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Electronic Signatures: Simplifying Workflows for Law Firms

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Description

The legal industry is traditionally monetized by billable hours – one of the most critical goals of any law firm is to augment billable hours. However, for the most part, lawyers, legal interns, and other professionals attached to the field of law are held back from achieving their goals because of manual processes, paper-based workflows, and legacy technologies. These time-consuming elements force law firms to get mired in low-value tasks instead of prioritizing customers and revenue generation.

In the paper-intensive legal industry, attorneys and clients often need to get contracts, agreements, court documents, etc. signed. But the hassle of manually scanning, printing, and signing papers leads to a massive waste of time and resources.

The legal industry is foreseen to reach $908.26 billion by 2025.

With the legal industry growing at a breakneck speed and the heavy reliance on paper-based processes, law firms are more likely to be one of the most comprehensive paper users.

A single lawyer generates 20,000 to 1,00,000 printed pages annually.

The above numbers show that the growing demand for legal services directly impacts physical paperwork. However, technological advances such as electronic signatures can help bring down this insane volume of paper-based workflows while at the same time streamlining processes. Electronic signatures let law professionals sign documents online without needing physical paper. Moreover, documents signed using eSignature technology are secure, easy to manage, and legally valid. It eliminates the danger of data loss, theft, missing documents, or contract misplacement. Here’s how law firms can benefit from the use eSignature and improve their business bottom line.

Why do law firms need electronic signatures?

Adopting an electronic signature solution improves customer experience. Your clients can sign and share any document or sensitive agreement from the convenience of their location, irrespective of the time zones. Moreover, cloud storage offers easy and secure access to your documents, enabling you to sign on the go.

Protect client data

Since law firms retain a large amount of confidential data for clients and employees, they are always on the target lists of cyber attackers. Electronic signature solutions integrate end-to-end security into your documentation, protecting sensitive information from being stolen or lost. In addition, an electronic signature solution allows you to store documents on the cloud so that you never miss out on important deals. Moreover, some leading electronic signature software, such as DrySign, provides real-time mail trails and notification features to keep you up-to-date at all times.
Reduce costs

More paper-based workflows mean more unnecessary costs involved. Traditional wet signatures comprise not only paper costs but also additional expenses such as printing, scanning, transport, fuel, ink, storage, and environmental damage. Moreover, there is a risk of data loss or theft, which can lead to reputational damage and sometimes cost you a fortune. Lucky for us, online signatures are there to ease this burden. By integrating eSignature software into the legal processes, law firms can save high costs and time.
Streamline legal processes

With several clients, different contracts, countless agreements, and extended working hours involved, it can get overwhelming for law firms to streamline their processes, and it is challenging to maintain a count or track of documents. Furthermore, after COVID-19, it has become crucial to adopt remote or hybrid work cultures. And working in such stringent situations can only be simplified with eSignature technology – you can easily manage signing and documentation tasks and streamline processes. Moreover, as you no longer have to spend time and resources unnecessarily on document signing and management, you can focus on higher-priority tasks ensuring client satisfaction and higher revenue.
Avoid regulatory fines and malpractice suits

Now that we have established that law firms deal with countless confidential documents daily, it is critical that they adhere to security standards and protocols. Failing to do so can lead to a severe loss of reputation, regulatory fines, and malpractice suits.

Introducing eSignature technology in your processes reduces the risk of data breaches, ensuring end-to-end integrated security. Lastly, the fewer documentation errors, the fewer the chances of regulatory fines for the law firm. It is a win-win.
Enhance communication with clients and legal partners

Moving with modern market trends is necessary in today’s ever-evolving business world. Unfortunately, any organization that is stubborn to transition from the legacy mindset of traditional wet signing often finds itself at the frustrating end of extended waiting times for documentation. And this can cost you countless crucial hours. In addition, if most of your time is spent on follow-ups, you can never establish good communication with your clients or legal partners.

Communication, as we know, is the key to success! And eSignatures help you achieve that success. Integrating electronic signatures allows you to get real-time updates on your critical documents and send notifications or set reminders for up-to-date documentation. In addition, setting up transparent workflow processes for daily documentation allows you more time with your partners and clients, driving efficient and foolproof collaborations.
Improve customer experience (CX)

Providing an exceptional customer experience is something every organization strives to do these days. Customers are crucial for the growth of your business. Imagine your client has stringent timelines, and your age-old signing process takes forever to process documents. This situation would make your client lose interest in your services, impacting your brand image or reputation. A negative review is the last thing anyone needs in today's social media-loving customers base.

