I was recently talking with one of our business development executives and he was telling me about a potential client who wanted us to break down the document management and storage costs within our Trusted Repository after a document was eSigned with SmartSign. Well, we went over the general costs and variables including transaction volumes/number documents, their relative size, and their value.
The above three “variables” are not the only things to take into consideration, but for this particular opportunity, it is what is most important to them.
The transaction volume accounts for how many transactions a company will be completing over a given time period. Will the company be signing 100 docs per day/month/year, you get the point…
Relative size really means how big your documents are or packages 35KB, a few mgs, or larger.
The value of the documents translates into, will the documents you are having eSigned have any negotiable/monetary value.
This last point is extremely important – improper storage and management can and will compromise their value.
OK, back to our business development guy and his opportunity. This particular opportunity had some fairly complex and large documents, somewhere around 250kbs, with a high transaction volume, and the docs would be leveraged as collateral. After taking into account all variables, we figured the approximate costs would roughly equal $0.0038 per transaction per month (under ½ cent).
If you are interested in learning more, I would first like you to take a look at what it costs you to physically store and manage your documents. You’ll need to take into account storage space, costs per file cabinet, even administrative costs, among other things. We went over what it costs to have documents signed in a previous post and it may help.
Recently SDM Magazine published a great article “ESIGN and Go (& Grow Your Business)” on what electronic signatures can do for your security alarm business. The article features some great insight from industry leaders including NorthStar Alarm Services, a client of eOriginal’s.
Electronic signatures can really make an impact on productivity. In the article Nick Nelson, an inside sales agent and customer retention specialist at NorthStar, notes “I personally can do five to ten of these every day rather than handwriting out and mailing each one”. He says “It cuts my time at least in half and allows me to work with other customers or take phone calls. When it comes back, it notifies me it’s been done. They’re then forwarded on to billing, tech support, service technicians, etc.”
Although the front-end productivity benefits are apparent and relevant, the back-end benefits of eOriginal’s system frequently prove to be just as important and, in many cases, even more so. eOriginal’s SmartSign not only protects the value of your eSigned agreements, it improves your control of contracts, allows your company to utilize these electronic assets as collateral in an automated, secure environment, increasing your lenders’ comfortability. SmartSign also improves back-office processes by removing the need to manually scan, file and search for paper documents.
To view the entire article, please follow the link above. SDM Magazine is filled with great resources and will benefit any security alarm professional.
A few weeks ago I wrote a post, “What Does it Really Cost to have 10 Documents Signed”, where I explored the average costs associated with physically shipping, filing, and managing documents. I reviewed the costs of everything from printing to filing, but looking back, I realized I really only took a good look at the initial front end costs and benefits. There’s a whole other side I’d like to explore on the long terms benefits to moving to an electronic process and leveraging our Trusted Repository.
When you sit down and think about it, what can happen to your documents a few months or even a few years down the road? For our purposes for this post, we’ll ignore disasters such as floods, fire, or any other natural disasters. Even though they are real concerns for many businesses both large and small, let’s just focus on pure business related matters like legal challenges, audits, and administrative costs and effects.
So what happens if one or more of your contracts/agreements are challenged in court or if you are being audited? The Trusted Repository gives you the utmost control to track access and protect your documents throughout their entire lifecycle. The Trusted Repository uses digital “tamper seals” to protect the documents and their associated audit trails. This allows you to track every action taken against your document from when it was signed to who had access providing a better evidentiary package than paper-based processes. Since the signing process takes place in a closed-loop system, we can establish with all reasonable certainty that the signature and everything associated with your documents haven’t been compromised, something that is a lot harder to prove with paper.
When being audited, think of the number of documents you’ll have to pull from storage, physically transfer, and keep secure during the entire process. The task can be very daunting. However, through an electronic process, the steps needed to be taken can be made a lot simpler and easier. The Trusted Repository allows you to retrieve documents in real-time. All you’ll need to do is simply identify the documents you need and through a few clicks of your mouse and maybe a few keys punched, you’ll be finished in a fraction of the time.
