You may not know that you can easily create an electronic signatures on documents for your Google Docs, Sheets without leaving your document.
Today's technology makes it easy for people to add electronic signatures to documents, but it's not always straightforward. Some people don't want to bother with the hassle of printing/scanning/e-mailing/faxing.
Most online services aren't any better than most offline services. You have your choice of several different business e-signature software packages that require jumping through many hoops and only working half the time!
Most people don't realize they can easily create legal contracts online by signing them directly from their email inboxes. If you're not already signed up for Docs, get started here.
Growth in the Global E-signature Industry
According to the latest reports, the global electronic signature market has been estimated to be worth between $1.2 billion and $1.5 billion.
According to various forecasts, the global electronic signatures market is expected to grow at an average annual rate of 28.77% between 2019 and 2026. By 2026, the market is projected to reach $6,128 million.
On one side, global e‑signatures are expected to grow from $1.99billion in 2018 to $2.56 billion by 2023. However, a closer look at the other electronic signatures' stats related to market growth can help obtain a general impression.
- Globally, according to estimates from Globe News Wire, the electronic signature market is expected to be worth $3.4 billion by 2023.
- According to the reports of Business Wire, the global electronic signature industry is expected to grow to $5.5 billion in 2023. The report forecasts the compound annual growth rate (CAGR) from 2018 to 2020 to be 36.7 percent.
- According to Business Insider, the global e-signature market is expected to grow from $4.9 billion in 2016 to $8.1 billion by 2023.
- According to P&S Intelligence, the global electronic signatures (ES) industry was worth an estimated $9.07 billion in 2013. By 2023, they expect the ES industry to grow to $14.5 billion.
It is clear from the large number of electronic signatures processed each year in the United States that the electronic signature (ES) market has grown rapidly in recent years.
One of the reasons why electronic signature usage has grown so rapidly is because of the delivery of electronic signatures via software as a service (SaaS). Adopting electronic signatures into enterprise applications would help increase their usage. Cloud deployments of electronic signatures would further encourage its widespread use.
Benefits of Electronic Signature for Businesses
An electronic signing system allows you to avoid printing, scanning and mailing papers. It also provides a modern method for verifying the signatory's identity using technology.
An electronic signature is usually used in PDFs; such as contracts or orders. However, it is also possible to sign any legal documents, including emails or data,
Electronic signatures save much effort because they allow you to sign documents electronically instead of physically signing them. You don't need to wait for someone else to deliver the signed document, and you don't need to go through multiple rounds of email exchanges to get the document delivered.
When lost paper documents need to be signed again, they increase the risk of legal liabilities. Electronic signature solutions allow electronic contracts and proposals to be sent back within seconds. This allows your company to plan better and forecast project completion.
Increases Security and Reduces Risk
Electronic signatures are secure because they're just digital copies of handwritten documents.
- Electronic (e) signatures are legally enforceable and hard to forge, so they're more secure than handwritten ones.
- E-signatures are usually accompanied by a record of an email address, a document signed electronically, and any accompanying agreements. These records make e-signatures easy to verify.
- Electronic signature (eSignatures) technology allows for secure document signing without having to sign documents physically.
- Paper document files can be easily misplaced or damaged by fire, water, and other hazards.
- Electronic signatures ensure that every document for signature is complete and correct.
- You cannot share files with anyone unless they have permission to view them.
- Electronic signatures are marked with information like the signers' identities, locations, and times when they were used.
- Electronic signatures can be secured using biometrics and passwords for added security.
Increased Contract Speed
For example, consider how a healthcare provider with an electronic signature solution can use electronic signature technology to streamline the execution of time-sensitive contracts that critically impact patient health. By using electronic signature technology, health professionals can eliminate unnecessary delays in finalizing critical documents, which improves their ability to provide quality medical services.
Electronic signatures offer various benefits for business contracts, including:
- A digital signature is good for keeping track of who signed the document at any given time, doing away with repeating signatures.
- Negotiations can be sped up because every step in the negotiation is verified and accessible by everyone involved, so critical issues can quickly be identified and addressed.
- Even though the parties may be spread out across different time zones, they use electronic signature software, which allows them to sign and create documents without any delays.
Lower Transaction Cost
Furthermore, electronic signing software helps avoid human errors such as signing errors, which can delay the signing of contracts or even lead to costly fixes if not detected early enough. Electronic signing software ensures everything is in order, thereby reducing the risk of having to fix any potential errors.
Also, remember that these expenses aren't necessarily small; however, they're often overlooked.
Electronic signature technology saves companies time and resources by reducing paperwork and eliminating errors.
