Motivating decision makers to embrace a new technology can feel like fighting an uphill battle. Although statistics prove a technology’s benefits such as lowering overhead costs and shortening work activity cycles, executives shy from the idea of changing existing processes. But why stick with an archaic system simply because it works, when a newer system corroborates more effective?
We at eSigTek understand this dilemma. Converting from a paper trail system to an online document management and electronic signature process is still considered new age thinking. While electronic document management points towards becoming a business standard, it is interesting to note the variety of industries already embracing the technology.
Insurance Industry Recent research highlights electronic signature solutions as one of the top five most valuable technological changes under the increasing financial pressures. Besides economic benefits, the electronic signature process facilitates carriers with meeting the requirements for state insurance department audits such as the Gramm-Leach-Bailey (GLB) Act and the Health Insurance Portability and Accountability Act (HIPAA). Healthcare Industry Data confirms the adoption of Health IT improves efficiency in the Healthcare Industry. The current presidential administration names electronic documentation as a line of attack in reducing waste from the healthcare system. The Congressional Budget Office comments in the research note Evidence on the Costs and Benefits of Health Information Technology that:
“The adoption of such systems could provide substantial savings by lowering the cost of providing health care, eliminating unnecessary health care services (such as duplicate diagnostic tests), and improving the quality of care in ways that might reduce costs...”
Staffing Industry With the slew of required onboarding documentation, leading staffing firms note the exponential financial gains of eliminating mailing, printing, and filing, while improving placement rates for moving candidates through the hiring process. View the testimonials from various staffing firms already utilizing the eSigTek Document Management System. Financial Industry The key benefits reported by financial institutions all result in enhancing the customer experience and reducing expenses:
- accelerating turnaround time of account applications
- increasing revenue by having more time available for up/cross selling
- reducing life cycle costs of managing mission critical documents
- providing access to electronic content immediately
- significantly reducing back office costs
Proven ROIs show the positive financial gains when opening new accounts, loan applications, and mortgage processes close at a faster rate with courier costs reduced by 90%. Articles Making a News Splash In an effort to provide wood for your fire, eSigTek periodically updates the News Page with articles that stress the advantages for adopting, or the detriments from rejecting, an electronic document management system. Browse through these articles to feed your case on converting from an antiquated paper system: The Real Cost of Paper by RCC Consulting A number of factors must be taken into account to measure the cost of paper and the savings that can be achieved by instituting a paper reduction program. Cost of Saving Paper Invoices by AP Optimization More common than not, an original invoice may be stored 5-10 times over. As the number of pages increase, so does the time and space required for storing. Know the Cost of Filing Your Paper Documents by ZyLab This document serves as a compact reference providing an overview of information compiled from various literatures on the cost and savings of document management. To really drive home your point, use this cost of paper calculator to convert your organization’s printing paper into the overhead green paper that executives long to reduce. And please don’t hesitate to Contact our Sales Team for a free tailored plan highlighting the savings for your particular organization!