According to Gartner's Market Guide for Electronic Signatures, electronic signatures, as part of digitizing paper-based processes such as internal contracting, improve efficiency. The VIDsigner electronic signature solution makes it possible to eliminate paper and ink in time-consuming business processes.
Process simplification, and savings in shipping, courier and administrative costs contribute to the ROI of VIDsigner digital signature.
Technology in today's digital world must enable consumers to apply for life insurance, close a home loan, open a new bank account, and sign a contract or sales agreement on their own terms. A consumer expects to apply for a bank account online from their kitchen table and use the account the same day. Someone looking to buy a house in another country must undergo numerous "signing" phases involving different agents. Thanks to VIDsigner electronic signature and other digital tools, organizations can completely digitize these processes to meet the demands of today's consumer.
While many industries can benefit from the digitization processes that require a signature, banking, insurance, government, and other highly regulated industries are at the forefront of leveraging electronic signature technology and have seen significant ROI.
Organizations that make the shift to fully digital processes also see increased operational efficiency.
In this section we detail the aspects of return on investment (ROI) that can justify the purchase of an electronic signature and the less easily measured factors that show the added value obtained by digitizing processes.
At Validated ID, the reduced environmental impact from implementing the VIDsigner digital signature is also considered when calculating ROI.
We know that investing in electronic signatures puts an end to scanning, printing and sending documents and helps free up physical storage space through secure digital storage in the cloud. Even so, calculating the profits from investing in digital signatures can be complex since there are several variables to consider to objectively and precisely measure the ROI obtained if you invest in our VIDsigner digital signature.
In the whitepaper that you can download below, you will find the total savings made with the implementation of VIDsigner electronic signature. It will speed up the signing processes, whether for documents that are signed internally or by third parties, clients or suppliers.
Our calculations show that by implementing VIDsigner multi-channel digital signature, an organization of 100 employees that previously signed 25,000 three-page documents per year on paper, incurring an average cost of €92,225 per year, now obtains an ROI of 83 %, since the cost is reduced to €15,000 per year.
The costs of management, material and sending documents to be signed are based on several parameters, but mainly on the following:
✔️ Paper, ink, printer maintenance and physical storage: There is no need to mail contracts and file paper documents, cutting down the cost of office supplies.
✔️ Administrative procedures: Reduction in time used to prepare contracts and templates, printing, sending to signatories, monitoring, digitization, filing, travel, etc.
Businesses need to painstakingly justify the cost of the software they purchase. Our ROI calculations above allow businesses to estimate obvious costs, such as those relating to distribution, supply, administration, and handling. Other costs that can be reduced by investing in our VIDsigner digital signature include filing expenses, compliance cost, and even customer churn costs and sales force productivity.
Digitizing your company makes it more competitive and better adapted to a constantly changing economic and technological environment. Plus, fulfilling emerging customer needs helps you stay ahead of the curve.
Our electronic signature helps to reduce the environmental impact
The zero paper challenge
The "zero paper" challenge from Validated ID is part of our commitment to reduce the environmental impact of signing on paper and raise global awareness of more efficient ways of working for everyone.
Countries all over the world are creating national adaptation plans to fight climate change. Soon, companies that do not comply with certain regulations will face a deterioration in their reputational value, a worsening of their competitive position, and a decrease in their ability to generate income or additional costs in the form of fines and penalties.
Awareness needs to be created to protect the environment from further damage. It requires a change in our behavior and lifestyles. That is why, at Validated ID, we have set ourselves a goal called "the zero paper challenge", to raise awareness that it is possible to create business value and improve efficiency without destroying the environment.
Download our whitepaper ROI of the digital signature to understand the profitability or ROI of our VIDsigner digital signature.