Digital solutions have penetrated nearly all business processes, from logistics and production to client management and after-sales support. As technology companies introduce new digital solutions to the corporate market, profiting with less effort becomes more achievable.
The apparent enhancement of lives brought about by technology only reinforces the demand of consumers for convenience and faster transactions. Hence, businesses that implement innovative workflows and adopt digital solutions to support such a demand gain more loyal clients and remain relevant compared to companies that are inflexible and only opt traditional business solutions.
As the number of organizations that integrate digital solutions increases, the corporate sector becomes more hyper-connected, fast-paced, and competitive, demanding solutions to improve business processes. Today, electronic signatures, or e-signatures, overshadow conventional methods of signing and authenticating documents to fast-track transactions and streamline workflows. Organizations that move towards paperless solutions utilize electronic signatures solutions to achieve better efficiency and to increase output.
Defined as “an electronic sound, symbol, or process attached to, or associated with, a contract or other record and adopted by a person with the intent to sign a record” according to the U.S. Electronic Signatures in Global and National Commerce Act (E-SIGN Act) of 2000, it acts as the digital counterpart of and holds the same legal status as traditional wet signatures.
Electronic Signatures Benefit a Business
A technology that enables professionals to append their signature on an electronic document, an electronic signature is a secure digital solution that is legally accepted in many countries. For businesses that utilize electronic signature solutions, the process of signing and requesting a signature is now easier and faster.
While the use of physical documents might be indispensable, electronic signature solutions prove to be a better option than traditional signatures for businesses that aim for faster results.
Cost-effective alternative to traditional signature
Traditional signature workflows require managing physical documents and involve printing and mailing. Using electronic signatures eliminate paper, printing, and mailing costs. While getting a subscription for e-signature involves spending, the cost of managing traditional paper document workflows swells at a higher rate. E-signature subscription costs are negligible compared to the costs involved in traditional signature processes. In addition, signing documents the traditional way is prone to human errors and its financial consequences can add up. By going paperless, an organization can save up and designate the budget for operational improvements.
Spend less time managing paperwork
Electronic signature solutions speed up transactions, increase productivity, and contribute to faster profit-generation. Traditional signature workflows can take up to a few days or weeks to complete; its electronic counterpart only takes a few minutes. Preparing documents for signatures is not only tedious but also time-consuming. Using e-signature solutions enables signatories to prepare and sign documents in minutes no matter their location. Instead of printing, scanning, and sending — via mail or e-mail — documents, an electronic signature application only requires a few clicks to use. It enables professionals to work even when they are out of the office.
Remote work is achievable
Electronic signature applications are often web-based and maintain online storage. Therefore, a business can operate anywhere in the globe, unbothered by differences in timezones and postal schedules. Transactions happen online; therefore, businesses can prepare documents in minutes and signatories can sign without delays, resulting in faster transactions. E-signature solutions widen the reach of a business, enabling it to transact with clients no matter their location and time.
Secure signature workflows
Aside from the laws that govern its use and protect signatories, electronic signatures are more secure than traditional signature workflows. Signatures are easy to forge and signatories are vulnerable to fraud. Moreover, paper documents are subject to damage and loss. Electronic signature applications reduce the risks of misplacing documents, forgery, and identity theft. A reliable e-signature software gives its users total control over their signature workflows. For every transaction, it creates an audit trail to track a document and to get information on who signed it and when and where it was signed. Furthermore, no third-parties can access a document for signing without the consent of the sender. Some e-signature applications even use Public Key Infrastructure (PKI) technology to verify a signer and encryption algorithms to restrict unauthorized access.
Customer experience becomes an advantage
Customer experience is a critical factor affecting the success of any business. Poor client management leads to a damaged reputation and a decreased in profit. Electronic signature solutions make it easy for clients to interact with a business and to sign documents any time, saving their time by creating a stress-free and efficient signing process. In addition, the convenience of e-signature achieves a faster transaction turnaround, which is beneficial for clients whose main concern is to complete a transaction immediately. As it benefits customers, businesses can expect more loyal customers, fortified credibility, and an increase in earnings.
By integrating electronic signature solutions into their workflows, organizations can improve their control over their business processes where documentation and signatures are vital components. Nevertheless, before shifting from traditional wet signatures to electronic signatures, evaluate the needs of your business, as doing so will help you find an e-signature application suitable for your requirements.