Top e-Signature Business Statistics You Need to Know
To adapt to the changing business world, leaders must adopt best in class technology to stay ahead. Use these top e-Signature stats to make better decisions.
Top e-Signature Business Statistics You Need to Know
Organizations across the world have significantly accelerated e-Signature adoption as a result of the COVID-19 pandemic. According to Forbes, there is a 50%1 increase in the number of organizations using e-Signature. On top of that, 69%2 of respondents preferred signing using digital signatures to wet (physical) signatures. These user preferences should not go unnoticed. To drive innovation, business leaders need to adopt technology that responds to changing consumer demands.
All business decisions made by each department must be aligned to the overall goals of the organization. To achieve this, there needs to be good communication and collaboration between each business function. Collaborate and get approvals from cross functional teams easily with e-signature solutions. If you are looking to adopt digital signatures for your organization, here are key statistics across different business functions to help you make better business decisions.
Key Digital Signature Statistics3 and Benefits Across Different Business Functions
Strategic Planning
- 28% of surveyed respondents find e-Signature delivers faster time-to-revenue, 26% agree that e-Signature enables higher ROI/cost savings, and 19% sees revenue gains from using it.
- 75% of surveyed respondents describe their signing experience as easy.
- Two-thirds of businesses currently using e-Signature only adopted it in the last two years.
- Current e-signature users (83%) report increased security as the most common benefit of the technology.
Facilities
- With e-Signature, facilities management teams observe a 90% reduction in requests being incomplete or in error.
- There is also a significant reduction in request scheduling and processing turnaround time from 3 days to 2 hours.
Finance
- Out of 440 financial professionals, 48% of them reported spending significantly lesser time sending documents (with average time savings of 32%) and half of banking and lending professionals experienced faster loan document turnaround time.
- Post implementation, 44% of e-Signature users in financial services reported improvement in security, confidentiality and compliance, by an average degree of improvement of 19%.
Human Resources
- 40% of surveyed respondents find signer authentication/verification features beneficial.
- Out of all e-Signature features:
- 45% of the surveyed respondents find it easy to track signatures in real time
- 42% like the field validation capabilities
- 42% like the automated email notifications
- 41% find validating information with records beneficial
IT and Operations
- 47% of surveyed organizations (non-profit) use e-Signature to improve data privacy & security, 44% use it to improve staff experience while 39% use it to improve signing status visibility.
- With e-Signature integrations, 67% of surveyed respondents benefit from an increase in efficiency, 65% from an increase in time savings, 60% find it easier to prepopulate documents with data, 60% find it easier to work inside other systems, 57% find data flow between tools securely and 51% observe a reduction in errors.
- 61% of the surveyed respondents who are not currently using e-Signature acknowledge that its usage is faster than manual signatures.
Legal and Compliance
- At 32% of organizations surveyed, compliance teams are often the very first to use e-Signature.
- 57% of surveyed respondents who are currently using e-Signature have already integrated e-Signature with compliance technology.
Procurement
- e-Signature eliminates the costs involved with sending and storing agreements, saving an average of US$36 (around HK$280) per agreement.
Product Management
- Leaders who digitize see a 58% improvement in customer experience (CX), 54% in shortened deal cycles, 48% in improved collaboration across silos, and 48% in lowered error rates.
Sales & Marketing
- 62% of sales departments and 57% of marketing departments employ digital documentation tools, including file sharing and e-Signature.
- With e-Signature, up to 82% of agreements are completed in less than a day, and 50% in less than 15 minutes.
Digital Signatures for Every Business
Ready to optimize your business processes by switching to digital signatures? Get in touch with us for a free trial now!
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