Businesses facilitated digital initiatives to face the challenges brought by the onset of COVID-19 pandemic to customer- and employee-facing processes. One of these efforts is e-signatures.
E-signatures are becoming more widely accepted around the world, and the digital signature market is expected to grow from $4.0 billion in 2021 to $16.8 billion by 2026. As a result, its application in the sector and other areas is expanding.
Time-Saving
Paper-based systems are tedious, time-consuming and error-prone. Traditionally, you’d have to print, scan, and deliver documents to collect signatures.
Software like INHUBBER offers digital signature services so you can save time. For example, INHUBBER lets you sign files in any format like PDF, Excel, MP4, JPEG, Word and more. It also documents any contract change for transparency. Such software simplifies the time-consuming processes of physical document signing, storage and exchange since everything is stored digitally. On top of this, mobility constraints are out of the picture since all parties and businesses can quickly access and sign documents.
Another way that digital signature services save time is that it reduces the risk of lost documents. This will save you and your employees from unnecessary tasks such as recovering or retrieving important files when it could be avoided.
Lastly, It is easier to follow-up on the signers. You may check the status of the signature process virtually. Some digital signature services even allow sending of reminders to the signers.
Efficient
Digital signatures expedite document processing, allowing you and your employees to complete other tasks. For example, several signatures from a variety of people are required during a sales process. This administrative burden can hamper the sale and even cause the contract to be canceled entirely. If done manually using the traditional paper system, this lengthy procedure may lead to a loss of sale.
Since it’s a cloud-based system, you may even integrate it with your other existing systems to streamline data transfer. For instance, speed up disbursement and approval of salaries in your payroll software for accountants by connecting it with your digital signature tool.
Furthermore,your company saves money without having to allot budget for the following:
- Paper expenses – The traditional way of signing papers will require paper and even ink for printers.
- Shipping costs – If your client cannot visit your office, then you will have to shoulder the shipping of the document.
Secure and Legal
Frauds and theft in a company have been an alarming dilemma. According to the 2020 ACFE report to the nations, 43% of occupational fraud were detected by a tip. The data show the seriousness of the incidents, which accounts for the greater security of your business’ property.
As a company owner and partner, it is a tasking job to upgrade the cybersecurity of your data. Scams and cyber crimes often happen by duplicating identification access to acquire confidential files. This is why digital signature providers assure the legal validity of digital signatures – 2021
INHUBBER follows the eIDAS regulation that uniformly regulates the exchange of electronic signatures. It also includes a blockchain system which records information transactions and prevents it from hacking and cheating the system. To attain the total legality of your e-sign, you must fulfill the requirements of the said regulation.
Moreover, digital signatures include an encryption process which means, it can easily detect the signer and who attempts to use it illegally, especially in B2B transactions.
Client-centric
E-signatures can make you work remotely and reach your clients quickly. The importance of digital signature is also experienced in various industries. One of these is the real estate market
Signing contracts and agreements is a long process in this sector as there are a lot of considerations, terms, and leases to make.
Using INHUBBER makes the process convenient and secure when renting properties to private or corporate clients. If contracts are sent as a PDF and the tenant inserts his electronic signature as an image, there is a possibility for the court not to honor this as an evidence. INHUBBER provides a secure way of signing contracts digitally with its strong identification procedure which lessens the possibility of a reversal of the burden of proof.
Furthermore, by using digital signature software like INHUBBER, record-keeping will be made easier with the audit trail reducing the possibility of misplacing or losing files.
Sign up for betterment
Apart from the tangible economic impact to your company, digitizing signature processes also contribute to keeping the environment better with reduced paper use.
Spare your company from theft and reduce your workload. Because transactions and crimes are becoming more technologically driven, now is the time to upgrade your cyber security. Make your signature digital by utilizing a reputable digital signature software.
If companies do not have access to a digital contract management tool, they may be working with manual and time-consuming data management and documentation processes:
Repeated data entry
-Manual entry of large volumes of purchase orders
-Long process flow during contract creation
-Delayed approval due to a complicated signature process
-Manual contract adjustment and corresponding post-processing to incorporate –current terms and conditions due to, among other things, a cost increase on every second or third purchase order with the supplier
Does the hamster wheel sound familiar? Let’s take action together! We’ll discuss 6 important topics you should focus on and give you practical digitization tips so your team can focus on core tasks.
Tip 1: Ensure flexible contract management with simple tracking
Documenting orders and contracts is usually a problem for many small, medium or large organizations. A digital contract management system allows all contracts to be kept in one place, providing a centralized location where all contracts can be stored by category and supplier with easy access.