The administrative costs of both instances can really pile up depending on the number of documents, storage facilities, and employee salaries all factored in. Just think of the time it takes to pull one file, let alone ten plus. In the long run, you may never face a legal dispute or get audited, but the right system not only saves and makes you more money in the short term, but it also protects you in the long run. Offering solutions that make us a complete package (short and long term) for our clients are why we are able to build a consistent and impressive ROI for our clients.
How long do you hang on to your Electronic Original® documents? How long do you need to? Very often we hold on to things a lot longer than necessary, simply because it’s easier than the clean-up process. With our retention policy rules engine it is easier than ever to stay on top of unneeded electronic clutter.
First, you must decide how long you really need to maintain copies of your documents. Consider your internal business rules, compliance/legal requirements, risk management policies, and depending on the nature of your documents consider any third-party needs. You may find that your needs are really quite simple (e.g., we keep everything for 10 years); or perhaps your needs are more complex and change depending on what ‘has happened’ with your documents (e.g., we keep unsigned documents for 30 days, but once they are signed, we keep them for 1 year until they are funded, if they are funded, they are kept for an additional 7 years). Consider whether you can treat your entire transaction as a whole or whether individual documents within your transaction have different retention needs.
Once you have identified your retention requirements, your organization administrator can then define Transaction and Document Retention Policies within the Command Center application. Retention Policies evaluate a transaction or document (“the object”) and automatically flag the object with a scheduled expiration date. The policies dictate how long an object is ‘allowed’ to be in any given status. When the object is created, and each time the object transitions to a new status, the expiration date is calculated and reset. Command Center users can easily locate transactions and documents based on their scheduled expiration and confirm their intended destruction through the initiation of a Destruction Request.
For further information, please watch this quick tutorial or contact eOriginal Support (support@eoriginal.com).
One of the benefits of using eOriginal is the ability for documents to be marked as eSigned and secured in the eCore vault. What about those signed paper documents?
Can those documents be converted from a signed paper original to a secure Electronic Original® Document?
eOriginal now introduces a Paper In process that allows our customers to accomplish this goal. Paper In is a controlled action that enables you to convert a paper original to an Electronic Original Document (Authoritative Copy). The document, once the process is complete, will contain the electronic signature of the user you designated to confirm the destruction of the paper original.
The Paper In process is an asynchronous process involving the following steps:
the document is converted to an electronic document (typically through a scanning process)
the electronic document is uploaded to the eCore vault in a locked status
the source paper and its copies are destroyed
the destruction is confirmed through the Paper In approval.
This process requires specific eCore configurations and your overall process should be reviewed with an eOriginal support representative prior to attempting any Paper In.
Take some time to view a presentation on how eOriginal’s Paper In process can help your organization convert paper originals to Electronic Original documents.
Many organizations are still slow to adopt electronic signatures as a standard technology to improve their business processes. Like other eSignature providers, we push benefits such as cost reductions, elimination of errors, centralized control of documents, and straight-through-processing. However, our best tool to help organizations realize the full potential of implementing an electronic process is our experience working with a wide variety of clients and our ability to provide real business examples of how our products can assist your organization.
In turn, I wanted to highlight a few case studies to provide an example of just how an electronic signature process can improve your process and numbers across the board.
Direct Capital selected eOriginal’s eSignature and Transaction Management solutions for a seamless integration with their CRM system, to allow their operations and sales staff to work from one platform throughout the transaction. The results have been outstanding.
Ability to transfer documents electronically through our document custodian has decreased the transfer time from 5 days to 10 minutes.
Shipping costs have decreased by 10% and are projected to decrease by over 80%.
Overall document errors on electronic documents have decreased our error rate from 30% to less than 5%.
Elite EXTRA needed to provide its customers a secure real-time electronic signature solution to eSign documents as proof of delivery or services provided and a paperless system for their customers. Since implementing eOriginal’s eSignature solutions, Elite Extra has been able to:
Further augment a proven ROI of 15 percent through route optimization and driver and dispatcher efficiencies by reducing the amount of time staff spend in searching and accessing paper documents.
Streamlined processes create a paperless and more efficient process for Elite Extra’s customer.