A document shared between an organization, and a company is legally binding, so everything needs to be accurate. The document should be compiled, signed, collected, and delivered before the deadline. The accuracy of the document is very important. If the old ways were used, a musician would miss out on several pages. They would ask him to correct his mistake.
Electronic signatures are a lot easier than traditional ones. They're more convenient because they save time.
One must stay aware of any cost-cutting measures one may take when running a business. Choosing electronic signatures will allow them to save money by reducing the number of PDF documents they need to sign.
Electronic Signing (ESign) will help you save time by reducing the number of paper documents you need to keep track of and sign.
Better Legal Support
Under electronic signatures laws, any document signed electronically hold the same legal document status signed by hand.
Electronic signatures enjoy some additional security benefits. They have stronger encryption than traditional paper counterparts, are not easily shuffling or tampering with, and provide immediate notification when someone tries to tamper with them.
Many rules and laws have been created to minimize humans' negative effects on the environment. Each organization has its own set of guidelines for environmental protection. Paper production requires using forests, so we must consider ways to save them.
Switching to electronic signatures is one more way to streamline your business processes. It will help promote a healthier working environment and be very cost-effective and convenient for your company. And you'll also avoid the hassle of going through many paper documents.
Electronic Signature Trends to Watch Out for in 2023
Some major changes are coming up for us in 2022. We will live in an entirely different world than we did last year.
It'll be no surprise when we say that 2020 will go down as one where people start using electronic (or digital) signatures instead of traditional pen and paper.
According to recent statistics, the eSignature industry is expected to reach $8 billion by 2028. As the larger trend toward digital solutions continues, eSignatures will become the de facto method for signing and sending important documents.
As part of our ongoing effort to keep SMBs ahead of the curve, we're looking at the top online doc for signature trends to watch out for this year and beyond.
AI and Machine Learning Will Revolutionize Paperwork
With advances in conversational AI, soon, people will be able to search and get information from websites, videos, and images just by talking to them.
According to a recent study from Stanford University, working remotely may decrease employee efficiency. However, future-forward companies will embrace new technologies, including AI and ML, which could help them avoid the "efficiency-slumps" bullet.
A document bot that could automate the creation of legal agreements could take away the manual drudgework of paperwork. According to Aragon Research, there's a 70 percent chance that this future technology will become a reality by 2023.
To help companies automate their document management processes, they can use third-party tools.
Brands Will Be Able to Provide a Smoother Experience to Digital Natives
Squareup and Kabbage have already begun to use electronic signatures to streamline their document details approval processes. Electronic signature technology has been proven effective at reducing paperwork and speeding up transactions. It's an essential part of the modern business environment.
ESignatures enable companies to close deals faster by allowing them to get back to business quickly after signing up new customers.
Fintech isn't the only industry where API integration can help improve customer experience. Other industries, such as online retail and software companies, could use these developer tools to improve their own customer experiences.
Flexible Provisions of The EIDAs Regulation Regarding the Qualified Signature
Electronic signatures are used to ensure that documents contain the correct personal info and data. However, they're not always easy to understand.
However, things are about to change. In June, the European Commission plans to publish an updated version of the eIDAS Regulation, which should include new rules regarding qualified electronic signatures. Amongst other things, these new regulations would completely eliminate physical media (such as CDs) and replace them with digital certificates issued by trusted third parties. They would also permit the creation of electronic documents containing both signed and unsigned parts. Such documents could then be used to prove the authenticity of the document itself, as well as the identity of the signatory.
Increasing Appeal of the Electronic Signature Against a Hybrid Work Backdrop
Not only has the COVID-19 crisis altered working practices: but it has also affected employee expectations. It has demonstrated that workers can perform their jobs just as effectively, remote or in the office, without affecting productivity. Once the situation returns to normal, more staff seek greater freedom (and autonomy) in organizing their working hours. This new "hybrid" approach to working life is becoming so important that, for job applicants, it is a major consideration in itself.
With so many freelancers working for different clients, employers must now consider new challenges when hiring people. And one of the most important things they need to consider is whether these people use digital tools. To help solve this problem, we're introducing electronic signatures.
Digital Agreement Collaboration Will Expand to Include New Functionality
Too often, an electronic signature (eSignatures) is used only for the final step of the contract negotiation. The contracting team may agree to terms by hand and sign electronically. But this is just the beginning. There is so much more we could be doing to improve our business practices.
The development of electronic signatures has been one of the key drivers behind the adoption of eSignatures. Built-in feature such as Digital workflows enable businesses for document creation manage and execute disclosure agreements digitally without printing, scanning and mailing them back and forth. Electronic signatures also provide an audit trail and reduce paper waste.
