You just get off the phone with a top prospect that you have been working with for weeks on a sale that could make your year. They love your company and products and are ready to move forward, so you overnight the sales agreement. Upon the agreement’s return, you notice that there is some important information missing. So you again overnight the agreement, but this time it take two weeks for your prospect to review the agreement, and during this time they decide to go in another direction. That may be a “worst case” scenario, but it can and has happened.
Incomplete documents are too often an occurrence and can dramatically impact your company’s bottom line. After doing a little loose research comparing overnight rates of the top shipping companies (averaging overnight costs of a standard package) it roughly costs about $60 to ship a package. Now imagine your company overnights about 50 agreements per month. That costs your company $3000 to start. But about 15 of those documents need to be returned due to missing or incomplete information, which totals an extra $900 per month. Over a year that equals $10,800, a lot of money that could be used elsewhere to help your business grow.
First let’s tackle incomplete documents. SmartSign Web can help to eliminate mistakes or incomplete information on your agreements. Signers are taken through a step-by-step interactive process that walks your signers through each signature, text field, or data input to ensure nothing is left open or blank. Signers cannot complete the signing experience without completing all signature or data fields.
SmartSign can also help to reduce or eliminate shipping costs since your signers/prospects will have instant access to and the ability to eSign your agreements. SmartSign sends your prospects an email invitation to take part in the signing process. All that needs to be done by your prospects is to log-in and sign your agreement. You can even set automatic reminders to your signers, automatic expiration dates, and automatic notifications to your internal team to notify your team where a prospect is in the signing process.
Your company may ship more or less documents a month at different rates, so to really get a good picture of the money your company is spending, you’ll have to evaluate your own processes and cost. With that, don’t forget to add in administrative, filing, and storage costs, all which can add up quickly and all which our system can help to curve. We even offer a free ROI analysis consultation performed by an expert from our team, taking into account your individual business processes.
Electronic signature association’s annual conference highlights how organizations are achieving mainstream adoption and process improvements within financial services, healthcare, government and insurance industries.
eOriginal, Inc., a pioneer and industry leader in electronic signatures, vaulted repository and electronic transactions, is a founding member of the Electronic Signature and Records Association (ESRA). As Chairman of ESRA, eOriginal Chief Executive Mr. Stephen Bisbee is privileged to lead the ESRA E-Signatures 2010 conference in Washington D.C. on November 9th and 10th.
“The ESRA Board and membership have worked diligently to secure a strong collection of speakers and panelists to provide in-depth analysis of the adoption and acceptance of electronic signature solutions throughout a variety of industries and business processes and to provide the most incisive and timely information possible on legal trends, best practices, and an array of national and international legislative, regulatory and industry issues,” said Mr. Bisbee.
The purpose of ESRA is to promote awareness, understanding and adoption of electronic signature and records. ESRA focuses on education on the benefits afforded by implementing automated electronic transactions with eSignatures and eRecords and providing a forum to address issues related to electronic signatures and records, including legislative support.
During the course of the conference, attendees will have an opportunity to learn and share experiences from several leading implementers of electronic signature solutions, including:
Approaches and best practices for implementing eMortgages
Moving to electronic business processes in the insurance industry
Challenges and approaches to signer identity management
Integrating electronic signature solutions with existing systems to achieve straight-through processing
Optimizing business processes is something every organization addresses to eliminate inefficiencies. In today’s business environment new technologies often lead the way to innovate and improve the way business is conducted. eOriginal’s electronic signature technology, can play a major role in re-wiring how your organization conducts business.
When moving to an electronic process there are often a few over-looked features that can not only dramatically improve front end processes but also the back end processes that enable true straight-through-processing. Below we’ve listed 5 features designed to keep your business moving fast and smooth.
SmartSign Web’s Push Service allows your organization to automatically push working copies of executed transactions into customer systems such as document management, ERP, CRM, or other imaging systems. This feature allows a you team automate your companies document processing procedures saving administrative costs and saving your team valuable time that can be leveraged to grow your business in other areas.
Batch Processing enables authorized users to locate multiple transactions or documents and perform a transfer of ownership or transfer of custody on the collection of documents allowing you to do more with less.
Set Automatic Retention Policies for your documents allowing your organization to become more flexible and define policies based on your business needs and legal requirements.
Set Expiration Dates for access to the document(s) and automatic reminders to the “Signer” that they still have a document waiting for their signature, allowing your team to stay on top of the signing process without lifting a finger
Automatic Notifications save in office time by having a copy of the executed document sent to all of the appropriate departments and persons once it has been electronically signed.
With these and a few other features offered by SmartSign Web you can begin to automate document and transaction centric processes to make running your business a lot more efficient, compliant, and cost effective.
