Updated: May 17
The pandemic has sparked the rise of startups worldwide. Many people are quitting their jobs to become self-employed. According to Startup Ranking, the United States of America has the highest number of startups.
While never having to work for anyone else again gives an uplifting feeling. At the same time, an entrepreneur needs to take risks and make decisions beneficial to their business. Furthermore, since startups are at the very beginning of their development, economizing remains a priority.
One of the ways startups can limit their costs and boost efficiency is by leveraging technology. Artificial intelligence can streamline everyday tasks and help optimize organizational workflow. Early-stage and mid-stage startups should adopt electronic signatures as the most valuable technologies. However, E-signature’s advantages extend beyond cost savings and ease of implementation. Having an e-signature solution enables startups to gain so much more. So, let's find out how e-signatures are beneficial to startups!
How is E-signature Helpful for Your Startup?
In startups, time is likely to be divided between multiple tasks at a rapid pace. Time spent on collecting signatures must be shifted to more valuable tasks.
Implementing electronic signatures helps the startup in achieving quicker ROI and simplifies time-consuming tasks using contract workflow platforms. Startups can share and sign documents within a fraction of the time without wasting time on labor-intensive tasks.
Better Security Posture
Among the many benefits of electronic signatures for startups, the most prominent factor is security. The startup must protect its intellectual property to ensure its competitive advantage in the market. Additionally, startups increasingly rely on E-business, using electronic media to transmit data rather than traditional paper documents.
During transactions, an electronic signature allows verification of accountability between different parties. The audit trail associated with each electronic signature can be used to verify the signatory's identity and the signature's time and date. Thus, startups can ensure the accountability of their workforce for various document-related activities.
Enhance HR Processes
Human resources involve a large amount of paperwork. A startup must invest time and effort in preparing and tracking candidates’ applications. Adopting an electronic signature dramatically improves the efficiency and effectiveness of HR operations. Having all documents in digital format in one space reduces the time spent processing and archiving all documentation.
In addition, startups can send employment contracts, such as NDA agreements and labor contracts, anytime and anywhere. And then map out future action based on the responses.
Better Customer Experience
The goal of every startup is to build an experience that makes customers keep coming back. In addition, the customer often looks for a platform that simplifies paperwork.
As InkPaper’s E-signatures simplify paperwork transfer between customers and enable processes to be accelerated since both parties have easy access to them. Thus, adopting an E-signature contributes to a positive user experience.
E-signature software has an audit log feature that tracks every process step. It records the signer's details and when the document was signed. So, if something goes against the agreement, neither party can say they didn't sign it because there is authentication, permission, email notification, acknowledgment, and many proofs of signature.
In 2000 global governments passed legislation recognizing electronic signatures on documents as legally binding. After that, electronic signatures are as valid as handwritten signatures legally.
In addition to the number of benefits that e-signature solutions offer, saving paper is the most notable one. Startups must adopt eco-friendly practices in various business functions and help preserve natural resources.
Due to increased paper demand, deforestation seriously threatens the environment. Adopting a paperless approach shows startup owners' awareness of the environment and willingness to participate.
Have You Adopted an E-signature Yet?
Now you can see why adopting an E-signature is advantageous to startups. Startups that recognize the importance of electronic signatures have a better chance of achieving long-term growth. Moreover, startups could also streamline routine administrative tasks. The use of electronic signatures helps startups develop competitive products and promote more efficient work environments.
Sign Up Today to InkPaper’s E-signature Platform for Free!
InkPaper is a contract workflow and E-signature platform. It is the one-stop solution for electronically reviewing legal paperwork, securely signing the contracts, and maintaining all your legal paperwork in one place.
With InkPaper, you can enjoy global and local compliance while experiencing world-class security. Sign up today to get free access to our e-signature platform!