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 technological lifetime ago!. Yet, only in recent times have we seen a reduction in the fear and resistance associated with accepting e-signatures are valid and legally binding.
3. Desire to remain competitive
Closely connected with point 1, companies that do not evolve risk being left behind and forgotten by customers that are demanding more. Bringing new technology on board that improves your business and its processes if your first step to ensuring you keep up with digital revolution engulfing the world around you. Failing to evolve is failing to remain competitive.
4. Greater focus on compliance, security
There is nothing secure about posting a form to a customer, having them sign it and send it back via post/fax. The transfer of information is insecure and the process has not provided an audit trail validation.You also have no real document control. Electronic signatures simply provide greater compliance and security than handwritten signatures. For example, with Formaliti there is secure encryption of data during transit and all data is housed in bank grade secure facilities, and your administrator controls document versions and access. Additionally, there is an automated audit trail attached to each document that cannot be tampered with manually.
5. Growth in mobile device utilisation
Do you have employees working from home, in different locations or on the go? You’re not alone! Doing business from a mobile device and relying on cloud software is now the norm, particularly for sales reps and tradies. The “virtual office” will continue to grow with an increase in mobile, web-enabled devices, so it’s important your business is ready to support clients who operate this way.
Check out the full report here and get in touch if you’re sick of waiting by the scanner!
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