Use of electronic signatures has grown by leaps and bounds in recent years1, and experts predict by 2023, the e-signature market size is expected to increase to approximately $9 billion.2 It's no wonder considering the advantages of e-signatures, which include cost containment, improved workflow efficiency, and enhanced security.
There remains room for growth, however, notes the Electronic Signatures and Records Association3. Not all industries are adopting e-signature technology at the same rate. For example, the U.S. government has been lagging,4 while the legal industry has been ahead of the curve. If you are wondering how your particular business can benefit from making use of electronic signatures, you have come to the right place.
The healthcare industry is subject to intense regulation, including with regard to data collection, data privacy, digital storage, and acceptable forms of digital documents. Such regulation, along with all the disparate parties that might be involved in any given healthcare transaction, has proven a challenge to the industry's efforts to adopt digital transformation initiatives. However, e-signatures (DrySign®, for example) can:
- streamline the process of signing and administering contracts between healthcare payers and providers;
- streamline claims processing;
- provide a head start in pulling together the many moving parts comprising healthcare information management; and
- facilitate record-keeping and compliance.
The finance industry is not only heavily regulated but also "signature heavy." DrySign can vastly streamline:
- account opening
- account maintenance
- loan applications (including mortgage loans)
- loan administration
E-signatures have already been proving themselves to be invaluable in the legal industry. The use of e-signatures has streamlined the closing of transactions, the onboarding of clients, and communications in class action lawsuits and other litigation matters.
If you are selling a property, imagine not having to handwrite your signature in multiple places throughout a brokerage agreement? If you are a broker, imagine not having to drive around to potential clients to obtain those signatures? Imagine a commercial lease that did not require a week of logistical acrobatics to obtain the signatures of all the parties? Electronic signatures hold the promise of turning these imaginings into reality.
Manufacturing and Retail
It is hard to imagine an industry more mired in signatures than manufacturing and retail. Every link in the supply chain, no matter how small, requires some form of contractual agreement (examples include price quotes, orders, invoices, receipts, delivery notes, warranties, user agreements, returns, insurance, and package tracking, just to name a few). E-signing and digitizing manufacturing and retail documents can vastly decrease the time and money cost of doing business. It can also provide a jumping-off point to adopting automated business processes to improve your shipping, receiving, and fulfillment logistics.
DrySign can help improve those logistics
Electronic signatures could be a game-changer for the government sector, which is not known for speed or efficiency. Imagine the speed at which multiple required approvals might be obtained? Imagine the reduction in waste if e-signature platforms can be leveraged for digital storage? Additionally, as with other industries, the government sector could greatly benefit from getting a head start in digitizing documents, which is easy when you upload using DrySign.
In upcoming posts here on the Exela Blog, we will be taking a deep dive into the more specific ways some of the individual industries mentioned here can benefit from using e-signatures.