Have you ever stopped to think about how long it takes to get a contract fully signed and sealed? From drafting, reviewing, and signing, to finally delivering it, the whole process can be a real headache, and delays can throw off your entire workflow. If this sounds familiar, you’re not alone! Let’s talk about why it’s time to leave paper contracts behind and embrace the future with electronic contracts.

✒️What Exactly is a Paper Contract?

When we think of a contract, we usually imagine a written agreement on paper, signed with a pen. When you picture a contract, you probably imagine a pen, some paper, and a good old signature at the bottom. For centuries, this has been the standard way to make agreements legally binding. In many corporate settings, getting a contract signed often means scheduling meetings, coordinating with representatives, and using mail or courier services to exchange documents. It might seem safe and reliable, but let’s face it—it’s full of hassles.

Now, let’s break down why sticking with paper contracts is actually slowing you down and why switching to electronic contracts can save you time, money, and stress.

💡 Problems with Paper Contracts

1. Time wasted on inefficient processes

Paper contracts are a time drain. Think about it: you need to go to the post office, schedule meetings, factor in holidays, and work around other people’s vacation schedules. On top of that, once the contract is sent off, you have no idea how long it’ll take to arrive, get reviewed, and returned. Worst of all? If the contract gets lost or needs revisions, you’re back to square one, starting the whole process over.

2. Extra costs and resource drains

Besides the cost of paper and delivery services like postage and couriers, there are other hidden costs associated with paper contracts. If contract processing delays work, the costs can increase significantly. And don’t forget, paper and postage aren’t free, and neither is your time. Every delay in processing contracts can cost your business, especially when you’re dealing with lots of documents. If your team is spending all their time chasing down signatures and managing paperwork, they’re missing out on more important tasks—like finding new clients or focusing on critical business projects.

3. Inefficient storage

How do you store your paper contracts? Are you filing and scanning them in a time-consuming way? Do you spend valuable time searching for important documents during busy work hours? Even large companies can’t afford to hire people just to manage contracts. Plus, there’s always a risk of losing contracts or having unauthorized people access them, which can lead to sensitive information being leaked.

Feeling the pain? If managing paper contracts is stressing you out, it’s time to make the switch to electronic contracts!

💡 What is an Electronic Contract?

Electronic contracts are the modern, digital way to make agreements. They’re just as legally binding as the traditional pen-and-paper ones, and many countries around the world recognize their legality and validity. So you’re not sacrificing legal power—just getting rid of the hassle.

💡 Why You Should Switch to Electronic Contracts Right Now!

1. Time and cost savings

Electronic contracts are a game-changer for efficiency. Forget about time zones and geography—you can send, review, and sign contracts from anywhere, anytime. This cuts down on all the back-and-forth that usually drags out the process.

Plus, you can track your contracts in real time, so you know exactly where things stand. With faster contract completion, you’ll have more time to focus on the important stuff, and you’ll save money by cutting down on delays and unnecessary expenses.

And the best part? You don’t need to be a tech wizard to use electronic contracts. Even non-techies can create documents using programs like MS Office. With built-in functions like automatic input settings, you won’t have to deal with repetitive data entry mistakes either.

2. Security and fraud prevention

Security is critical in contract management. Electronic contract services offer additional verification steps to confirm the identity of the signing party, preventing data leaks and forgery. After a contract is completed, it’s securely stored on the Cloud. Security is everything when it comes to contracts, and electronic contracts have you covered. They include extra steps to verify the identity of the person signing, so you can avoid data leaks and forgeries. Once signed, these contracts are safely stored on the Cloud, so you won’t lose them or have to dig through files to find them later.

Services like eformsign take security seriously. They’ve earned certifications like ISO 27001 and the AWS Certified Software badge, proving their commitment to protecting your documents. They also offer tons of authentication options—passwords, SMS verification, and email verification. On top of that, features like audit trails and timestamps make sure everything is locked down tight.

3. Improved productivity

Electronic contracts improve the efficiency of contract managers and related departments by automating many tasks that were previously done manually with paper contracts. This is especially beneficial when handling large electronic contracts as they improve the whole contract management process. With automation, many of the tasks that used to eat up your time (especially when handling tons of documents) can now be done in a few clicks.

Moreover, when requesting contract review from other departments, obtaining internal approvals, or delivering signed contracts, there’s no need to physically meet or send separate emails. Adding the document to a workflow allows tasks to be completed easily and efficiently. This improves productivity by speeding up previously cumbersome processes.

And when it comes to getting internal approvals or contract reviews from other departments, you don’t need to send a separate email or track people down. Just add the document to your workflow and let the system do the rest. The result? Faster, smoother processes and a big boost to productivity.

In Conclusion

eformsign leverages 27 years of experience in the electronic document industry to offer the best experience possible. With detailed customization options and features you won’t find anywhere else, it helps businesses go fully digital, not just with contracts but with all their processes.

Switching to electronic contracts is a no-brainer. Save time, cut costs, boost productivity, and improve security—all while making your life a whole lot easier!

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