INHUBBER’s automated contract system provides a centralized location for contracts to be quickly accessed from any location.
Tip 2: Eliminate complicated and lengthy approval flows
In the absence of master procurement contracts, specific requirement profiles are created for larger orders, and each requirement profile always goes through the same approval flow. This time-consuming reconciliation process also leads to laborious follow-ups within the approval flow. Frequent consequences of this are unnecessary order delays, time-consuming physical documentation of the approval flow, and ultimately reminders due to excessively long process loops.
This high manual effort can be replaced by simple process automation. It is no longer necessary to execute a large number of purchase orders because a consolidated contract exists for each supplier. The approval flow is streamlined as responsibilities are clearly defined. Contracts can be reviewed, approved and signed with one click. The system provides supervisors with a history so they can review data themselves in seconds.
Tip 3: Free your desk from paper and breathe
Physical contracts require numerous and time-consuming paper-based activities. A contract is printed, signed and scanned again; in the worst case, barcoded beforehand. The high opportunity costs have a strong impact on business performance. Automation according to DSGVO makes it possible to introduce a paperless environment in the company. At the same time, appropriate contract management software can address legal retention period requirements. The good side effect? You save the environment by reducing carbon dioxide emissions.
INHUBBER’s goal is to implement an electronic contract management system so that organizations and companies can go paperless in the future to protect the environment by unnecessarily clearing forests.
Tip 4: Costs down? Secure your competitive advantage
Automation often saves money; business process costs can be reduced by 25% to 40% on average. Automation helps companies improve related workflows, ensures higher productivity, and ultimately reduces overhead and opportunity costs by eliminating unnecessary printing, scanning, and filing.
The Covid 19 pandemic hit the global economy hard. It caused prices of goods to rise. The Ever Given accident in March 2021 blocked the Suez Canal for several days, also causing supply shortages and price increases due to shortages. Procurement contact automation saves you from higher material unit prices, because with the help of intelligent contract management software combined with a legally secure digital signature, contracts can be concluded just-in-time worldwide. The fast response time is a clear competitive advantage.
INHUBBER illustrates that with INHUBBER’s contract management system, a company can effectively save up to 50% of contract management costs and up to 10% of total annual expenses.
Tip 5: Appropriate software should ensure maximum security and transparency
Physical contracts are often easily accessible to many people within an organization. Likewise, all information can be easily removed from the company without proof. The reason for this is the excessive amount of paper coupled with costly contract filing -management processes and the dependency on human error.
INHUBBER provides your organization with a secure and transparent electronic document in the form of a digital contract. All data and communication is encrypted end-to-end. There is secure access at all times via two-factor authentication and hosted on German servers, certified to ISO 27001. You determine who has access to a document, when, and for how long.
Tip 6: Facilitate deal flow with digital signatures
You’re probably familiar with the tedious and extremely time-consuming contract approval process: Often, several people are involved in the approval and signing process. Careless mistakes and delays are not uncommon. Typically, the manual process of contract execution and approval looks like this:
Negotiation > Manual drafting > Contract preparation > Review > Edit > AM approval and signature > LM approval and signature > Supplier signature.
If the contract amount exceeds a certain value, the Vice President’s approval and signature is required prior to signature and acceptance by the supplier.
The entire analog process creates unnecessary work. Add to that the fact that you always have to start over with each new contract or addendum. All steps in physical contract management require extensive tracking, time investment, and resource commitment.
Digital signatures speed up the contract approval process and reduce time by avoiding extensive follow-ups. Implementing the automation tool enables contracts to be legally, digitally signed. As a result, all parties involved are familiar with the process. Follow-up is eliminated and time and resources are reduced.
Conclusion: Invest strategically to be prepared for disruptive changes in a dynamic marketplace.
Implement a contract automation system in your company that simplifies your procurement process and makes all manual processes obsolete.
INHUBBER offers a contract management software without any installation or user onboarding fees. INHUBBER is a flexible and tangible contract management system that meets the needs of your business.
The future of procurement requires advanced technologies and processes. Automation significantly improves supplier management and allows procurement to be more strategic. In recent years, the procurement process has changed in many ways. Digital technologies have transformed as well as automated typical manual processes and companies are strengthening their business with the help of digitalization and innovation.
INHUBBER offers all large and small companies a platform to meet the digital requirements in the future. INUBBER enables all necessary advancements with just one implementation. Automation, contract filing, fast digital signatures, security agreements, information transparency, document analysis, artificial intelligence. INHUBBER creates an economical and ecological environment. Let us automate, let us digitize, let us enter a new world of automation.
