With contract management systems, electronic signatures are supported. An electronic signature is a process of attaching an encoded signature to an electronic document. Contracts can now be executed without using paper. With electronic signatures the process is improved and you gain cost savings.
When there were no electronic signatures came, whenever there are contracts they need to sign, ship, fax, scan, and file the contracts. The process involves so many steps. This old process is very time-consuming and costly. You don't have to go through these lengthy processes with electronic signatures.
So, in the healthcare industry, electronic signatures can help speed up the execution of contracts which are time-sensitive. It is important that these contracts are signed so as not to affect patient care. Electronic signatures finalizing contracts can prevent unnecessary delays. The result is improved performance. Electronic signatures can sign contracts fast so there is no longer any need or waiting for paperwork to be shuttled around for signatures.
With electronic signatures, repetitive signing is done away with because this signature is good for the life of the contract.
With electronic signatures authentication and access by all parties is easy so you can accelerate negotiations.
There is no delay in updating or executing contracts even if parties are not in the same place if signatures are done electronically.
Paper contracts can easily be tampered with but electronic signatures will have fewer security issues. Minor altering can easily be detected by contract management software with electronic signing capability.
If initially, undetected signing mistakes can slow down the process or cause costly problems. Risks are mitigated with electronic signing software, and this is done by providing alerts about suspicious records or compliance issues involved with a contract. With electronic signatures, the cost of fixing problems that could have been prevented will be saved since it ensures that everything is in order.
You also save on items like paper, copying, packaging, and shipping. These are just small costs but they do add up to your expenses.
With electronic signature technology, you and your office become more productive, allow to close more deals, and focus on more important tasks. Document flow is automated and repetitive tasks are minimized. If you use the same docs on a daily basis, for example, the templates feature of the e-signature app comes in handy. So, you create one document, save it as a template, and reuse it as much as required with minimum edit to fit each particular case.
Customer satisfaction is a significant factor that can influence your business success. You can save your customers' time with e-signatures and make the overall signing process very convenient for them.
In summary, electronic signatures is one of the many advantages of contract management software. The key benefits of using electronic signatures are increased contact speed, enhanced security, and lower transaction cost.