How eSignatures can Accelerate Growth for Enterprises
Enterprises have always relied on paper documents for conducting daily business. However, procuring business documents can be a tricky affair. It includes checking for any errors or misspellings. Not to mention the printing and posting costs that increase the overhead costs for a company of any size. This is where modern automation technology like electronic signatures can be a game changer. Electronic signatures or eSignatures can digitize the entire signing process.
Electronic signatures can simplify operations and provide advanced security against online risks. With various countries backing the technology by making it a law, businesses adopting it will be at the forefront of the competition. An electronic signature solution will allow companies to digitize all documents and attain signatures from all stakeholders from any location or device.
Businesses using eSignatures have experienced a reduction in turnaround time (TAT) by 80%.
Electronic signatures bring convenience and ease of use to any process, and are a valuable asset for organizations of any size. The bigger the size, the more pivotal it becomes to have documentation in order. It has many use cases, including the online signing of purchase orders, hiring papers, contracts, invoices, and other related documents.
The Road to Digital Transformation
Organizations, irrespective of size, need digital technologies to leapfrog ahead of the competition. As a matter of fact, today, digitization is required just to stay in the game. This was proved during the COVID-19 pandemic, as many organizations decided to let go of legacy processes and implement digital strategies to facilitate remote working.
Electronic signatures benefit organizations looking to save on business time and reduce the turnaround time for approval. In addition, with companies looking to assess and evaluate the pros and cons of technologies, e-signatures are a good fit and start for any firm looking to attain good returns from their investments in established technology.
How Government Policies Encourage eSignature Adoption
Electronic signatures have had legal recognition in many countries since as early as the 2000s, for example, in the USA, the Philippines, India, etc. But many governments have been slow in recognizing its importance. Many countries, for example, Indonesia, have only recently understood its benefits and established laws to make esignatures viable as late as 2016.
Government regulations such as the Uniform Electronic Transactions Act (UETA) and the U.S. ESIGN Act have encouraged eSignatures to replace wet ink signatures. In addition, the laws recognize them as legally valid, holding the same legal value as a handwritten signature.
Electronic signatures are legally valid if all stakeholders sign them with the same intent. Therefore, businesses agreeing to an electronic agreement must willingly and knowingly consent to sign electronically. This also helps enterprises optimize their signature and documentation process by making it more customer-friendly and convenient.
Over 90% of the U.S. represent small and midsized enterprises
How eSignatures Help Small and Midsized Enterprises
Small and midsized enterprises (SMEs) are responsible for creating the majority of jobs in the USA. In addition, they contribute to innovation in processes and technologies. However, the pandemic threw everything in the air and caused uncertainty for many SMEs. This is evident by the impact of the COVID-19 pandemic on them. But digital technologies like eSignatures can help them adapt to the changing business environment. Here are some ways:
Hiring – Human resource processes can be paper-intensive. These processes involve filling up numerous forms such as social media policy, a non-disclosure agreement (NDA), an offer letter, and so on. Electronic signatures can automate the entire process and save on printing costs and TATs.
Agreements – Small and midsized firms can now negotiate with vendors and distributors via an electronic contract. Trusted eSignature solutions like DrySign help firms sign sensitive agreements and contracts safely and instantly.
Sales – Sales are an SME's central revenue-generating unit and bloodline. But what do you do if your sales team is always busy filling up clients' paperwork rather than chasing leads? Electronic signatures have been beneficial in converting leads easily and simplifying paperwork such as proposals, quotes, invoices, and other agreements.
How Large Enterprises can Benefit from eSignatures
Unlike SMEs, large enterprises have the capital to adopt the latest digital technologies. Here's how eSignatures provides the necessary advantages:
Saves Time :
Electronic signatures accelerate the agreement or contract signing process by making customer interactions more efficient. It eliminates the need for paper documents and allows companies to save time by transitioning to digital documents. In addition, they provide great flexibility in multitasking between projects and help streamline the workflow.
Saves Money :
Large enterprises can save money by integrating eSignatures. With many companies deciding to go lean to maximize profits, electronic signatures are a good fit. In addition, they help curb expenditures concerning printing, scanning, and storing documents.
Improved Document Accuracy :
Enterprises can put as many fields in forms to collect the most accurate data. This helps enterprises gather the exact data and not chase customers.
Enhancing Efficiency in Workflow :
Companies can enhance the efficiency within internal processes by shifting to digital documents. Moving from paper to digital methods can streamline workflows and ensure your teams concentrate on value-generating tasks instead of paper-pushing.
Simplify Document Management :
Large enterprises deal with many clients and possess many documents. eSignature solutions help organize documents digitally and store them in archives for later use.
Encourages Collaboration :
Electronic signature solutions can encourage collaboration within departments and partners to resolve a customer's pain point. By bringing automation to workflows, they can improve productivity and eliminate errors. It reduces repetitive tasks and helps companies complete tasks remotely.
Electronic signatures are more difficult to forge and highly secure than handwritten signatures. They are encrypted during transit to stakeholders and protect users from unauthorized access, which is a genuine risk regarding manual documentation.
Superior Customer Experience :
eSignatures can allow customers to sign documents on the go making it convenient and simple for customers to interact with your business.
Also Read: How eSignatures Impact Workplace Productivity
The Role of DrySign
Electronic signatures can transform any business, whether a multi-national legacy business or a small, budding start-up. It helps them achieve their goals faster and digitize document workflow. Here's how DrySign, an electronic signature solution, provides the edge.
Keeping Digital Records
DrySign helps companies digitize documents and store them securely in online archives. It eliminates the need for paper documents and the need for infrastructure to store signed documents.
Protects Customer Data
DrySign can preserve the integrity of documents and safeguard customer information. Signed documents are protected using robust encryption methods and help gain customer trust. This helps in retaining customers and helps them be assured.
Electronic signatures can help track the progress of signing sensitive documents. A mail trail provides transparency on the details of all signers and any modifications within documents. They make all actions taken by stakeholders visible and make them traceable.
DrySign is compliant with all electronic signature laws in the U.S. and helps all stakeholders adhere to terms and conditions in contracts, agreements, and deals. Since the eSignature is legally binding, it can be used as evidence in a court of law in the case of disputes. The non-repudiation of documents ensures that all parties cannot deny their authenticity.
Enhancing Efficiency in Workflow
Companies can enhance the efficiency within internal processes by shifting to digital documents. Moving paper to digital processes can curb costs immensely and contribute to high savings. In addition, enterprises can help clients provide a smooth signing experience by signing digital documents.
DrySign will help enterprises remain paperless and provide control over the signing process. You can send notifications to signatories from within DrySign to avoid long, confusing workflows, allowing you to streamline all your documentation in one place.
Electronic signatures provide a way to transform processes and allow businesses to reduce their paperwork. They are a cost-effective alternative to traditional wet ink signatures. They are simple to set up and more accessible to store documents for later retrieval. The advantages of eSignatures aid in making businesses digitally forward and paving the way to reach a new set of customers. Keeping internal processes smooth is essential to gain a competitive edge. For enterprises looking to organize documents digitally and sign electronically, DrySign is the way to go.
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.
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