Workers have become comfortable using various digital technologies to perform tasks in the new hybrid workplace. Agreements workflows will evolve to link these technologies into a single, integrated experience. Digital signatures will not only sign documents but also host virtual conversations (via video or chat applications) and enable cooperative contract revision in real-time.
With this new setup, people can use various tools already familiar. They will also be able to supercharge their current employee digital tool kit, which means better customer service.
What is the Difference Between a Digital Certificate and an Electronic Signature?
Digital certificate systems use public key infrastructure (PKI) certification issued by a trusted certificate authority to authenticate the requester. These identification methods are the most secure ways to ensure the authenticity of electronic files and directly link the identities to the files, making them legitimate.
Digital signatures comply with some of the most stringent regulatory requirements, such as the U.S. Electronic Signatures in Global Trade Act (ESIGT Act) and the European Union's eIDAS regulation.
Electronic signatures vary by country and may be used differently than in the United States. For example, some countries require additional verification processes before an electronic signature can be valid.
Types of Electronic Signatures
The EU eIDAS Regulation was enacted in 2016. Lawmakers and regulatory authorities collaborated to develop the regulations to provide a common foundation and framework for digital identity management systems.
Basic Electronic Signatures
A simple electronic signature is the most general form of electronic signing.
An electronic signature is "data in digital form that is attached to or logically associated with other data in digital form and which is signed using a cryptographic key."
Electronic signature laws vary from state to state. Some states require basic electronic signature authentication, whereas others require a higher level of authentication for legal documents.
A basic electronic signature can be created by either signing an image of a signature or checking a box indicating consentient to website terms and similar language.
Advanced Electronic Signatures
Electronic seals have an "electronic" signature attached to them. These electronic seals are sent through an ERDS for additional verifications.
CAs often issue digital signing certs that verify the identity of signers.
To comply with eIDAS, an AES signature must meet several requirements.
- You must be uniquely associated with the signer (the person with the authority to sign the document).
- Identify correctly
- Signatures must be created using electronic signature creation tools that allow for the creation of signatures under the sole control of the signatories.
- Linked to data in a document that signatories can check for later updates
Qualified Electronic Signatures
An advanced electronic signature (AES) is a qualified electronic signature (QES). AESs meet higher security and assurance standards than traditional signatures.
It's validated by a third party using encrypted signatures and two-step verification. Someone else verifies the signature before it gets sent out.
It is important to note that a higher security standard doesn't always mean it is better. Rather, we're just stating that it meets higher security standards than its AES counterpart.
Similarly, AES and QES both provide the highest industry-accepted standards for security and authentication.
How to Sign Documents Electronically with Google Doc?
If you want to sign documents using your computer quickly, there are two methods available. Read the instructions below and choose which one suits you best.
To know how to insert signature in Google docs, Sheets perform these steps.
- Click open and then click somewhere else.
- On the upper menu search bar, find Insert and click it.
- To create a new drawing, select Drawing > New.
- Click on the "Line" button (the one with an arrow pointing down) to open the Line tool. Then click on the Scribble button.
- Create the eSignature you wish to use in Google Doc(Or your personal document).
- Click Save and Close.
- Once that happens, a legally binding electronic signature will be added to your document.
To create a handwritten signature in Google Docs, click the Text box icon (the one with the pencil) instead of the scribble icon (the one with an eraser).
- Long click on your document and create the frame you want to use to add your signature.
- Enter your first and last names.
- Change the background color of the highlighted text to red, green, blue, yellow, etc.
- Click 'Save and use' to add it to your document.
- You've created an eSigned document that looks handwritten.
How to Sign on Google Docs using eSignature with eSignly:
- Once you've entered our website, logged into your account, or registered for an account, it may take a few seconds before you can use the site.
- Select the appropriate data files or choose one from your library folders.
- Due to cloud-structure compatibility, you may easily access the needed document from any device without delay.
- You'll find your data document in the Advanced PDF Editor, where you can add any additional edits before moving ahead.
- Enter text into an input field, add images, and include comments or fillable fields for later use.
- You may use the "My Signature" button to sign documents yourself or add signature fields to send documents to one or multiple recipients.
- Click the "Done" link when you're done adding your name to Google Docs.
eSignly online solutions are necessary to boost the performance and the quality of all the work being done. You can sign documents in Google Docs nowadays, and these key features will make things easier. Using web-based applications nowadays is a must, not just a competitive advantage. Give it a try today!
The Key Takeaway
It's easy to use Google Docs Add-on for signing documents electronically.
A browser tab plug-in makes it easy to create Google docs signatures. However, most content could be applied to signing documents in Gmail, Google Drive, and Chrome Preview.
Once you've done this, all your signed contracts will automatically be uploaded to your Google Drive and turned into Google Docs. However, it is not.