Electronic signatures– How Document Digitization is Disrupting the Automotive Industry?
One of the biggest headlines in the industry is that Fortune Business Insights believes the global Digital Signature Market will reach USD 35.03 billion by 2029. They estimated a CAGR (compound annual growth rate) of 36.1%.
Honda Motorcycle & Scooter India Pvt. Ltd. (HMSI) needed a solution that could automate workflows and eliminate expensive paper-based processes to increase their efficiency and sustainability levels when they came across MSB docs.
MSB Docs helps automotive operations team by empowering them to sign, access, and share documents just as quickly as they would without paper. This frees up employees’ time which no longer has to be spent on administrative tasks like printing, signing, and hand-carrying documents.
HMSI’s day-to-day routine involves signing and processing contracts with various parties, like customers and departments. They also regularly initiate contracts with the dealers that come in the form of both service coupons (FSC) and warranty cards.
Before the MSB system was implemented, HMSI managed contact procedures and documentation requirements using various tools. This repetitive process created an unnecessary administrative burden, making it difficult for the company to maintain operational efficiency.
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Electronic signatures as a game-changer for the automotive industry
The pandemic accelerated the digitizing shift happening in the automobile industry. Without it, the change would have probably taken a decade to happen. One of the most notable changes in the automotive industry is that car sales are now happening more and more online. Now, places like the US see a 30% conversion rate for online-sold vehicles.
The integration with MSB Docs resulted in a remarkable improvement in the outcomes of HMSI– 80% reduction in the acquisition, signing, and tracking of documents for customers, a 75% rise in productivity and efﬁciency, a 60% reduction in printing, scanning and storage expenditures, and 80% reduction in usage of paper.
Automobile industry becoming secure and paperless with electronic signatures
MSB Docs is a document digitization service that comes with proprietary search algorithms for seamless identity and background verifications to prevent instances of fraud. They also provide something invaluable in this digital age, i.e., the legal sanctity of all transactions.
HMSI chose MSB Docs as its digital transformation partner due to its dedication to meeting regulatory compliance and security standards. The secure platform has ensured that every document transaction is safe by meeting strict data privacy and security requirements with 21 CFR Part 11 and HIPAA compliance, making it an excellent solution for high-risk industries.
Hence, more than 10k+ enterprise clients worldwide put their trust in MSB Docs to complete their enterprise needs. That’s over 752 million documents signed, with over 10,000+ satisfied customers, while still maintaining the security and integrity of a document.
Environmentally responsible Digital Solutions for Automobile Industry
HMSI felt deeply committed to saving the environment and wanted to limit the amount of paper used to protect trees, conserve energy, and control pollution. The MSB Docs eSignature product has been instrumental in reducing the paper, printing, and postage HMSI consumed.
A great example is that MSB Docs has saved more than 4 million trees, 36 billion sheets of paper, and approximately 20 billion liters of water. HMSI took advantage of the opportunity to digitize their business with MSB Docs’ eSignature technology across their contract signing and management system. They’ve managed to create a digital-first business that is more efficient and sustainable.
MSB’s digital solutions have helped HMSI keep its environmental impact to a minimum. By digitizing paper-based processes, they’ve eliminated more than 1 billion kgs of waste and offset the need for 36 billion sheets of paper. Using technology to make the business more efficient has also saved 4 million trees from being cut down to make paper.
MSB Docs eSignature uses cloud-based technology to eliminate inefficiencies among the auto industry, its employees, and clients. They can now act and respond to agreements at a moment’s notice. The process is seamless, so you’ll see speed, ease, and security from start to finish.