Paperwork is now no longer required for legal bindings. Almost every business is now going paperless and using electronic documents or signatures for signing important documents.
With the COVID-19 pandemic, the way of operating businesses has been changed and businesses are following remote business approach for their business continuity. The remote working approach has eliminated the friction caused by handwritten signatures and paper, resulting in the increased demand of eSignature solutions.
Varied industries such as real estate, banking, financial, insurance, and healthcare are now opting digital ways to perform various work tasks and procedures. eSignatures are dominating various sectors of industries by streamlining work processes for better business results.
But the very first question is, ‘What is an eSignature or eSign?’ In simple words, an eSignature or electronic signature is a symbol or process that is attached with the legal record or document with an intent to sign the document. The rules and regulations of the eSignature varies differently as per the laws of the country. Organizations that are leveraging the benefits offered by eSignature or digitalsignatureare generating better benefits from their businesses. Adoption of electronic signature is embracing the use of digitization for now as well as for the future.
Digital signature is a special kind of electronic signature that are created through eSignature application. Cryptography is used to protect the document and various other details such as email address, when and where the document is signed, and the device used the sign the document.
The Benefits of eSignature for Businesses
The process of digital document verification with eSignature can be used across various industry verticals, as we discussed above. eSignature solutions are commonly being used in all the industries that depend on secure and legal verification of the documents. To boost business efficiency and customer accessibility, innovative business firms are turning to electronic signature solutions. The eSignature process enables the organizations to collect signature from customers and employees without the need of any physical record.
Apart from this, electronic signature solutions are also facilitating the HR responsibilities by streamlining the recruitment process and increasing the Account Receivable and Account Payable processes.
Business firms that are using eSignature solutions offer a compelling compatibility to users for quick and easy verification for various use cases. eSignatures offer simple and paperless signing facilities; saving time, costs, resources and increasing security.
Create a Paperless Signing Process
Organisations are implementing digital signature solution in their business to streamline workflow and simplify the paperless signing tasks. Digital signature enables the companies to collect signatures from customers or employees from any corner of the world without the need of printing a paper for quick document processing and verification. The ease of use of eSignatures offer flexible user experience across varies industries and countries. The electronic signature process will improve the brand collaboration as it will enable the organizations to quickly collect signatures, preventing the staging of deals and projects.
One of the best feature of eSignature application is that it accelerates the speed of the contract execution. eSign eliminates all the unnecessary delays from finalizing contracts, resulting in enhanced performance. For most of the industries, executions speed is a crucial factor for streamlining the operations of the organization. eSignature applications can save resources and time by accelerating the signing process by:
- Removing repetitive signing procedure
- Enhancing security authentication and critical issue tracking
- Eliminating delays in updating the signatures, regardless of the location
Electronic signatures save a lot of money and resources of the organisation through various ways such as reduced work team, less material cost, and human errors such as signing mistakes. One of the major advantage companies can avail by choosing digital signature solutions is paperless signing process. Organizations going with paperless signing process will surely save money by cutting cost on paper, packaging, and shipping.
Apart from automation of the work processes, digital signatures also eliminate a serious issue, i.e. chances of financial risk of human errors during the signing process. The eSignature monitors he system to give alerts about the suspicious records during the signing process, preventing the cost of problems that may have occurred due to human intervention.
Electronic signature application assures highest security for all confidential and sensitive data as compared to traditional processes. eSignature solutions have in-built security protocols for safely sending, receiving, and storing digital documents. The audit trail feature of the eSignature offers secure and safe verification for fraud prevention. As these electronic signatures are hard to forge, the software can automatically detect the minor altering or tempering with the signatures. Digital signatures store higher data points as compared to traditional processes with higher security.
The adoption of electronic signature solutions is due to a simple fact that they offer more secure and safe environment as compared to traditional signatures. While there are countless advantages of electronic signature, here are some highlights:
- Electronic record
- Certificates of completion
- Tamper-evident seal
Ensure Regulatory Compliance
Because of the expansion of electronic signature services, nations have been progressively presenting related legalisation. The United States passed The Electronic Signatures in Global and National Commerce Act and the European Union set up The Electronic Identification, Authentication, and Trust Services (eIDAS).
The right electronic signature solution will protect the association from causing fines and falling into a deep judicial action. A thorough review trail ought to have the ability to effectively confirm the legitimacy of the marked archive to empower organizations to effortlessly demonstrate consistence and divert possible legitimate suites.