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Formaliti Blog

Tips, Tricks and Other Musings

9 ways digital documents and signatures help you close deals faster

We’ve almost become accustomed to hearing about disruptions and game-changing innovations. But often the touted productivity gains don’t match reality. In the sales process, substituting pen and paper with e-signatures and digital documents instantly removes the single biggest roadblock to closing deals. With one login sales reps can reduce the entire sales order signing process from days, weeks or even never, to a simple process that’s done within hours or minutes. Even if every other part of the sales process goes quickly, it invariably bogs down at signing time. An automated e-signature solution keeps the sales cycle moving.   Here are 10 ways Formaliti’s digital document workflows help you close deals faster. Get to the decision maker faster Customers can review and sign a contract anywhere, anytime, on any device. Reps don’t have to travel to the customer’s site to close a deal.     Track the approval process Real-time insight into the status of approvals helps ensure that deals don’t fall through the cracks. Reps know who has signed what, when, and whose signature is still needed.   Get to the customer while they’re hot Preparing documents takes minutes. No more wasted time so reps can close a deal before customer goes cold.   Help the sales team stay up to date Because documents live in the cloud, sales reps can initiate new sales from anywhere, with the latest documentation.   It lets reps focus on relationships Reps can obtain signatures from anywhere, so they can spend their time building relationships, not chasing down customer signatures.   Make it easy for customers Customers expect to deal with companies... read more

It’s not a sexy subject…but how much money and time are your paper documents costing you? (You could be sitting on a gold mine of savings and opportunities!)

When we started Formaliti our first customer said that he would pay $10,000 to the person who could solve his paperwork nightmare. He had tried to go paperless for some time but just couldn’t get it to happen.   Now the technology is here but it seems like business owners and managers still need convincing to take the reigns. The fact is that the costs associated with managing, finding and retrieving documents may seem invisible, but managing paper files is a very real cost to business.   It’s time we embraced paperless technology and take our organisations to the next level. Not only will you save the high costs of paper storage and management, but you can easily streamline everyday business processes.   Here are just some of the examples of how paperwork is bleeding your business dry.   Lost Documents According to PricewaterhouseCoopers, finding a lost document will cost a company $122 on average. It’s estimated that 1 in every 20 company documents are lost completely. Assuming your company works with 10,000 documents a year that would mean 500 are doomed. At $122 per document that’s a cost of $61,000. Plus, if you have to recreate those lost documents, the time and supplies involved would make that number jump a whole lot higher.     Customer Document Retrieval If you have a paper based system and a customer calls in with questions about a specific document, the person taking the enquiry might have to hang up, walk to the storage area, search for that document, walk back to their desk and return the call. If they need a... read more

The Impact of Paper Consumption on the Environment

Recycling is important! And while recycling does keep paper from the landfills, it doesn’t necessarily save the environment. Paper can’t be recycled indefinitely and there will always be a need for wood pulp to be added to the recycling. Understanding the disastrous negative effects paper consumption has on our environment can help encourage the world to use less of it.   Many of Formaliti’s customers love that they have a benefit in reducing their use of paper.   Here are some facts that show where it makes a difference. Worldwide the pulp and paper industry is the fifth largest consumer of energy, accounting for 4% of all the world’s energy use. The paper industry uses more water per tonne of product than any other industry. Discarded paper makes up around 35% of solid landfill sites. Pulp and paper is the third largest industrial polluter to air, water and land in both Canada and the United States, and releases well over 100 million kg of toxic pollution each year. Worldwide consumption of paper has risen by 400% in the last 40 years with 35% of harvested trees being used for paper manufacture. An estimated 18 million acres of forest are lost each year, equaling a loss of 20 football fields every minute. Loss of forests contributes between 12 and 17% of annual global greenhouse gas emissions. If the current rate of deforestation continues, it will take less than 100 years to destroy all the rainforests on the earth.   The environmental impact of paper is huge. Due to our history of paper consumption, serious efforts are needed to reduce our... read more

Stop wasting time!

Surprising Stats about efficiency and paperwork management in your office. Ever wondered what your paperwork and information clutter and chaos is costing you and whether the value of becoming more organised is worth the effort? Here are some surprising stats on how much time we spend managing our paperwork and a few personal pieces that you might find close to the truth. 🙂 The average office employee spends 1.5 hours a day (6 weeks per year) looking for things. OrganizedWorld.com 80 %  of the papers we file, we never refer to again. The Small Business Administration The use of office paper has tripled since the birth of the computer. Organized World The average executive wastes six weeks annually searching for important documents lost in among the clutter. For someone earning $50,000 a year, this loss is equivalent to $3,842 annually.  Wall Street Journal Executives commonly pick up a single piece of paper from their desk 30-40 times before acting on it. Michael F. Woolery, Seize the Day A full four-drawer file cabinet holds 18,000 pages. It costs about $25,000 to fill that filing cabinet and over $2,100 per year to maintain it. Gartner Group, Coopers & Lybrand, Ernst & Young Time spent mishandling paperwork detracts from a company’s ability to service customers, increase sales, and improve the bottom line. Small Business Administration Corporations don’t understand the value of efficient document management or the cost of bad document management. Thornton May, author of Imaging World The average office spends $20 in labor to file each document, $120 in labor searching for each misfiled document, loses one out of every 20... read more

