With the data-driven world of today, companies simply cannot rely on intuition to guide decision making. Every activity, every process, every system-everything-is trackable, measurable, and improvable. When it comes down to managing your workflows for documents, knowing how your electronic signature process is performing can be rather eye-opening. This is where e-signature analytics comes in.
With e-signature analytics, you can quickly spot bottlenecks, optimize processes, and above all, build on learning experiences to improve the way you do business. Below, we discuss why analytics are important for e-signatures, key metrics that matter, and how KONSIGN helps you make that insight translate into action.
Why E-Signature Analytics Matter?
Let's imagine this: your business has fully subscribed to e-signatures to really ride the workflow for contracts, agreements, and other relevant documents. The surface view of things looks good. The documents sail out into cyberspace, sail right back with digital signatures, and return faster than ever before. Or do they? Have you noticed whether these e-signature processes have been as efficient as they could be? Are there those unnoticed bottlenecks that slow things down?
Without proper data, it is pretty hard to say for sure.
That is where the analytics for e-signature comes in. With proper insights, you will know precisely how your digital signing processes are performing. Analytics will enable you to track everything from the length of time it takes to get a document signed, contracts remaining unsigned in someone's inbox, and so much more. You will gain clarity of the entire workflow process, which will enable you to make better-informed decisions.
What is E-Signature Analytics?
Okay, so what is it, really, that e-signature analytics really involve? At its most basic, at the very least, they track and measure just how well your e-signature processes are working. Let's break it down into a few key metrics:
What Are E-Signature Analytics?
E-signature analytics captures a vast amount of data points in the process of signing, thereby providing you with a full view of how effectively your preferred e-signature solution is working. Most common metrics are:
- Turnaround Time: It is the time that will be consumed by a document to get signed in, from the time it has been sent out till completion.
- Completion Rate: Completion Rate, simply put, is a rate of signed documents vis-Ă -vis the total number of those sent out.
- They measure the signers' engagement with the documents. This measures how long it takes them to open an email or whether they leave the signing in the middle.
- Error Rate: that includes errors in the number of missing signatures or even uploads of the wrong document.
Why Use E-Signature Analytics?
The real value of e-signature analytics, though, lies in transforming raw data into actionable insights. Here's why it matters:
- Performance Tracking: it provides a method for measuring just how efficiently your e-signature workflow is running: Is the document signed in time? Are some clients slower in signing than others? It is possible to get that bigger picture.
- Bottlenecking Identification: Is there a particular point in the workflow where things almost always are held up? Analytics can help focus you on those pain points so that you can intervene to stop the delays.
- User Experience Improvement: Only with proper understanding of signer workflow with your documents can their signing experience and process be made smoother and faster, thus quicker to sign off.
- Data-Driven Decision Making: Analytics removes the guesswork out of your decision-making. Real time data is important to make informed decisions.
Best Practices to Leverage E-Signature Analytics
- Clearly Defined Objectives: Find clearly defined objectives guiding your efforts to a desired result.
- Use Diversified Metrics: Do not restrict your metrics. To gain a really holistic view of your e-signature processes, track several metrics simultaneously. Turnaround times, completion rates, and error rates work well together. If your turnaround times are running long and you've got poor completion rates, there's probably something going on at a higher level.
- Leverage Reporting Tools That are Informative: An e-signature platform that provides deep reporting is something you should look for. In this regard, KONSIGN provides reports that define the trends within your system, give you the opportunity to see where the areas of inefficiency lie, and guide you in adapting to workflows according to the needs of your business.
- Track User Behavior: One of the coolest features about e-signature analytics is that you can now see how signers are engaging with your documents.Are they opening them immediately or are there days going by with no opens? Is something about the specific region of the document that's confusing to them or holding things up? Watch signer behavior and tweak documents and workflows to make everything as intuitive as possible.
- Monitor Analytics Regularly: Do not set analytics and forget about them. Create a habit of often reviewing the analytics you would use for e-signatures - weekly, monthly, or quarterly. This way, you will always be on top of what's happening with your trends and can tackle issues as soon as they pop up, and your processes will always be improving.
- Make Data-Driven Changes: The entire point of data collection is to take action on it. Once you've identified areas that need improvement, make the appropriate adjustments. Perhaps you have to tweak your templates within your documents, make signing processes easier, or improve communication with your signers.
- Foster a Culture of Continuous Improvement: Finally, reveal your analytics insights to the team and ask them to think up what can be improved. Analytics on e-signatures should be part of an ongoing conversation about optimizing workflows and making life easier for everyone involved - who's working for you and with your clients.
Explore KONSIGN's Power for E-Signature
Check the offers from e-signatures to unlock actionable insights for streamlining your processes with KONSIGN. The impactful analytics tools combined with an easy-to-use interface allow your team to track performance and to make efficient decisions.
Why KONSIGN?
- Easy to Use: Never waste thousands of hours trying to find sense in your data with KONSIGN. Everyone, including your team, can have easy access to the right analytics without the steep learning curve. This gives you full reporting that enables great insights into the key metrics like turnaround time, completion rate, and signer behavior. And so, you can be on top of your workflow and make the necessary adjustments.
- Real-Time Data: Because KONSIGN delivers real-time analytics, you can make decisions and adjustments based on up-to-the-minute data and not wait till the end of the month.
- Smooth Integration: The KONSIGN system integrates with your system tools and aligns better to give you detailed insights.
Conclusion: How KONSIGN Transforms E-Signature Processes
Your e-signature workflows are not only to be measured in the digital world but it is now a must-do affair. Proper analytics of an e-signature would give one the most powerful insights to fine-tune processes so as to enhance user experience culminating in business success.
What KONSIGN makes accessible to you is all the tools, analytics, and intelligence you need to take your document workflows to new heights. To get all the records of the steps taking place in the e-signature process it is important you have the KONSIGN platform handy.
Empower business processes by unlocking analytics with e-signatures. Learn here how KONSIGN is transforming document management.
Unlocking e-signature workflows - creating more together.
