Digitizing the signing process with eSignatures is key to helping procurement teams close deals faster and create operational efficiency.
If you work in procurement, you spend most of your day developing, managing and executing an abundance of agreements. Whether you’re evaluating requests for proposals or overseeing the supplier selection process, you drive all the business-critical purchasing decisions. And because all these agreements require a ton of back-and-forth, it’s important to have streamlined and efficient workflows in place.
Traditionally, procurement teams have manually printed, signed and scanned all their contracts and agreements. But this process has become cumbersome and complicated during the pandemic. In fact, over 60% of employees don’t have a printer or scanner at home. As a result, procurement ends up wasting hours chasing down signatures — leading to contract delays or, even worse, deal losses.
Digitization is more important now than ever before, and CPOs have realized that paper-based workflows are no longer sustainable. According to Deloitte’s 2021 CPO Survey, 48% of respondents report digital transformation as a strong priority (a 20% jump from 2019). Digitizing the signing process with eSignatures is key to helping procurement teams close deals faster and create operational efficiency. If your team isn’t already using eSignatures, here are three reasons to get started.
How procurement can benefit from eSignatures
1. Get agreements signed quickly
An eSignature solution offers features like bulk signing and templates to speed up signing workflows. With bulk signing, users can send individual signature requests to 250 recipients all at once, and templates eliminate the need to recreate a document for every new contract. What’s more, is you can sign agreements on any device so it’s easier to get faster sign-off.
Automation and Customer Relationship Management integrations also help speed up agreement execution. With integrations like Zapier™, Power Automate® and Salesforce®, procurement teams can automate manual tasks, keep track of outstanding signature requests and improve turnaround time on signed documents.
2. Reduce costs
If you already have an eSignature tool in place, you may be overpaying for certain features. Did you know many providers use transaction limits? So, if you exceed your limit, you need to purchase additional and expensive packages. Unlike competitors, Nitro Sign has a flexible pricing model so teams have more control over their eSignature expenditure and can avoid hidden costs.
Now, if your team doesn’t use eSignatures and still relies on paper contracts, the cost savings can be even more significant. PwC found that the average company spends $20 in labor to file paper, $120 searching for a missing document and $220 recreating a lost document. This means a company with 1,000 employees spends around $3.5 million a year on issues created by paper.
Because an eSignature tool digitizes the entire signing process, procurement can minimize paper usage and cut down on all the administrative costs (and hours) spent preparing, sending and storing documents.
3. Minimize errors and risk
Manual contract management is not only costly, but it also poses an unnecessary risk for internal and external stakeholders. According to Net Diligence, around 10% of all breaches and incidents involve paper records. With eSignatures, you can keep your documents and data protected with built-in audit logs and security protocols.
When you use a tool like Nitro Sign, you can set up two-factor authentication and single sign-on for all your sensitive documents. Nitro also maintains AICPA SOC2® Type 2 Report on Controls Relevant to Security, Availability, Confidentiality and Privacy and a HIPPA Security Compliance Assessment of internal controls.
Additionally, the audit trail feature keeps a detailed record of all document activity, giving procurement more visibility and tracking capabilities. It also collects data as a document moves through various stages, which proves compliance and evidence that a document was legally signed.
Ready to streamline your procurement process?
It’s time to embrace paperless workflows and adopt the right eSignature solution to meet your procurement needs. Contact us to learn what Nitro Sign can do for your business and start enjoying unlimited eSigning today.