Ready for a new way of working with contracts?
Contract management with Excel is still a common practice in 2021.
At Inhubber, we have developed a platform that is intuitive, clear, and yet large enough to act as a contract management solution on its own. At the end of 2020, we integrated Share Point, providing our users with an ideal solution to transfer and constantly exchange their data. Thus, the use of Inhubber is very multi-functional.
SharePoint can be used for process management, team collaboration, and also as a web content manager. For this reason, SharePoint and Office 365 are used in many companies as a platform to support the implementation of various digitization strategies.
People still like to use Excel for contract management. However, if your organization already uses SharePoint or Office 365, then it makes sense to use contract management compatible with it as well. After all, using contract management software not only benefits users and customers but also the IT department.
Inhubber contract management thus represents an additional expansion stage. With a professional solution, contracts can be stored highly secure and linked intelligently.
Contracts are often very coordination-intensive. They require approvals at various points in the company or joint work on documents. Access to SharePoint results in very tight integration with applications such as Word. This means that users can also work on contract documents in parallel in a familiar environment.
There are also advantages for IT: If a central platform can be used instead of many individual products, the IT department’s expertise in the strategic platform grows. Training and maintenance work is thus reduced.
By using a unified SaaS solution, such as Inhubber, there is no need for additional applications, because Inhubber already brings essential functionalities for contract management. These functions are used to maintain contract properties, similar to a central Excel list. Besides, documents can be organized under labels. This already results in optimal handling of current contracts.
Since SharePoint and Microsoft 365 do not solve all problems, it is deceptive to believe that you can manage your contracts through this alone. After all, the following functions are missing here:
No automatic reminder functions for deadlines
- Contents are difficult to find again
- Costs, notes, tasks, and deadlines from a contract file cannot be viewed at a glance, but have to be extracted laboriously from individual documents
- Graphical reports cannot be displayed
It quickly becomes clear: an “Excel spreadsheet template “, SharePoint, or the folders on your server cannot offer the benefits of a fully comprehensive cloud-based contract management solution in the long run.
Inhubber elegantly covers these functions:
- Individual maintenance of notes, tasks, and deadlines.
- Automatic reminder of notices and deadlines
- Navigation between labels and contract files
- Filing of new documents
- The digital signature of all file formats
- End-to-end audit trail
- Holistic 360° view of all documents and master agreements
- Simple structure and search function to quickly find contacts and information
- Department- or user-specific access authorizations
- Ability to pull all documents as a CSV table
Conclusion:
Inhubber is thus the advanced solution of Excel spreadsheets and Microsoft when it comes to contract management alone.
Argument No. 1: digital contract management saves time.
With digital contract management, you can access the documents you need directly at any time, from any location and via any terminal device. Searching through files or folders on your PC is tiresome and time-consuming.
Argument No. 2: People work better together
Digital contract management brings structure to processes. It facilitates collaboration, contracts and documents can be accessed by anyone who has the rights.
Argument No. 3: Your information is secure
Access rights are essential for secure storage of contracts. A good contract management system comes with the appropriate security by default. In addition, systems that store your files on German servers offer GDPR compliance and thus maximum data security.
Argument No. 4: You create optimal working conditions
Working in a home office or on the road becomes much easier thanks to flexible access to documents – and can thus make a noticeable contribution to family-friendliness in the company and a good work-life balance.
Many employees see online contract management as an opportunity to work more flexibly.
Argument No. 5: Documents are easy to find
Thanks to search functionality and individual structure with the help of labels, you can find any document in a digital contract repository very quickly. This is a user-friendly function that saves you time and protects your nerves
Argument No. 6: You save paper and spare your nerves
With a digital contract management system, you not only reduce the consumption of paper, but you also save a considerable amount of money by reducing printing costs. In times of sustainable business management, this helps to protect nature and our trees.
An efficient online contract filing system keeps you and your employees free – so you don’t have to deal with an annoying contract chaos, but can fully focus on your core business.
Inhubber as the solution for digital contract management and e-signature
Inhubber is a complete digital document and management solution to automate your contract management process. The software includes built-in e-signatures and numerous integrations such as AI for contract analytics and blockchain technology for a constant audit trail.
Price range: costs range from 25 euros for individuals to 5 euros per user for large companies. All e-signatures are included for free.
Why choose Inhubber? It is a complete solution for secure collaboration, management and contract tracking. It is a complete contract lifecycle management solution that will save you a lot of time and money in your organization. The simplicity of the system means that no training is required and it can be used immediately.
The flexibility of the platform means that it can support almost any business process that requires document management and electronic signatures.