What is an E-Signature?
Signature solution or digital signatures are an electronic form of data, which has legal backing and can be used to sign a document with the same effect.
Digital signatures are as valid and effective as wet-ink signatures as per the internationally approved laws. When a signer uses electronic signatures to sign the document then it means that he/she accepts the terms and conditions mentioned in the document and gives the consent to it.
This consent is considered valid in the law of court if it is given by the signer with his own will, without any external pressure or influence. The signature can. A signature can be done in any form as given in the law of the land, it can be an image of the signature, checking the right box, clicking on 'I Agree', etc.
This new technology is a perfect app for signing documents. It is being used by businesses and organizations across the world. Every department of the organization can get benefited from this one solution. Right from the HR department to sales or accounts department, the solution can be used to streamline the business flow and speed up the documentation process. Document signing software adds efficiency to the business environment which can ultimately lead to more productivity and better return on investment.
No matter which organisation you run, signatures play an important role. It is one of the reasons that an e-signature solution has gained popularity and trust in the market.
As per the ESIGN Act, passed in the USA, a digital signature is an electronic process, symbol or sound, that is connected or associated or attached to a contract or message or data or record and is executed or adopted by a person with an objective and an intent of signing the record. This facilitates easy record keeping in terms of tracking the intention of every concerned contract party in business transactions and other legal procedures.
Is the E-Signature Solution Legally Binding?
A digital signature is as legally valid and backed as a traditional or ink signature. The United States passed a law in 2000 (ESIGN ACT) where it stressed that the electronic signatures are valid for almost any business or online transaction or personal use. The act accepts digital signatures with the weight as a handwritten signature.
Benefits Of Electronic Signatures
Before we go ahead and understand different areas where one can use esignature solution, let us look into the benefits of a free electronic signature app or document signing software and understand how organizations across the world can get benefited from these features. You might wonder if something as trivial or simple as digital signatures can change the business workflow and more.
Well, this solution is both independent and when incorporated with other business systems, operates efficiently, giving users complete control over the process. If you look at the Online Signature Pricing of the solution, it is cost-effective, if availed from a reliable vendor, Digital Signature Solutions can bring productivity and smoothness in the business work-flow. A professional business solution will always bring convenience and ease in the business.
The cost-effectiveness of an app for signing documents is undeniable. Using a digital signing document is so far the most cost-effective option if you are looking for a smooth documentation process. You not only get to save money on stationery but you also save yourself from paying unnecessary charges on postage, faxing, etc. If you are an organization that has to deal with numerous stakeholders regularly, a digital signature solution is for you.
The signature solution, being an electronic solution, you no longer have to deal with paper documents. This way, you are helping to stop the huge amount of waste paper industry produces each year. Plus, everything is done online through email, so no courier van has to be on roads to deliver the documents and get them back. Plus, using electronic platforms means the services can be sustainable and long-lasting.
Signs tires, be it traditional or electronic states that the signatory has given consent to the document by signing it. Signature is the clearest and detailed proof of the signatory's agreement. When it comes to traditional ways of signatures though, it is easier to taller the content or the document. If you deal with crucial private data, such meddling or fraudulent activities can be disastrous. Electronic signatures leave no scope for such fraudulent activities. These solutions automatically update and store every document safely in the digital storage space with accessibility only to the concerned parties. Using this document signing software, you can retrieve the data whenever needed without any geographical or time constraints.
Better User Experience
User-friendliness of any software is of utmost importance. The software must be easy to use, easy to integrate, and easy to operate from any location, using any device. No technical knowledge or physical setup is required to use the solution. If all these features are available in your free electronic signature app, it is user-friendly. At its core, this solution is hassle-free and is meant to bring ease into the business.
Apart from the above-mentioned benefits, a perfect digital signature solution will also offer high-class security to the documentation process. The data is transacted and signatures are performed in a secured and safe environment. Data is stored in the cloud safely with limited accessibility.
Such solutions bring in more efficiency to the organization as activities can be perfo.red and completed quickly and hence the decision making power and its effect gets emphasized. Informed and fast region making helps in bring better results boosting the overall performance of the organization.
Various Sectors That Can Enjoy These Benefits
Now that we have understood the benefits of the signature solution and how it can affect the organization positively, let us understand how many organizations across the sectors of the globe can leverage the benefits of the document signing software.
Every organization or a set up that deals with people and data has to look for different ways of managing transactions and organizational activities (internal and external) effectively.
Healthcare and similar sectors deal with people's health and handle private, confidential data on a daily basis on a large scale.they have to follow some specific, strict guidelines to ensure people and their information's safety. In such a crucial sector, even a small error or delay can cost someone's life. Deploying a document signing software that meets all the laws of the land is a great solution. A reliable and effective app for signing documents will always prioritise security and ease over other things. Such solutions will be in compliance with special medical acts like HIPAA. Medical professionals and healthcare centres can manage patients and other concerned parties efficiently. Patients, on the other hand, will not have to wait in a long queue. They can take care of their health or their
Financial Services and Insurance
Financial and insurance sector is another industry where a lot of signatures and data-based transactions are involved. Signatures are often required to fulfil the transactions. To complete the financial transaction within the given time, signatures have to be performed quickly with accuracy and security. No party can afford an error or delay. Hence, features like audit trails come to the rescue. Financial sectors are using this feature to keep track and monitor every activity throughout the documentation process.
Legal services is another sector where paperwork in unlimited and signatures are unavoidable. Legal professionals can get benefits immensely from a centralised dashboard where the user has 24*7 access to the documents. A document signing software offers all this and more. Apart from giving total control over the documents and signature process, the solution also takes care of the security. Real-time notification will be sent to the parties when the signature is due.
An E-signature solution will also be useful for other sectors like real estate and architecture, where paperwork and signatures are unavoidable and every document has to be approved by the concerned parties quickly to complete the construction task as soon as possible; sales departments, where closing deals means, inward movement of funds, means an addition to the revenue. This has to be done as fast and accurately as possible; a government sector where Every department deals with crucial private data and numerous people. Where every document is as crucial as life.
Apart from the above-mentioned sector, come IT and cyber-security sector where the main entity being dealt is data; Accounting and tax, where financial documents are handled regularly and crucial personal data is transacted; education sector which again documents dominant; NGO, etc.
In this article, we talked about digital signature solutions in brief along with its benefits and sectors where the solution can be used. Every sector can leverage this technology to boost the business flow and organize the data safely.