Smart Administration with Electronic Signatures
Consider this highly likely scenario where your organization goes beyond ticking all the right boxes in solving critical problem statements. Your company is coursing with energetic and talented individuals. Your technology stack is state-of-the-art. The only thing that can deter your organization in this scenario is the inevitable flood of paperwork. Studies indicate that 48% of businesses create three or more copies of the same document. In the longer run, all these subtle hindrances and setbacks add up to a colossal figure. In the USA alone, businesses spend $8 billion annually managing paper. So what can be done about this? The solution is to go paperless with digital tech like electronic signatures.
Smart administration in government offices using electronic signatures
Imagine a government office without those tediously long queues. Seems all futuristic, right? It’s within our reach thanks to digital transformative tech. Digitizing forms and getting electronic signatures would decrease document handling charges by 80%. That adds up for better utilization of taxpayer money. Money that can be spent on countless other projects like better infrastructure or public welfare schemes – all of this just by saving administration costs.
According to the White House Office of Information and Regulatory Affairs (OIRA), the US federal government spends around $38.7 billion annually managing paperwork. This is where solutions like electronic signatures come into the picture. Using digital signatures, these expenses can be reduced by 85%.
The Paperwork Reduction Act
The Paperwork Reduction Act was endorsed to minimize the paperwork burden for individuals, SMBs, and government bodies. The point is to get rid of redundancy by getting approval from a government body called the Office of Management and Budget or OMB, before using identical questions to collect information from the public.
The impact of electronic signatures in getting approvals and seeking signatures on surveys can be massive if implemented correctly. With such regulations, the government is definitely moving in the right direction. We are seeing electronic signatures being implemented by bodies like IRS to file tax returns.
Also read: Guide to Going Paperless with DrySign
Digital archiving via electronic signatures
A significant portion of administrative costs goes into the preservation and storage of paper documents. Keeping track of large volumes of paper requires maintenance of strict protocols to avoid leaking sensitive information of the taxpayers. Even after investing in infrastructure and employees, there is a high risk of data redundancy, manipulation, error, or physically damaging critical records. But with electronic signature solutions like DrySign that provide online document storage, all these hidden costs and potential risks can be avoided altogether.
How it affects the taxpayer
As a result of the implementation of electronic signatures, taxpayers get a better end-user experience by not having to physically visit just to sign documents. During these dire times of the COVID-19 pandemic, where human contact is not recommended, digital transformative tech like electronic signatures can go a long way in making our lives easier by simplifying administration. We are looking at efficient and effective delivery of government services over digital mediums. It means that in the grand scheme of things, taxpayers get a better return of taxes as the government cuts down on unnecessary expenses and puts that money to good use.