Digital technology is today slowly yet steadily taking over the business world.
A good number of businesses have adopted the digital age and are going paperless. Technology has been made accessible to businesses and consumers alike and this has made life easier, faster and more accurate.
One area of the digital technology that is yet to be fully adopted in the business world is the use of e signature solutions. Today, even some of the world’s biggest corporations still rely on the traditional pen and paper signature.
What many companies don't realize is that the process of printing, scanning, and sending papers manually is not only cumbersome but also expensive and time-consuming. It can also impact the image of a company and customer experience.
What Are Digital Signatures?
These signatures are the mechanism that is used to implement electronic signatures. Electronic signatures are simply data in electronic form. The data is also associated with other data and is what is used by a signatory to sign the required document. These signatures have the same legal standing as the traditional handwritten signatures as long as it adheres to the set regulations that it was created under.
The main objective of an eSignature for financial management is to quickly authenticate any document with a unique identification mark without the use of pen and paper. In as much as there is still a little concern regarding the use of digital signatures, the signatures are gaining popularity and every business should consider using them.
Electronic signatures are legal in several countries and are accepted as binding. If you still are not sure if you should make the big switch from the traditional mode of signing documents to digital signature, here are some five reasons as to why you should consider doing so immediately.
1. Digital Signatures are More Accurate
If you have ever filled out an online form, moved to the next page only to have the previous page refreshed because you have forgotten to fill in some data then you will appreciate e signatures.
With the use of eSignature technology, you can bring an automatic check to the internal document. This automatic check highlights all the mandatory fields that must be filled before the document is accepted, therefore you cannot move to the next page without filling in the document.
The advanced tools used in digital signatures ensure that all forms are filled out correctly and only the right places are signed. These signatures will help you fill out tax forms or enter payment card data online accurately.
Accuracy also means zero errors and you will not have to sit down and start editing forms, identify the errors and send them back for correction. This also improves workflow.
2. They Are Safe And Secure
Cyber insecurity is a threat to a good number of digital technology. However, digital signatures remain safe and free from cyber-attacks. They are, in fact, more secure than the traditional mode of signing.
Digital signatures are quite safe because they do not only contain a signature but also traceable information. This information can reveal who signed the document, when it was signed, and where the document was signed.
Electronic signatures financial services firms ensure more data security at the file level and this means, there are no security breaches. Your business operations will move with no obstructions when you use these signatures. Some esignature service providers use encrypted communication, have third party audit logs records, and also eliminates chances of fraud by the sender, blocking them from accessing the signed documents.
The safety of these signatures as binding is also guaranteed by its legality. In countries like the US, the UETA, and E-Sign Act, eIDAS regulation in Europe and the Information Technology Act in India are some of the bodies that regulate the use of digital signatures. This means signing a document using the electronic signature is legal.
The signatures are legal, accepted, and approved just like traditional signatures. When a document is signed using electronic signatures, it has logs that act as strong evidence in case of a dispute and can verify the signatory better than a handwritten signature.
3. They Help to Cut Down Paper Related Costs
With the traditional signatures, your company had to set a budget for ink, toners, stationery, printing papers, files, and not forgetting enough storage space for the records. Other costs include a fire suppression system and the manpower needed to prepare and handle the documents correctly.
However, if the company is dependent on digital technology, the costs of preparing, signing, handling, and storing documents are significantly lower than that of the paper system. These signatures require only a monthly subscription fee that is payable to eSignature providers. For a start, you can also use the free electronic signature service that is available to you.
Paper, as we all know is made up of trees, therefore, increased use of paper is also not good for the environment. Cutting all paper-related costs in your company is allowing your company to be eco-friendly. If you are eco-conscious then adopting digital signatures in your business is your way of saving the environment.
Using esignatures means going totally online and paperless. The money you save from this can be used to take your business on another level. Companies are constantly looking for ways to cut down costs and save money. Why not use this money-saving opportunity?
4. Simple, Intuitive and Convenient
Digital signatures are quite simple and easy to use. With some systems, all you need to do is to upload a document, declare its signers and recipients, and deliver a secure link to the recipient. Once the recipient signs the document the process is complete. Anybody who can open a link and click a button can use electronic signatures. It is that easy.
The business world is dispersed and even small companies and local businesses deal with various clients, partners, and suppliers in different states, cities, and countries. These signatures have a centralized system that allows remote authentication. This makes them a more convenient solution than mailing, printing or scanning documents. Electronic signatures also facilities a faster turnaround time.
5. Increased Customer Experience
It is no doubt that achieving customer satisfaction is very important in any business. If your customers are not happy with your company they can end up writing negative reviews that can affect your business.
Online signatures guarantee the convenience your customers need when signing vital documents irrespective of their location. These signatures give your customers the freedom of doing business with you wherever they are quickly and easily.
Keeping customers happy is one of the most common reasons why several companies are adopting digital signatures. This is because they allow you to share the document online with the customer. The process is fast, simple, smooth and streamlined.
Choosing to use these signatures means more appreciation from your customers, and at the same time, they will be satisfied and happy with your services.
There are several more benefits that digital signatures can offer your business. All in all, digital signature technology is a good example of a trivial thing that has a big impact. In as much as using it with not earn you a spot in the headlines, your company stands to gain a lot from it and once you try it, you will not go back.
Get Your Company Digital In 2020
Maybe you have already felt the pressure to take your company towards the paperless era. The reality today is that the paperless concept is practical and it is time that companies say goodbye to the paper and pen method and welcome digital signatures.
There is, however, no need to panic and sound the alarms if you are still using the old fashioned method, but it is a good time to start thinking about switching to digital signatures. These signatures are already common and transitioning your company should be pretty simple. In fact, maybe your clients are already waiting for you to make the big switch.
Digital signatures, is one of the substantial improvements and advancement of technology that we should make in our lives. It not only offers an easier, convenient, cost-effective and faster-signing solution but also gives us the opportunity to be eco-friendly.
Companies that want their businesses to become a fully digital enterprise should take the next step towards digital signatures. Adopting these signatures is an important element of your company's workflow. Once fully implemented, electronic signatures will deliver incomparable customer experience through a smooth process.
Using digital signatures is a good idea for your company, you do not have to think much about it, take the right decision, incorporate it in your business and enjoy its benefits. Electronic signatures for your business is a good idea. Do not think much about it, incorporate it in your business and enjoy the benefits that come with it. Besides, the world is gearing toward a fully digital future, get your company there now.