- According to Finance Online, for 65% of businesses that still rely on pen and paper, signatures add an entire day to their work process. Speaking of productivity, how shocking is it to learn that a menial task like signing or processing documents can add an entire day to your organization’s timeline? To be clear, this isn’t one day per year. Rather, it is one day per each cycle of the work process in question. So, if a process takes someone with eSigning four days, it takes a full workweek with pen and paper. If you’re trying to squeeze in one last project before the end of the quarter, you’ll need an extra day to accommodate wet signatures. Those days can really add up, forcing your team to fall behind, lowering productivity, and upsetting clients who are looking for a faster turnaround.
- Some reports found that simply adopting electronic signature tools can increase customer loyalty by a whopping 500%! Customer loyalty can truly make or break an organization. If a customer is loyal to you, it means they enjoy and appreciate what you offer, and they trust you. It is significantly cheaper to retain existing customers than it is to seek out new customers. You may ask yourself why something as simple as digital signatures can so dramatically improve customer loyalty. It all comes down to convenience, reliability, and trust. Electronic signatures are convenient because they meet the signer where they are, on their mobile device in the case of TrueSign. They are reliable because the platform is tested and optimized for usability and repeatability from document to document. And eSignatures are trustworthy because they are backed by numerous security measures designed to safeguard sensitive information contained within business documents. All of these elements together make TrueSign a quick way to build loyalty to your brand.
- Electronic signature platforms drastically reduce operational costs– saving up to 22,000 hours per year. Operational costs are the day-to-day expenses incurred by businesses. Over the course of several studies, it’s been estimated that adopting electronic signature technology can save over 20,000 operational hours by eliminating back-end processes. There’s less paper being used, less ink and toner, printers aren’t breaking from overuse, mailing costs decrease, storage is freed up, etc. By switching to a digital system, everything is completed via computers and mobile devices. It can be accessed from anywhere and much of the back-end responsibilities are automatically handled.
- Per Fortune Business Insights, the global market size for digital signature software is expected to grow from $4.05 billion in 2022 to $35.03 billion in 2029. You read that correctly; in just seven years, electronic signatures are going to become so popular that the market will grow by a staggering 765%. Increases like that are typically unheard of and speak volumes of the success of a service or product. Estimates of this optimism suggest that the experts have every reason to believe that electronic signatures will be a staple across industries, so much so that everyone will be looking to purchase or upgrade digital signing software.TrueSign is one of the most affordable and reliable solutions available today, and we can get you on your way to reaping the rewards of digital signatures in no time. We regularly introduce updates and upgrades to help you stay on pace with the rest of the market, and we are always looking for feedback for what you think would make our solution even better.
- Over the course of five years, the number of electronic signature transactions increased from 89 million to 754 million. In order for the electronic signature market to grow so exponentially, there needs to be a demand for the service. Luckily, over the last five years, the global market has shown great interest in digital signing, with a jump of 656 million transactions. Clearly, consumers and organizations alike are understanding the savings and convenience that come with electronic signatures and are making the transition away from the traditional, in-person process. TrueSign is proud to be part of the changeover, playing our part in helping businesses across the US adopt more accessible and remote-friendly signing processes. TrueSign offers signing capabilities for internal and external users, so transactions can be made between anyone. Users can create ready-to-sign documents and send them in real time for quick and easy signature collection from anywhere. Every transaction saves organizations time, money, and other resources, so implementing a digital service is worth every penny.
- Annually, American organizations can spend over $120 billion on paper documents as well as roughly $8 billion for handling. It should come as no surprise that physical documents cost more money than their digital counterparts. We covered several money-saving electronic signature statistics in the last post, but we wanted to add this one as well. If US businesses collectively decided to switch to digital signature collection, we would be looking at immense savings year over year. These savings could be used in other areas of business that improve the quality of service, accessibility, and security for all clients and customers. In an age focused on maintaining protection, consumers would much rather see money spent on security measures rather than stacks of paperwork that very quickly become out-of-date.
These numbers speak for themselves as to why you should make the switch to an electronic signature platform like TrueSign. Whether you’re looking to save time, money, or other resources, digital signatures could be the answer. Organizations in all the most popular industries can benefit from signing tools, and they pay for themselves many times over. TrueSign is one of the most affordable and comprehensive solutions available on the market, and we encourage you to learn more about it at https://truesign.com/. We offer live demos with our experts if you’d like to see how TrueSign can benefit your specific organization. Reach out with any questions and we’ll be happy to assist you!