Why Business Should Start Using eSignatures in Procurement

Procurement businesses are always searching for better ways to boost the speed of their processes. This can be achieved by eliminating inefficient activities and processes. eSignatures can streamline the procurement workflow by eliminating the need for paperwork and manual signing. This significantly reduces manual tasks, such as emailing documents, scanning, and printing, leading to faster turnaround times and increased efficiency in the purchasing process.

With traditional procurement processes, obtaining multiple signatures can be tedious and time-consuming. With eSign software, you can create templates that include all necessary signers and send them to collect the signatures with just a few clicks. This streamlines the process and reduces the chances of errors or delays in obtaining physical signatures. eSignature software with an intuitive mobile app allows you to sign multiple documents within seconds while on the go.

Advantages of Using Digital Signatures in Procurement

Leveraging digital signatures brings significant benefits to modernizing procurement processes, such as increased efficiency while maintaining data integrity & confidentiality.

Some of the key benefits are:

Better Accessibility

By implementing electronic signatures in procurement, stakeholders gain the ability to sign documents from any location and at any time. This accessibility and ease expedites the signing process, particularly when managing  multiple parties globally. Utilizing an online eSignature solution eliminates the need for back-and-forth email exchanges for signature collection, making it as straightforward as sending them a contract.

Security and Compliance

Sending sensitive information for electronic signatures requires robust security protections. eSign software meets industry-recognized security standards that assures secure transactions while being easy to use and quick to implement.

Modern online solutions offer robust security measures to ensure the integrity, legitimacy, and non-repudiation of signed documents. Encryption, audit trails, and user authentication capabilities keep the confidentiality of sensitive procurement data and provides a higher security level than wet signatures.

Cost Reduction

eSignatures eliminate the costs associated with printing, paper, ink, postage, and storage space for physical documents. By going paperless, you can save money on supplies and operational expenses, making business procurement more cost-effective in the long run.

According to a survey, 60% of businesses achieved a positive ROI on paper-free projects within 12 months, and 77% of companies within 18 months.

Enhanced Tracking and Accountability

The eSignature solution provides enhanced tracking capabilities for the procurement process. You can easily track the status of documents, including when they were signed, singer name, and any modifications made to the documents. This transparency enhances accountability and reduces the risk of disputes or misunderstandings.

Legal

An eSignature has the same weight and legal importance as a wet signature on paper and is considered even more authoritative and tamper-resistant. These are globally recognized for business transactions, as they comply with stringent security standards such as the ESIGN Act, UETA, and EU Directives.

Globally, governments are supporting the implementation of eSign solutions because they create efficiency and security within the documentation processes.

Lower Risk

Utilizing advanced electronic signature software such as SutiSign ensures secure transmission, signing, and return of documents. An audit log is created for each document that tracks every change or manipulation to it, with date and time stamps of changes. Documents sent for signing are tamper proof; if someone makes any modifications, the signatures are invalidated. These signatures can guarantee safer transfers and a lower risk of fraud than wet signatures on paper.

How to select the right eSign software solution provider

Choosing the right eSign software can be daunting, but ensuring your procurement process runs smoothly is crucial. Consider the following factors when selecting eSign software provider:

• Look for software that offers robust security features such as encryption and authentication protocols. This will protect your confidential information from unauthorized access.
• Choose a solution with an intuitive user interface that minimizes training time and reduces errors in signing documents.
• Check if the software provider offers integrations with other systems like document management tools or CRM software. Integrations allow you to streamline your workflow and save time on manual tasks.
• Assess customer support availability and quality, including response times to queries or issues.
• Finally, consider pricing plans offered by different providers and choose one that suits your budget while not compromising functionality or security features.

Considering these factors when selecting an eSign software solution provider for procurement processes, you can transform your workflows and increase productivity while ensuring data security.

Wrapping Up

Streamlining procurement processes is critical to staying competitive in the modern business world. Electronic signatures are an excellent way to do just that. By digitizing your signatures, you can revolutionize your procurement process and take it to the next level.

From vendor onboarding, contract signing, and life cycle management to vendor payments, SutiSign drives the procurement process paperless. Start exploring the solution today!