After reading a recent article posted on the Credit Union Magazine blog entitled “E-Signatures: An Avenue for Forgery?”, we would like to expand on our ID verification features as an important business consideration when evaluating an eSignature providers. Most reputable electronic signature providers do offer some basic level of authentication, but often a more rigorous process is needed to verify that your signers are who they claim to be.
When executed properly, electronically signed documents can be validated much easier and faster than a document signed with “wet-ink”. And with more people completing business transactions online, authenticating an individual prior to giving access to documents electronically is extremely important not just for fraud but also for nonrepudiation and potentially meeting rigorous transferrable records requirements. Base level authentication can be done by limiting access via an email account, hyperlinked access or a user name. Most organization’s business requirements for security and compliance will require a more rigorous process.
For additional assurance, there are a several protocols that can be implemented to confirm the ID of the individuals signing your documents.
ID validation services can be added, to compare information from “out of the wallet” questions pulled from multiple public and private databases to answers provided by intended signers to better confirm identity of a signer.
Individual security codes delivered by an alternate means of communication can also help to prevent unauthorized access to documents.
Finally ensure that the signing solution you are evaluating allows for scanned images (i.e. drivers licenses, alternate forms of ID, etc.) to be entered, digitally bound and recorded within the documents audit trail.
Overall, having multiple layers of ID authentication is your best bet to protect yourself against fraud. eOriginal SmartSign Web has these multiple layers of ID authentication built into our application to protect our clients. If you would like more information about ID verification please contact us.
With more sales teams equipped with smart phones, Blackberrys and iPads for virtual access to email, there is a natural progression from keeping up with deal status to actually close deals by getting electronic signatures on sales agreements.
eOriginal’s SmartSign Web has increased support for enabling electronic signatures using mobile devices. SmartSign Web simplifies and streamlines signing within any mobile browser, by automatically detecting that signers are on a mobile device and optimizes that experience through a unique user interface designed for mobile signing.
What does this means for your sales force:
A faster sales cycle through remote signing allowing your team to instantly have sales agreements signed while on the road.
Remote approval of internal sales steps such as special pricing, T&Cs or senior management approvals
Strategic account visibility immediately records all actions and agreements that have been executed. Alerts can notify key members of your teams for newly closed deals, contract extensions, and who has and hasn’t executed a contract.
In order to learn more about the sales effectiveness of organizations using a remote/mobile devices, we are working with the Aberdeen Group’s latest research survey “Optimizing Lead-To-Win: Shrinking the Sales Cycle and Focusing Closers on Sealing More Deals”. As more companies adopt our technology and services for mobile support, we thought other companies like yours might be interested in participating in the survey and using the data collected to refine your use or planned use of mobile devices
Elite EXTRA and eOriginal have helped revolutionize the auto parts industry through the use of electronic signatures. Drivers can now instantly record confirmation of receipt at the point of delivery through the capture eSigntures on mobile devices. Integrating eOriginal’s SmartSign Web allows for delivery details such as work orders or invoices to be accessible in real-time through EXTRA’s customer web portal once a signature has been executed.
Elite EXTRA who already has a proven return on investment of 15% through route optimization and driver and delivery dispatch efficiencies will expand on that ROI by moving to a secure paperless process. Elite EXTRA’s clients can now reduce time and money spent managing staff, and the storage of paper documents in bulky and inefficient business processes.
This integration offers a complete cost-effective, cutting-edge solution for customers wanting digital web based signature capture. It also highlights eOriginal’s enhanced support for eSignature capture through the use of mobile devices. A feature that has seen increased interest from customer’s and signers alike due to the convenience and advantage to capture signature anytime, anywhere.
There are several important SmartSign Web® product enhancements that should appeal to any business improvement process. Here I am only going to highlight a few. We’ll have more detailed information to come over the next few days. We’ve added a number of important workflow integration enhancements so that we can be more tightly embedded and work more seamlessly with customer downstream business processes, these include:
New Push Service –You can now configure eOriginal’s SmartSign to automatically push working copies of executed transactions into customer systems such as document management, ERP or CRM providing users with real-time signature updates especially helpful for underwriting, loan underwriting and multi-location sales teams.
New Document Format Options – You can choose to upload non-PDF documents and have it auto-converted to PDF format. Supported document types include Text Documents (i.e. Microsoft Word, Plain Text), Spreadsheet and Data Documents (i.e. Excel, Lotus Notes, Comma-Separated Variables), Presentation Documents such as Power Point and Image Documents (i.e. JPEG, PNG). This makes it easier to process directly from any desktop and add attachments such as a photo taken from a mobile device and uploaded without scanning.