A top five bank had two critical issues during the roll-out of their direct auto-lending offering. First, a less than desired poor customer conversion. They were experiencing an 80% drop-off when their call center would mail, fax or email a loan application to approved applicants. Second, it was also vital to ensure that the auto finance liens were properly perfected to maximize the rating of these eContracts during securitization when utilizing a fully electronic process. After implementing eOriginal’s solutions they saw.
With the adoption of electronic signatures, the bank surpassed their target of 44% adoption and reached an 80% adoption rate within the first 12 months.
They’ve now recorded over 20,000 transactions and over $1.2 billion in direct auto loans in the first two years.
All their eContract loans are eligible to receive an optimum rating during secondary market securitization.
If you would like, we have more examples of customer successes that can help to demonstrate our experience and give you a better idea on how moving to a paperless process can improve your business operations.
In working with insurance companies that are taking their business processes on line for better origination and servicing, nothing is more important than nailing the application process down in such a way that anyone who wants to buy insurance can get started and complete their application as quickly and seamlessly as possible. The best way to make that happen is a single online session that starts the process in real-time and doesn’t bog down for printing, mailing followed by receiving, manual workflow processing, scanning and callbacks for errors or missing data.
Of course there are other benefits to taking application process and completing it online. An applicant, online the carrier or selling agent has also done their part in going Green by eliminating the need to print, fax, ship, and store paper. Not only helping the environment but saving money by reducing storage and operating costs incurred through paper based systems. However an equally important, and often hidden, issue for the carrier and agents are all of the potential applicants who opted out of a paper driven process because it was too cumbersome, slow, or those that intended to complete the paper form but never got around to it. These potential customers either never generate revenue or will generate revenue for a company whose online processes are more customer friendly.
So how can eOriginal’s SmartSign Web help insurance providers to streamline their processes?
Enable customers to electronically sign the application with an online web application
Manage all workflow, routing, and vaulting procedures of the application process through SmartSign Web’s customization options.
Reduce your organizations dependency on paper, saving you time and money.
Reduce errors and incomplete documents greatly reducing any NIGO applications.
HIPAA and ACORD compliant security and data management
Bind voice signatures to applications for faster processing and payment authorization.
Increase revenue by allowing your customers to quickly review, eSign, and receive a copy of their policy and additional forms.
To learn more about how we may be able to streamline your processes please contact me directly at 410-625-5147 or just us a question in the comments and I’ll be sure to promptly respond.
eOriginal has seen a significant increase in the number of small businesses wanting to learn more about how our eSignature software can help their businesses grow by shortening sales cycles, eliminating paper, and reducing the amount of resources needed to manage their contract process before and after they’ve been executed.
So to limit the amount of resources needed to get small businesses implemented with eSignatures and secure, compliant records management we’ve created new eSignature packages specifically for those businesses that need/want the same level of security, legal compliance, and flexibility for their eSigned documents as large corporations demand.
A few benefits for small businesses include:
Get up and running having your agreements eSigned within 24-48 hours
Improved Signer verification with email and one-time user verification code.
Mobile signing for mobile use on Window Mobile IE and iPhone Safari.
Workflow Management Routing, automated notifications, automated status transitions, expirations.
eSignature Processing digitally signature binding and document tamper-seal for proof of non-repudiation
Enterprise Datacenter with SAS-70 Type II, PCI-compliant datacenter, fully redundant, 24/7 security and operations.
In the next few weeks we’ll be highlighting a few of our clients and growing small businesses that are using our electronic signature tools.
Partnership will revolutionize the parts delivery process through real-time, web-based systems that streamline and automate routing, tracking and delivery
EAU CLAIRE, WI and BALTIMORE, MD (PRWEB) May 11, 2010 – The founders of Elite EXTRA, a revolutionary new routing and tracking tool, and eOriginal Inc., a leader in electronic signatures, vaulted repository and electronic transaction solutions, have partnered to offer point of delivery electronic signature capture for the automotive parts industry.