Adopting an electronic signature solution improves customer experience. Your clients can sign and share any document or sensitive agreement from the convenience of their location, irrespective of the time zones. Moreover, cloud storage offers easy and secure access to your documents, enabling you to sign on the go.
Better the planet

Going paperless with online signatures saves you from many pains, like waste of valuable time, high costs, and the risk of loss and error. However, the most significant benefit it gives any organization is the power to reduce its carbon footprint in a big way. With reduced paper usage, an organization can minimize the use of electronics such as printers, scanners, and shredders, reducing energy use and waste paper. In addition, a firm can do away with files, folders, stapling pins, plastic binders, etc., most of which end up in our oceans, polluting them and permanently harming marine life.

A tiny shift to an electronic signature solution like DrySign in an organization can have a massive impact on the environment.

Also Read: E-Signatures: Here to stay? Or on their way out?

What to consider when choosing an eSignature solution for your law firm

Though eSignature technology can do wonders for your business, you must choose the one unique to your specific business requirements. Here are factors to consider while selecting the best eSignature solution for your law firm:

User-friendly interface:

Of all the things lawyers need to worry about, an eSignature solution must be the least. A complicated interface that confuses instead of simplifies is undoubtedly the wrong choice. While deciding which solution to pick, ensure that it is easy to use and navigate and doesn't need additional expertise.
Security :

Security is of utmost importance to any business. And as law firms deal with countless sensitive data, safety matters the most. So choose a solution provider that has the best security practices in place.
Flexibility :

In today's stringent working scenarios, it is crucial to find a flexible eSignature solution that can work the best in any situation. Whether you work from home, overseas, or are on vacation, you must have secure access to your documents.
Legitimacy :

Any electronic signature solution you lock down on must comply with eSignature laws unique to different countries to cater to cross-country operations efficiently.

The Bottom Line

If you work in the legal industry and have yet to introduce eSignatures into your workflows, you may be missing out on one of the biggest game-changer solutions taking over the corporate world. An electronic signature solution can help automate manual paperwork, save countless hours and high costs, and integrate high security in your confidential documents. Talk to our experts to discuss your unique business requirements and get started with a plan accordingly. Start DrySigning now!

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.

Date

Tue, 01/10/2023 - 12:00

Author Name

Pooja Patil

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Ways e-Signatures can benefit law firms.

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Automate your Contract Signing Process with eSignatures

Read more about Automate your Contract Signing Process with eSignatures

Description

Contract management is a process of creating contracts with third parties or partners to complete tasks within a stipulated time. Contract managers undertake it as a part of their responsibility for managing various projects under their supervision. They are responsible for creating proposals, agreements, and other documents. Effective management of contracts improves business relationships and increases revenue. In addition, contracts play a crucial role in maximizing performance and minimizing potential risks.

Traditionally, contract management is conducted manually using paper, email, and unorganized computer files. However, there could be a more effective way to manage agreements. Organizations that rely on manual management should invest in an automation platform to improve their contract lifecycle management (CLM) process.

Contract management software reduces the average time to get a contract approved by 82%. – Aberdeen and Forrester

Electronic signatures can be a valuable addition for contract managers looking to simplify contract management. It can be used for critical steps during contract management for crucial stakeholders to review documents and provide their approval. In addition, with the digitization of workflows becoming a priority in companies, contract managers can eliminate manual tasks and use eSignature solutions to minimize risks and save time and money.

The Contract Management Process

Contract managers must follow due process to ensure contracts are appropriately reviewed and nothing important is missed. Here are the steps of each stage.

