6 of the Best Reasons to Use Electronic Signatures
Digital transformation is taking over the business world with the vast majority of businesses already engaged in planning or launching initiatives. Using electronic signatures is among the simplest and most cost-effective ways to begin transitioning to a digital business model. Here are six of the best reasons for using e-signatures:
In the U.S., offices use about 12.1 trillion sheets of paper a year. Much is wasted on printing documents no one ever reads. E-signatures allow you to close transactions without printing, copying, faxing, or otherwise transporting a single page. This translates into direct savings on paper, ink, and printing equipment. In addition, e-signatures enable location-agnostic business transactions, thus eliminating travel costs altogether.
Ideally, an e-signature platform is more than just a place to affix your e-signature. For example, Exela’s DrySignâ also provides secure storage of e-signed documents in searchable format that is accessible from any internet-connected device. Secure, searchable online storage means you will need less office “real estate” to record retention. It also means less time spent searching for documents, including for compliance purposes (time is money).
Transacting business via electronic signature is not the same as teleporting or traveling through time. However, it is the closest you can get, at present, to being in two places at once. For example, DrySign allows you to review, sign, and deliver a document while waiting in line at the DMV or waiting for a doctor’s appointment. In other words, you virtually can be in two places at once.
Relying on paper to conduct business forces our reliance on many other things besides paper and ink. For example, it forces us to rely on printing equipment, electricity for printing equipment, writing utensils, paper cutters, scissors, and scanners. All such things must be manufactured, run, maintained, and eventually disposed of. So, whatever you are spending on printing, it is costing our planet’s resources as well. Accordingly, adopting e-signatures benefits not just you and your business, but also, the planet.
Electronic signatures powered by digital signature technology are more secure than handwritten ones. They contain traceable data as to who signed a document, when, and even where they signed it. Therefore, digital-signature-enabled electronic signatures reduces the possibility for forgery and other forms of fraud. It even reduces the possibility of mistakes (i.e., digital pages will not go missing or may not be inadvertently changed or swapped out for older versions), providing an extra layer of security paper and pen can’t compete with.
Ease of administration
E-signatures can go a long way towards eliminating administrative headaches. For example, DrySign lets you send automated notifications to signatories and track the status of signatures—all without delay - or paper cuts.
Because e-signatures reduce the amount of time it takes to close transactions, they can also speed up the payment cycle. An added bonus of DrySign is that because it enables digital storage of your documents, it can streamline the payment process through the lifecycle of your contracts. Enabling secure, searchable, digital ingestion and archive storage, DrySign sets you up for optimizing your business through business process automation.
For more information on what DrySign can do for you and your business, be sure to check out https://drysign.exelatech.com/