There will always be some new costs that go along with implementing any new technology. So when analyzing any new solution that may change your entire process, it’s important to build your own value case to determine what level of service, cost, and training you’ll be willing to take on. We’ve worked with many clients to build a good solid Return on Investment (ROI) based on their current business practices vs. adopting electronic signatures. Below are a few quick facts to help establish the basic ROI for implementing electronic signatures. Some additional process improvements that should be considered are better customer experience, improved workflow and security, and 98% of electronically signed documents are executed within the first 24 hours of delivery.
The average cost of toner, ink and paper amount to $.05 per page
Average cost of sending one envelope US mail is $.85 per envelope
Average Courier cost is $45.00
Overnight Shipping average cost is $18.00
Cost to scan and save one document $.50
Cost to fax one document is $.10
The total average cost to send a document to be signed is $7.50, not including Labor and Administrative time. The average time for one to execute the task of mailing, scanning, copying, faxing, printing or shipping is 15 minutes per document package.
The total average business cost per task is $1.50.
With the addition of labor and administrative time, total cost is now $9.00 per document.
Archival cost, such as filing each document, takes an average of 7 minutes. Let’s assume that an employee is making $10 per hour and is filing 10 documents.
Each document costs about $1.10 to archive
With the additional filing of each document, total cost is now $10.10
On average, 30% of documents are returned with missing/incomplete information or signatures. For every 10 sets of documents that are sent for signature, three will have additional administrative and process costs which could equal more than an additional $10 per set of ten.
Assuming that you currently do not use SmartSign, and have documents signed with “wet-ink”
Every ten signed packages would have an average total business cost of between $90-$110.
SmartSign’s ability to create such a consistent ROI is its flexibility to be deployed, configured, and integrated in almost any business process. Our solutions range from straight out-of-the-box to deployed behind an organization’s firewall and, let’s not forget we can also be deployed in the cloud to work with all your other applications. Take an assessment on your current document oriented transactions to see what handling paper documents is costing your company.
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.
I am always on the look out for new technologies, applications, or tools that help to make life a little easier. As a software company we really appreciate the effort and thought that goes into creating a new application, a widget or just updating existing tools. So, when social media mogul Chris Brogan featured Dunkin Run, a cool iPhone app, created by Dunkin Donuts, I got to thinking about similar tools we provide that are simple, useful, and helpful to our customers.
In addition to designing our electronic signature solutions to be some of the most user-friendly and easy to implement tools in our industry, we have another tool we often use but rarely highlight… the eOriginal ROI Analysis Calculator. eOriginal’s ROI Calculator simply factors in the most common variables associated with physically managing, shipping, scanning and storing paper documents while providing you with an estimate of the cost savings your company can expect to receive through implementing an electronic signature solution.
It is simple in design so the entire process is straightforward and only takes a few minutes to complete. It is easy to use; all we have to do is plug in the numbers relative to your specific company and business practices. Finally, it is helpful in providing a more insightful picture of the benefits associated with implementing electronic signatures and instrumental in building and supporting your argument for the transition to a paperless environment. For more information or a customized analysis, please contact me by email spalubinsky@eoriginal.com.
I recently had the opportunity to sit down with Allan Levine, Chief Operating Officer of Madison Capital, LLC www.madisoncapital.com and discuss the overall impact of implementing eOriginal’s electronic signature solution. Allan has been in the leasing business for over 35 years (I know! …I thought he was only 40 too) and has seen many technology products come and go… from the hand held calculator to electronic signatures. He made the decision to deploy electronic signatures at Madison Capital over a year ago and has seen much success as a direct result. Take a look at this short video clip of my interview with Allan and his take on the benefits Madison Capital has reaped from an ROI perspective through to improvements to their overall process.
Stay tuned for more segments of this interview in the coming weeks… you can also watch this electronic signature video directly on YouTube: http://www.youtube.com/watch?v=06spg2netDM
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