Creation – The contract is created, reviewed, and managed by the contract manager by identifying the correct documents to support the contract’s purpose.
Collaboration – The contract needs to be reviewed by all stakeholders after the first draft. Any changes to the document should be noted and shared in real-time to reduce discrepancies. All parties must review the contract and meet at a middle ground to ensure projects can take off seamlessly.
Signing – All contract stakeholders can sign the contract after doing their due diligence. Contract managers can use digital signature solutions such as DrySign to gain swift approvals and eliminate bottlenecks. E-signatures can help stakeholders shorten the signature process TAT from 5-6 business days to mere minutes.
Tracking – Contracts must be tracked closely to ensure all stakeholders adhere to contract terms and conditions. Contract revisions are expected, with provisions to be available for their amendments. The right software helps track any document changes and accelerates negotiations.
Renewal – Successful execution of contracts can lead to their renewal by all parties. Manual contracts can culminate in missed opportunities and lost revenue. Automating the contract management process can bode well for all parties involved.

Up to 40% of a contract’s value can be lost without close contract governance – KPMG

Also Read: Change The Way You Manage Your Contracts - Go Digital With Drysign!

Challenges faced by Contract Managers

Contract managers in large companies are in charge of handling various contracts simultaneously. But multiple challenges, such as internal processes or legacy software, can deter managers from achieving their targets. Here are some of the issues that can present a challenge:

Lack of Collaboration – Contract managers require collaboration with all stakeholders involved in the contract. The lack of software that allows businesses to collaborate on agreements can result in unmet concerns or needs. A collaborative platform enables the workflow to be streamlined and contracts to be executed on time.
High Volume of Work – Contracts are negotiated and drafted with stakeholders' inputs. This increases the workload of contract managers looking to deliver high output. A common platform for negotiating terms in the contract and creating contracts from scratch can ease the workload of managers.
Lack of Transparency – Contract managers are bogged down with frequent questions such as 'has the contract been signed yet?', 'where can I find a copy?' and 'how long till the contract has been reviewed?'. The lack of transparency can be resolved by showing all parties real-time updates to a contract.
Slow Signing Process – A frequent bottleneck in businesses is the time taken to get contracts approved and signed by the decision-makers. The traditional process involves saving a PDF, sending it via email, signing it with wet ink, scanning the document, and getting it emailed back. This process can be smooth with the help of online signatures.

Contracts need to be clear and concise in their wording to minimize risks and avoid encountering setbacks. Good contract management practices help managers draft contracts quickly and contribute to the efficiency of the CLM process. Here are contract management practices managers can follow to attain the best results.

Contract Management Practices

Centralized Document Storage and Sharing – It is advisable to keep all contracts in a central location to be found easily by all stakeholders. This can include supporting documents such as plans, final evaluation logs, and minutes of meetings. A transparent trail can help protect the privacy of sensitive documents and help in case of any disputes.
Track Obligations – Contract managers should be on top of their obligations or risk their contracts becoming void. As contract volumes go up, missing contract renewal dates or deadlines can result in a breach of contract. Easy access to contracts will help managers send timely reminders to stakeholders before their due dates.
Record Approval Time – Contract managers should manage getting approvals on contracts with minimum wasted time. This culminates in attaining faster value and revenue generation for the business. Managers can quickly identify bottlenecks in the process and take action to improve the workflow.
Controlled Access – Contract managers can limit access to stakeholders to maintain the security and balance of the contract. Giving only authorized users access to documents can significantly reduce security risks and help all parties commit to their roles.
Regular Compliance Reviews – Contract managers must meet with the legal team to understand changing regulations and ensure the contract adheres to the latest laws and policies.

How DrySign Helps

DrySign is an eSignature solution with a high impact value on internal processes. Here are some of the benefits of adopting DrySign:

Digitize Documents – DrySign helps protect contracts by digitizing and storing them securely. The platform even helps companies create customized contracts and agreements for clients and gain the approval of all stakeholders effortlessly.
Improve Workflows – DrySign helps users improve their workflow and eliminates any unnecessary steps in the process. Electronic signatures enhance the productivity and efficiency of contract managers by bringing all stakeholders to a common platform. All revisions to the contract can be made in real-time, and changes can be viewed in the document history.
Enhance Collaboration – DrySign can also be used as a central repository for storing all related documents of the contract in a single location. All stakeholders can be kept in the loop, with only designated users getting authorization to access contracts or make changes.
Tracking Contract Progress – The contract is reviewed in real-time, with contract audits helping contract managers witness lags from any stakeholders in submitting deliverables.
Reducing Delays – Delays can extend the execution period of critical projects resulting in a loss of revenue. Adopting digital signature solutions like DrySign can ensure contracts are appropriately managed, and projects are delivered on time.
Automating Notifications and Reminders – Notifications can signal contract renewal and foster good business relationships. Contract managers can set reminders on the platform to ensure deadlines are always met by parties and avoid any contract nullifications.
Legally Compliant – DrySign complies with major electronic signature laws worldwide. As a result, all documents signed on the platform are legally binding and protected by the law. Additionally, contract managers can lower their compliance risk and ensure contracts are not tampered with during the transit of documents.

