How do digital signature platforms help US MSMEs grow
In many ways, micro, small, and medium companies, broadly known as MSMEs, are the backbone of the US economy. They work closely with several larger companies, playing a crucial intermediary role in the US manufacturing, auto, and ICT sectors. However, US MSMEs need to catch up in terms of productivity, employment generation, and value addition compared to their peers in the advanced economies and several of the emerging economies around the globe.
Market research stalwarts like Mckensy have identified several gray areas in the US MSMEs. Gaps in technology enhancements are one of the prominent issues affecting the US MSMEs. When digital disruption is ubiquitous, affecting industries drastically, MSMEs in the US can’t remain immune to reforms unfolding on the technology front. Digital signature platforms go a long way toward ensuring US MSMEs build a world-class digital ecosystem that boosts operational efficiency and employee productivity.
The significance of MSMEs to the economy in the US:
What is the global MSME market scenario, and how does eSignature software act as a real game changer?
US MSMEs are yet to shift into the next generation of go-to-market technologies like document management systems that embrace machine learning (ML) and artificial intelligence (AI).
MSMEs in automobiles, chip making for semiconductors, renewable energy infrastructure building, and manufacturing sectors in emerging economies like Japan are 60% more productive than US MSMEs. Compared to the 39% productivity and success rate in the US MSMEs, their German counterparts are far excellent with an 83% productivity rate.
What is stopping the US MSMEs from adopting digital signature technologies?
The US MSMEs are lagging behind their counterparts globally in technology adoption, such as document management systems. They are equally suffering from poor human capital and access to markets and financial resources.
How do document management platforms help small businesses in the US overcome challenges?
Enhance operational efficiency with eSignature tools:
Electronic signature software promotes the operational efficiency of the US MSMEs, essential for boosting their performance and productivity. Companies spend weeks and months to complete a document transaction if they follow conventional paper-based document creation, sharing, and signing. Digital signature platforms offer end-to-end document management features that help MSMEs create custom documents and templates to store in a vast repository that can be retrieved easily using a document indexing number.
Digital document management platforms boost professionalism and accuracy:
eSignature platforms improve the operational efficiency of MSMEs through quick and remote document sharing and signing options. eSigns, the AI-enabled electronic signature platform, for instance, offers multiple instant document-sharing options such as “GetLink” and "BulkSend." These options assist MSMEs in sharing documents as links on any ‘encrypted platform’ with several anonymous users without searching for email addresses. Companies can share notifications, news on new product arrivals, or job vacancies on a close-knit platform using the eSignature platform.
Streamlines MSME operations with powerful eSigns workflows:
Workflow automation is one of the advanced features of the eSignature software that automates document sharing and receiving in one go. MSMEs can wrap a huge volume of agreements, contracts, NDAs, and tender documents and share them on the cloud platform instantly.
Build personalization at every level with online signature platforms:
MSMEs' ability to build granular data and add personalization helps them gel quickly with larger companies where MSMEs act as subsidiaries. Online document management platforms allow customization at every document transaction level so that MSMEs can adapt to personalize document management and operational abilities quickly to meet emerging market needs.
Beat human capital-building challenges with electronic signature software:
US MSMEs can plan for employee upskilling and cross-functional training programs seamlessly on electronic signature platforms. Digital signature software helps them reach employees with tools that help them create and share documents seamlessly without spending several manual hours. MSMEs can build custom documents and predefined templates that employees can use multiple times while catering to new market needs. MSMEs can quickly build training manuals, user guides, product manuals, and customized branding materials to boost the company's image on the eSignature platform effortlessly.
How can online signature platforms help MSMEs minimize costs and maximize productivity?
Cost-effective document creation on a digital signature platform:
MSMEs can stop spending on paper-based document transactions that demand IT gadgets like printers, scanners, and manual delivery of documents. By installing digital signature software, MSMEs can build a world-class digital office space that helps create instant documents and share them at lightning speed with prospective and existing users.
Effortless data building on the eSignature platform:
While companies create and share custom documents on a digital signature platform, the platform captures and preserves users’ data automatically. Companies can leverage this data for growing business, designing new strategies, and adapting to the emerging market scenario.
Build internal and external stakeholder collaboration on the eSignature platform:
The US MSMEs can use several interactive document management features of the platform. Digital signature platforms allow users to ‘Chat” simultaneously while editing or signing a business document. They are highly interactive and transparent in informing users when they send or receive a document for signing. Users receive notifications when a document is approaching its expiration date or if a stakeholder edited or deleted a document.
Chat and ‘Notifications’ keep all stakeholders informed and highly interactive. MSMEs can constantly collaborate with their counterparts, internal teams, and large companies in the market segment to look for new opportunities and strengthen existing clients’ bases.
Seamless networking on a document management system:
MSMEs can quickly reach out to multiple areas on an agile document management platform that is quick and efficient to emerging deadlines. Companies can track document completion status and take up the challenges that are acting as roadblocks.
Transparent and interactive eSignature platform:
MSMEs can engage multiple stakeholders on a platform at once and discuss technical, financial, and operational challenges in any operation on the online Signature platform. Users can enter a live chat while signing a document. Since all the stakeholders involved in any business operation can be engaged on the same page virtually, it is easy to remove roadblocks and conclude deals effortlessly.
Enhanced document safety with digital signature platforms:
MSMEs cannot compromise on document safety. The digital world is prone to threats like hacking, exposing companies to data and document risks. Digital signature platforms allow users to seal a document with a customized electronic signature. This process denies access to a document to unauthorized users. and an intended and authorized person alone can access it. Esignature platforms maintain a digital logbook that details all edits and changes that a document undergoes., turning this into a transparent process.
Final thoughts:
US MSMEs can beat productivity challenges with digital signature platforms that offer end-to-end document management facilities. At a throwaway price, MSMEs can optimize resources to achieve their business goals with precision. Apart from streamlining MSME operations, eSignature platforms promote agility, speed, and efficiency of MSMEs to react quickly to market needs. MSMEs can equally focus on enhancing employees’ productivity using digital signature platforms. Refer to our previous blog, for more on how electronic signature platforms help companies promote operational excellence.