Measuring Success: what the data proves about your business

How do you measure success in your business long term? Profits? Client retention? Staff satisfaction? Most owners and managers can answer this question fairly straightforwardly. However, when it comes to measuring the success of the your daily business activities, the waters can get a little muddier. Is that new staff member worth their salary? Is that needy client worth the extra work? Is that technology we’ve just introduced paying off for us? Sometimes small successes can be hard to measure. Cue stage right: eye-opening new research released by Aberdeen Group showcasing the increased success businesses like yours are experiencing everyday courtesy of eSignature technology. Aberdeen’s report, Signed, Sealed, Delivered: Integrating Electronic Signatures into the B2B Sales Cycle, states that eSignature adopters demonstrated measurable sales performance advantages directly associated with eSignature technology. No muddy waters here. In an earlier post we used this research to explore the five key motivating factors that sales leaders face when adopting e-signature technology. In this post, we’re going to discuss the business ramifications of using eSignatures and how you can expect your core sales competencies to benefit as a result of this. As the report explains, this graph above shows four best practices that both top-performing companies and eSignature users nominate more frequently as strong or very strong (4 or 5 on a 1-5 scale) capabilities of their operation. Here’s a snapshot of these best practices: Rapid Response – When time is money, both for your business and your client’s, staying ahead of the game is imperative. eSignature technology, such as Formaliti, provides instant, automated processes, for both external and internal communication, ensuring your... read more

The Top 5 Business Trends Motivating eSignature Adoption

Are you still waiting by the fax machine or scanner to close sales deals? You’re not alone. Only 1 in 5 deals are signed electronically these days, according to new research released by Aberdeen Group. But before you get too comfortable, their report also reveals it’s the e-signature adopters, the 1 in 5, who are “demonstrating measurable sales performance advantages directly associated with this developing technology”. Their report, Signed, Sealed, Delivered: Integrating online signature into the B2B Sales Cycle, states that since 2010, their research has never uncovered a majority of end-users deploying such a simple, straightforward solution to controlling and shortening sales cycles: e-signatures. That’s a big call! So let’s take a look at some of the data they uncovered: Aberdeen identified 5 key motivating factors that sales leaders face when adopting e-signature technology. Here’s a snapshot of them: 1. Evolving customer expectations Customers have come to expect digital, for obvious reasons. How many times have you been frustrated at businesses requiring you to print copious amounts of paper, sign and scan (or sometimes fax or drop off in person!). Your perception of the company changes. The report states that companies utilizing eSignature solutions report sending an average of 22.6 proposals, quotes or request for proposal (RFP) responses to customers / prospects, per sales rep, per month; this compares with fewer than half that number, 10.4, among non-adopters. The stats say it all! 2. Increased awareness of legal acceptance of e-signatures In another post, we explored the legality of e signature software in Australia. It’s been 16 years since they got the legal tick of approval, which seems like a... read more

6 Essential Meetings for your Business

We’re busy. Sometimes really busy. And with that comes the potential to just mindlessly do do do. Because of this, the planning in a hectic growing business can sometimes be replaced for simply keeping up. However, if we want to do more than stay afloat, it’s crucial we find better ways to work. Patrick Lencioni’s book ‘Death by Meeting’ suggests that in order to have both the ‘Task’ (what we do) and the ‘Process’ (how we work) considered in our business, we need to find a way to structure these discussions in our work. We’re often good at having meetings about the doing (Task) but even those meetings could do with a helping hand. And how much time do you spend on discussing and improving Process (how we work)? Probably not enough! If we run meetings correctly, both of these items can be integrated into our regular work – and we’ll step way ahead of simply just keeping up. First thing’s first, it’s important to have a few simple guidelines to your meetings. Here’s some tips to get you started: Have a purpose for your meetings. If there’s no reason – don’t have one Have an agenda – although sometimes you might not need one as you’ll see below Prepare people beforehand. Have rules about what’s in and what’s out – and stick to them. Make sure all stakeholders attend – don’t have meetings with key people missing Summarise, act and report on items – otherwise your meetings lose credibility. Here at Formaliti online signature, there are a number of different types of meetings that we’ve adopted. They do come... read more

OFF THE SHELF vs BESPOKE SOFTWARE

How strategic procurement partnerships can help get what you need.. In an earlier blog post, we explored how digital technologies are disrupting the way we do business. One of the main areas technology is forcing business owners to re-assess, is their procurement processes. Traditionally seen as a standardised internal process, the drive is now on to secure strategic procurement partnerships that deliver higher levels of success for your business. Recently, the software procurement process in particular has been under the spotlight. While the majority of software is purchased off the shelf or “from a box”, there is a growing trend towards bespoke software, not just for massive organisations, but for smaller ones too. Bespoke software (also known as custom software) is software that has been specially developed for a particular organisation or user. It has its obvious benefits, namely the fact it’s a unique product tailored to your organisation’s needs, but may come with a higher price tag. So, why are an increasing number of organisations opting to build or adapt their own software? Simply put, because they can build something that fits their exact business requirements. What many business owners or IT managers fail to understand is that the number one issue with buying off the shelf software is that their business processes have to be re-arranged to align with the software’s features. Instead of being a help, it can become a time consuming hindrance, disrupting the way you work. As Oracle’s Andrew Sutherland notes, people do not want to pay for functionality they do not need. Businesses today have the ability to create highly-tailored applications that their... read more