Jim Ward, President of Extra Trax, the company that owns Elite EXTRA (Extreme Routing and Tracking Application), recognizes the electronic signature solution is a critical add-on that will benefit Elite EXTRA’s customers by providing a secured electronically signed document as proof of delivery or service, creating the option for a paperless system for customers who choose it.
“This is the first routing and tracking system that combines automated optimal routes at an affordable price point with real-time electronic signature capture,” said Ward. “Together these tools will revolutionize the way auto parts are delivered by creating efficiencies and reducing waste for customers.”
Jim Tebay, eOriginal’s Vice-President of Business Development, said “We’ve played a key role in automating automotive finance with our solutions, so we see Elite EXTRA’s real-time solution for parts delivery as a natural complement and one that provides a fast return on investment for both dealers and parts suppliers.”
Electronic signature capture, embedded into a web browser on the driver’s cell phone, will be provided at the point of delivery, to capture the signature from the person receiving the order. The signature will then be stored for the customer with the pertinent details of the delivery, invoice or work order, and accessible in real-time via Extra’s customer web portal.
Because both the Extra Trax and eOriginal processes are aimed at automating and streamlining operations for deliveries, the two complement one another in helping businesses to operate efficiently, reduce staff and cut overhead operating costs.
Elite EXTRA has a proven return on investment (ROI) of 15 percent through route optimization and driver and dispatcher efficiencies, and signature capture will further augment that ROI by reducing the amount of time staff spend in searching and accessing paper documents.
“We did an extensive search for an electronic signature solution to help streamline our customers’ operations in a manner that is easy, efficient, and secure,” said Ward. “eOriginal has been wonderful to work with, and through integration offers a complete, cost-effective, cutting-edge solution for customers wanting digital, web-based signature capture.”
Elite EXTRA, which was launched in 2009, is a web-based system that creates automated optimal routes, tracks drivers, and provides an estimated time of arrival (ETA) for customers. It uses the latest in open source geospatial technologies to streamline the automotive parts delivery system. Advanced geospatial algorithms calculate delivery routes and route orders, helping dispatchers to determine the optimal routes for their drivers. It is a powerful, yet lightweight and cost-effective solution for all industries that transport goods or services.
The first release of the system was developed exclusively for the auto part delivery industry with extensive input from pioneers in the logistics and auto parts industries. It costs less upfront, and is less per driver than comparable software as a service (SaaS) packages.
Extra Trax, LLC is a logistics and routing subsidiary of Applied Data Consultants, Inc. (ADC) that is targeted solely at providing customized routing and delivery tools for the logistics industry. Its headquarters are in Eau Claire, Wis.
About ADC
Incorporated in 1996, ADC provides customized web solutions, application development, enterprise-wide consulting and mapping services. ADC now has 40 employees between its Eau Claire headquarters and its Omaha, Neb. and Denver, Colo. branch offices. For more information about ADC, please see: www.adc4gis.com
About eOriginal
eOriginal, Inc. provides advanced electronic signature, vaulting and electronic transaction solutions which are tamper-sealed, auditable and legally enforceable. eOriginal SmartSign® enables compliance with the eSignature requirements of the ESIGN Act, UETA and the UCC. eOriginal has provided secure and verifiable execution, delivery and management of commercial loans, leases and other financial industry documentation for over a decade. eOriginal customers, including top–tier financial institutions, have processed millions of electronic signatures on millions of documents without a single system error or legal challenge.
To learn how eOriginal can streamline your business processes, visit www.eoriginal.com or call 410-895-7699. You can also follow eOriginal on Twitter @eOriginal.
Wells Fargo Funding has approved eOriginal as an Authorized eSignature and eDelivery Vendor. eOriginal’s SmartSign Web can be used by brokers, real estate companies and correspondent lenders to manage borrower’s electronic disclosure statements. Using eOriginal’s eCore® platform, lenders can have borrowers electronically review, sign and return disclosure documents from the eOriginal hosted signature service or from eCore embedded within their own website. SmartSign Web® can be integrated with existing loan origination systems to automate the eDisclosure process. This ESIGN and UETA compliant delivery capability not only eliminates paper from the process, it speeds the closing cycle while eliminating costly rework and improving regulatory compliance.
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