One of the most significant business developments accelerated by the COVID-19 pandemic is the use of e-signatures.
An e-signature allows parties to sign contracts and other business documents online instead of in person on paper. E-signatures are legally binding and are faster, more secure, and more efficient than paper documents. Businesses from around the globe increased their reliance on e-signatures to keep business moving while physical activity was shut down. Even though lock downs are behind us and most are back to pre-pandemic practice, research now indicates the e-signature trend is picking up steam because of the numerous benefits it offers.
The scrap metal recycling industry has the opportunity to reap the benefits of e-signatures with an industry-specific software add-on called ScrapScribe™, offered by ScrapWare Corp.
According to ResearchandMarkets.com, the e-signature industry is expected to reach $20.6 billion by 2027. That’s an increase of 32.2 percent during the forecast period. The ResearchandMarkets report listed more cloud-based security solutions and a rise in the paperless trend as some factors fueling this increase. Businesses have experienced that e-signature apps streamline the business process, reduce errors and remove bottlenecks while simultaneously increasing security and flexibility.
E-signatures are forecast to become an expected, essential part of the contract process, according to research conducted by DocuSign, one of the leading e-signature companies. As reported in their blog, “7 Predictions for Electronic Signature Growth,” DocuSign conducted industry-wide research and found that 95 percent of businesses responding said they were currently using e-signatures or were planning to use them in the future. On top of that, about two-thirds of respondents said they had implemented their e-signatures within the past two years. This forecasted growth and recent implementation represents an explosion in e-signature use, indicating that businesses that stick with outdated paper signature processes will give up a competitive advantage.
Among DocuSign’s other predictions:
Digital agreement collaboration will expand to include more functionality, not just be limited to signatures. The company envisions a process that includes digital negotiations and contract revisions.
Touchless transactions are here to stay. Although we’ve transitioned to post-pandemic habits, McKinsey research reports that in the US there is a 20 percent increase in preference for contactless operations. Consumers prefer to maintain the touchless procedures started during the pandemic. One example is in a doctor’s office. Instead of using a pen and clipboard full of paper forms, patients prefer to use their own devices to check in, identify themselves, provide personal information and even complete the process with an electronic signature.
ScrapScribe is a product available to scrap metal recycling companies allowing them to obtain e-signatures as part of their business process. ScrapWare Corp, which provides software to the scrap metal recycling industry, partnered with DocuSign to produce ScrapScribe, a proprietary system that facilitates e-signatures through out all aspects of a recycling company’s business. ScrapScripe allows users to seamlessly send ScrapWare documents to DocuSign for signature. This includes dispatch tickets, purchase quotes, purchase contracts, packing lists and more. With ScrapScribe, documents can be easily viewed on any device and can be printed if necessary. ScrapScribe gives ScrapWare users access to this latest, cutting-edge technology. ScrapWare’s customers use its software to manage every aspect of their business to increase efficiency and profitability. The company saw an opportunity to extend these benefits to signatures. “There are real costs and risks to organizations that rely on paper-based documents,” says ScrapWare President Joe Floam. Paper documents can be accidentally destroyed or misplaced, and human errors can occur in their preparation. ScrapWare believes implementing the right e-signature solution can reduce these risks by allowing parties to sign paperwork digitally.
ScrapScribe can help users:
Reduce costs and improve efficiency.
E-signatures eliminate the lag time in new business opportunities and allow deals to close faster.
Legal and compliance problems stemming from inaccurate or incomplete documents can be eliminated with e-signatures.
Improve the experience for vendors and consumers.
The ability to manage accounts remotely allows businesses the flexibility to better meet the needs of individual vendors, consumers and customers.
E-signatures are a more convenient way to conduct business, allowing for an easier, less complicated experience for everyone involved. The use of e-signatures will streamline business practices, which will save time and money. The move away from paper documents will also save natural resources, and saving natural resources is right in step with the scrap metal recycling industry.
About ScrapWare Corporation: Since 1989, Rockville, Maryland-based ScrapWare Corporation has been the software of choice for the recycling industry. Its ease of installation and simplicity saves users time and money, while helping them achieve compliance and maintain accurate business insights. With state-of-the-art functionality that‘s tailored to each organization’s unique requirements, ScrapWare is an advanced dynamic software solution that alleviates the most pressing recycling industry worries. For more information, please call (301) 517-8500 or visit https://www.scrapware.com/.