5 ways your business can benefit from modern agreement processes
Who wants to work smarter and faster, not harder? Every small business, right?! Increasing efficiency is a great way to improve your bottom line. And the best thing is that anyone can do it.
When you’re busy running a business, taking the time to consider your processes and procedures can feel like a luxury you can’t afford.
But, it’s an investment that will pay off in a big way.
You might be surprised to discover that the main types of processes you deal with every day involve some type of agreement.
Written agreements are the backbone of any business, and cover everything from sales orders and loan documents to sponsorship agreements, invoice processing, purchase orders, contractor agreements and many more.
The way you prepare, sign, act on and manage these important agreements – known collectively as your system of agreement – can make all the difference to how much time, effort and cost it takes to complete them.
However, a lot of small businesses are still using a legacy system of agreement, with the methods of dealing with each agreement fashioned over time. The result is often an inefficient mix of printing, scanning, faxing and emailing – and a lot of manual processes. The costs add up.
These are just some of the benefits of having a modern system of agreement:
1. Save time and money
In preparing an agreement, avoid rekeying data that exists in another system, such as customer, product or pricing information. Or, when acting on a just-signed agreement, automatically transfer the agreement terms into other systems, for example billing systems.
2. Increase revenue
Efficiency equals revenue in three ways:
- Prospects are more likely to convert into customers and advocates based on a streamlined experience.
- The decreased cost of doing business boosts profit margins.
- Suppliers may charge less for efficient handling of documents and data.
3. Increased customer and employee satisfaction
Simple, fast, automated processes lead to shorter turnaround times and less human error. And, when processes are faster and fewer mistakes are made, customer, partner and employee satisfaction is increased.
4. Less exposure to risk
Standardisation and security reduces legal and compliance risks. A modern system of agreement helps to prevent mistakes that may be introduced when staff members rekey important data or the risk of sensitive documents falling into the wrong hands.
A modern way of doing agreements
Technology has enabled a more efficient way of automatically guiding agreements through all stages of completion. It digitises the preparation of agreements, collects signatures electronically, fulfills the terms of the agreement digitally and stores completed documents in the cloud.
And the benefits have been documented. Recent research* has found that replacing ink signatures with DocuSign’s eSignatures significantly boosts productivity, reduces costs, elevates customer experience and delivers an easy way to achieve strong security and compliance.
If you are interested in learning five easy hacks to streamline and simplify the way you do business, download this ebook.
*Forrester research study commissioned by DocuSign Australia, 2018