Signatures have always been an important means of approval in all business and personal documentation. The signature is an anchor of trust and evidence. An agreement without a signature is open, floating, ambiguous and hard to enforce. A signature anchors an agreement to a legally binding, enforceable, actionable reality.
Today, electronic signatures play the same role, just online. eSignatures are easy to use and consume far less time than their traditional counterparts. According to the eSignature laws worldwide they have the same legal standing as handwritten signatures. Electronic signatures are a legal concept and are separate from digital signatures, a cryptographic mechanism often used to implement the electronic signature. While an e-signature can be as simple as a name or a cropped image entered in as a sign on a Word or PDF online, digital signatures are being used in business worldwide to implement signatures in a cryptographically protected way. Hence, an eSignature alone cannot be used to verify the identity of the signatory. The major underlying issue with eSignatures use remains trust. There is also a dubiousness about how to use them. All these arguments sometimes overshadow the facts and figures that make online signature solutions the heros that they are.
Electronic signatures can achieve nearly 80% audit efficiency in institutions – FinancesOnline
Aspects of E-signatures causing a Debate among Enterprises
- Identification & Authentication
Identification of the user is of prime importance in legal documents such as agreements, contracts, tax forms, proposals, etc. Today, eSignature solutions have measures in place to track your documents and notify you of changes made to the document online. With security measures in place that a signatory must comply with for example multi-factor authentication, you can ensure that your document is viewed only by the signatory. Moreover, digital signature technology used cryptographic keys to ensure that your document is protected by the highest security standards
- Usability & Experience
Many businesses find it hard to bring technological changes in proven age old methods. You will still hear many digitally advanced CEOs say that signing a paper with a pen lends a finality to a deal. In today’s age, when you can place an order for anything from anywhere and get it delivered to your doorstep, sticking to traditional ways seems redundant. eSignature solutions provide users with an secure, easy-to-use, convenient, and seamless experience giving new meaning to online signatures.
- Inessential expenditure
For many, digital solutions that make business happen on your fingertips are still looked at as expenditure that one can do without. In reality, bringing tools like eSignature solutions into your existing workflows has proven just how much digitization can help us save.
Advantages of Implementation of E-signatures for Companies
- Mitigate Risks by Complying to Standards – Compliance with eSignatures helps companies in conducting business faster. Complying with the law can help businesses scale faster. E-signatures are legally binding in most countries, notably, the U.S., Canada, the U.K., countries in the European Union (EU), the Philippines, India, etc. Enterprises operating from these countries can benefit from their security and efficiency. Compliance assists in authentication and verification of users and be used in legal disputes.
- Decrease Overhead Costs – E-signatures can help in curbing overhead expenses usually spent in printing and scanning of paper. Adoption of digital documents helps companies in communicating faster and making changes to documents rapidly in accordance with their stakeholders.
- Curtail Risks – Companies can curtail risks and protect themselves against any legal disputes. Moreover, e-signatures are being recognized by various companies and can be used in making digital documents. In addition, e-signature solutions contain multi-factor authentication as a security measure to prevent unauthorized access to documents.
- User Efficiency and Experience – eSignatures provie users with a seamless and smooth experience. You can sign documents securely from any location on any device. Users are no longer tied to physically being present to attest their signatures.
- Streamlining of Processes – Companies used to spend hours in printing documents, cross-checking with the legal team and the partner, and sending documents. As per reports, businesses achieved 70-80% improvement in efficiency after adopting e-signature solutions.
- Improved Revenue – Companies can execute contracts faster and improve their bottom line margins significantly. Digital documents and electronic signatures can help companies in closing sales rapidly with no restriction of location, making businesses truly location agnostic.
- Sustainable – Companies looking to transform their processes can make the switch to e-signatures to become sustainable. Their use helps in saving of trees and contributes to the growth of the environment.
Also Read: 6 Mistakes to Avoid When Adopting eSignatures
DrySign - Your perfect eSignature partner
DrySign is a digital signature platform that gives you a secure, convenient and time-saving solution for all your document workflows. Read on to find out how DrySign eSignatures can uplift your business and transform workflows for better customer experience.
Enhanced security: Your Security is our Priority. And like every good business, we know that document security is your priority. DrySign is compliant with the ESIGN and UETA. Along with multi-factor authentication, Entrust SSL Security Certification, Password Protected documents and an audit-trail with time-stamps, DrySign ensures that your organization meets the highest standards for data privacy and security.
Greater flexibility: Hundreds of teams and thousands of employees working from diverse locations - this may sound tricky to get a job done within the desired timeline and efficiency. However, DrySign makes it possible for work to happen from anywhere – the software works on all devices and operating systems.
Bigger savings: The bottom line of every growing and successful business is to drive sales, cut down on unnecessary costs, and generate revenue. With DrySign, you can do all this and more. The software helps cut down on printing and other paper-based processes. Moreover, a lot of the hidden costs just as fuel, storage, stampage, postage, etc. are also reduced as you can store and send critical documents without any of these traditional methods.
Sustainability: DrySign helps contribute toward a sustainable future as it automates your entire document lifecycle end-to-end without having to print a single sheet of paper.
Improved customer experience: Customers today except the world and rightfully so. A highly competitive market has led businesses to find new and innovative ways to improve customer experience and retain clientele. Adopting DrySign in your document workflow processes is so easy because your signatories don’t even need a DrySign account if you have one. Impress your clients and make sure they pick you over competition.
Choosing between online signatures and handwritten signatures is not a debate anymore, if you wish your business grows and keeps up with current times. Adopting an online signature maker like DrySign can realize a lot of goals for your business, no matter the size. DrySign by Exela Technologies is an optimal e-signature solution used by enterprises for modernizing their workflow.
Try DrySign today for Free and enjoy the experience
Sources: financesonline.com |srscomputing.com
DISCLAIMER: The information on this site is for general information purposes only and is not intended to serve as legal advice. Laws governing the subject matter may change quickly, and Exela cannot guarantee that all the information on this site is current or correct. Should you have specific legal questions about any of the information on this site, you should consult with a licensed attorney in your area.