Top 4 Reasons Why Your Business Should Switch to Electronic Signatures
The digital revolution is changing the way many businesses operate. While the benefits of digital solutions have always been present, they’ve proven even more critical to businesses as they adapted to the unprecedented conditions brought about by the COVID-19 pandemic.
Even one of the most basic elements of conducting business - signing legally binding documents - has improved with digital technology. Electronic signatures are a great example of how technology has helped companies update their processes and improve customer relations to adapt to remote work amidst social distancing guidelines and quarantine lockdowns.
As more companies undergo digital transformations, it’s critical for businesses to adopt digital solutions like electronic signatures to keep up with the competition and customer expectations. However, many business owners and companies still prefer the traditional wet-ink methods as there is uncertainty about the legitimacy and advantages of switching to electronic signatures. Here are a few benefits to help get you started:
The traditional method of signing documents has proven pitfalls that cannot be avoided. For example, physical documents can be tampered with, lost, misfiled, or damaged in unexpected events such as floods or fires. Using an electronic signature platform will ensure that you can keep track of and access all your documents and digital paperwork from anywhere. In addition, powerful and reliable audit trails guarantee that only the appropriate stakeholders can handle the documents. You can also track changes and updates made to your document with all relevant details.
Faster document sharing
One of the most significant benefits of electronic signature solutions is speed. Electronic signatures eliminate the need to print and mail contracts to capture a signature, which is particularly time-consuming when multiple signatories are required. With an e-signature platform, you can share your contract with multiple signatories in different locations and capture signatures without any hassle. Reading a document digitally is also much easier, as you get to skim through and search for necessary information quickly.
Sustainable and environmentally friendly
Besides the velocity and security of electronic signatures, the sustainability and environment positive factors are essential motivations. On average, every UK resident consumes the equivalent of around 4.5 trees in a single year, and research has shown that the average office worker in the UK uses no less than 10,000 sheets of paper in a single year! Not only is the process of physically maintaining and mailing paper documents expensive, but it is also not a sustainable solution. Using an e-signature platform will contribute positively to the environment by significantly reducing your company’s carbon footprint.
Global acceptance and legal compliance
One of the most common concerns businesses raise regarding the adoption of electronic signatures is their legal legitimacy. Globally, electronic signature platforms must follow the different regulations pertaining to each country. In the UK, following the withdrawal from the EU, the eIDAS (electronic IDentification, Authentication and trust Services) Regulations were adopted into the UK law and amended by The Electronic Identification and Trust Services for Electronic Transactions. In addition, the existing UK trust services legislation, The Electronic Identification and Trust Services for Electronic Transactions Regulation 2016, was also amended. Simply put, electronic signatures are becoming more widely recognised and accepted with recognition from governments worldwide. These regulations validate that electronic signatures have the same legal effect as wet-ink signatures. When obtained correctly, an electronic signature using compliant technologies, certifications, and authentications, will have full validity under the law.
Exela DrySign is the proprietary electronic signature platform of Exela Technologies and is fully compliant with all relevant laws and regulations, including the eIDAS Regulations. It uses smart tracking and powerful audit trails to improve compliance and mitigate risks. Not only can you process your documents faster, but you also have a comprehensive audit trail of your documents always at hand. DrySign makes the entire document management process easy - get in touch today to understand how it can improve your business.