Role based signing configuration – You can now configure document sets for individual roles, defining which documents are displayed or hidden from each participant in the transaction.
Streamlined Consent Process –Organizations can elect to incorporate ESIGN consent in the user’s login process to speed routine signing.
We’ve also made it even easier to configure and brand the signing experience so users can complete typical configurations without programming skills.
iPads and such: More organizations are incorporating mobile devices into their business processes; and contract signoffs and contract modifications are at the top of the list for taking critical advantage of anytime, anywhere capabilities. You can easily add these to a SmartSign-enabled implementation.
Need a good example of how eSigning with eOriginal can cut your customer’s revenue cycles? Direct Capital, a Northeast leasing company, decreased their average deal time from 5 days to an average of two hours and cut the error rate from 30% to less than 5%.
eOriginal is hosting a live webinar August 18 at 1:00PM (EDT). eOriginal CEO Stephen Bisbee will be joined by industry experts, Bill Choi, Vice President of Research and Industry Services at ELFA, and Dave Scott, Corporate Project Manager at Direct Capital.
Focusing on how current market factors are encouraging leasing industry participants to adapt their business models. The 60-minute webinar will address:
What the current market factors are affecting the leasing industry
How to improve revenue cycles and risk management with eSignatures
Overcoming perceived barriers to eLeasing
What is the status of the secondary market for eLeases?
How to implement an eLeasing solution
To join us, please Register Here to gain answers to these questions and more from our panel of industry experts. The web cast will include a use case of how a top rated leasing company has implemented electronic signatures to improve their business process and a Q&A session to address your specific concerns.
Our latest release of SmartSign Web offers enhanced support for organizations with advanced electronic signature process requirements. When transactions involve multiple documents and multiple participants, there is often a need to present different subsets of documents to each participant. Our new role-based sort orders allow you to do just that. As you configure your signing rules for each transaction, you describe all active documents for the transaction as the default sort order. When defining each role, you may now override the default sort order with a custom sort order, that applies only to that role.
Let’s consider the following scenario:
A charitable organization offers financial aide and assistance to qualifying families. To qualify, an income verification must be performed for both the husband and the wife. The husband completes his income statement and requests his employer to verify it, as does the wife for her employer. The husband and his employer should only see his income statement, the wife and her employer should only see her income statement, and the organization’s processor must see both documents to offer the final approval.
With role-based sort orders, this entire workflow can be defined at the time the transaction is initiated (or updated at any point thereafter), ensuring each participant has access to only their applicable document(s).
Please watch this brief video for an overview on how to configure role-based sort orders.
In today’s proliferation of cloud based computing and SaaS delivered applications, there is often a required missing element of automatically synchronizing data across multiple business applications. Companies often need to automatically synchronize their systems to help guide and update internal workflows based on actions controlled by an outside application. For example, when an non-disclosure agreement is signed your customer tracking application should be automatically updated to reflect that so your sales representative can schedule a demonstration.
Integration issues often arise when one application controls the primary flow that a customer is seeing, and a second application needs to be updated with information driven by the actions or results in the control system. In traditional web services, the second application must make constant calls to the control system to find out not only if anything changed, but what exactly changed and when.
This is a very inefficient and daunting task and leads to unnecessary strain on both applications. Let’s think about it in terms of a quarterback and a group of wide receivers on a football team. In traditional web services, our wide receivers all run around asking the quarterback if it is time for him to throw the ball. As we all know, this is not the best approach. It is the quarterback who is holding that ball and his responsibility to make his reads and know exactly when the ball must be thrown to the wide receiver that results in the game changing touchdown.
Now, with SmartSign Web’s new Push Service workflow automation tool, eOriginal can throw you that game winning pass. In our newest release of SmartSign Web, your organization can choose to have different actions in our Signing Room pass messages to your applications. These messages may be used to trigger updates within an internal dashboard, CRM system or to automatically load data into a customer service system. The use of our automated Push Service will help your organization control business workflow and improve data reporting within your existing applications. Push Service messages can be sent to as many applications as your organization needs, with as much or as little information as required (e.g. information about the signer, form data, watermarked working copies of signed documents, or a digitally signed copy of a document’s audit trail).
SmartSign Web’s Push Service could not be easier to integrate with! To use the Push Service, eOriginal provides a Web Service Description Language (WSDL) that allows your IT team to integrate the Push Service with your applications in no time at all. The WSDL aids in the automated generation of the code needed to receive, parse, and control the flow of the message’s information received from SmartSign Web – in the language of your choice.
As you can see integrating your existing applications with SmartSign Web has never been easier. For more detailed information about this new service, please contact the eOriginal Sales Department.
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