Conclusion

Contract management helps managers in securing agreements and contracts. It can help managers collaborate better with all stakeholders and unlock the business's full potential. Automating the process helps contract managers stay compliant with the terms and conditions of the contract and have the information organized. Create, maintain, negotiate, and renew contracts with DrySign.

Source: Google.com | webinarcare.com

Date

Tue, 12/27/2022 - 12:00

Author Name

Vijith Menon

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How eSignatures Enable Remote Work to be a Success

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The COVID-19 pandemic and its aftermath have exacted a heavy toll on employers, upending the usual methods of working and conducting business. Companies had to change their processes overnight and shift to a work-from-home model. This resulted in chaos, causing companies to evolve, learn, and adapt quickly. Companies had to adopt a new remote work concept to sustain businesses and stay afloat in a competitive market ecosystem. While organizations are still recovering from the effects of the pandemic, employees are getting used to remote work and the perks that come along with it.

Remote work is vital for job seekers looking to balance work and life. The transition to hybrid role models has helped professionals understand the benefits of remote work. According to a survey by AT&T, the hybrid model adoption rate will rise from 42% in 2021 to 81% in 2024. This is due to remote work being preferred by young employees to work from home or any location at their convenience.

Remote workers are 35-40% more productive than their in-office counterparts -Global Workplace Analytics

The biggest proponents of remote work are the cohort of white-collar workers who have managed to escape the dull routine of 9 to 5. With companies looking to control costs and get the maximum output from an employee, each hire is critical. Therefore, management must put its best foot forward to attract the best employees and carry out a seamless, remote hiring and onboarding process. This is where electronic signatures or eSignatures come into the picture as the most natural and efficient solution.

The introduction of esignatures has eliminated the slow process of signing in various organizations and assisted human resource managers in adding remote workers to their organizations. In addition, electronic signatures have helped improve efficiency in organizations while expediting processes, ramping up security, and lowering error rates. Here are some of its benefits.

Advantages of eSignatures

Flexible Arrangements

Employees can leverage flexibility in remote working or hybrid models. Human Resources (HR) can utilize eSignatures to get the employees’ signatures on critical documents from anywhere, anytime. This helps in automating the entire process and aids in document management. Moreover, employees can be productive from day one and choose a convenient time to sign documents.
Focus on Core Tasks

Some companies cannot scale due to employees being entwined in mundane, repetitive tasks. The human resources department is no exception. But with eSignature solutions, HR can focus on their core task of recruiting the right employees and automating repetitive tasks. HR can get the signing process digitized and the approval process sped up.
Higher Productivity

Implementation of eSignatures can result in higher productivity that will work across borders. Employees can transition from a paper-based process to a paperless one. The signature process can be seamless without the need for printing and scanning documents continuously. Digitizing signature workflows can help enterprises focus on core tasks and business strategies.

Cost Savings

Digitizing documents can help enterprises save costs and store data in a secure, centralized space on the cloud. A robust document management system that can sort and archive files in an organized manner can be immensely beneficial for organizations, ultimately leading to improved workflows and massive cost savings.

Simpler Systems

Electronic signatures can turn complicated processes into simpler systems. Its implementation can automate processes such as signing contracts, renewal forms, insurance forms, etc. Electronic signature solutions allow employees to sign in the appropriate fields and ensure agility in document management.

95% of organizations either currently use eSignatures or plan to use eSignatures in the future.

With the numerous advantages on offer, Electronic signatures are the most convenient, efficient, secure, and smart replacement for wet ink signatures. In addition, governments across major countries worldwide have passed electronic signature laws that give eSignatures the same legal status as traditional, handwritten signatures.

Federal Laws Applicable to eSignatures

The UETA of 1999 - 48 states in the U.S. has adopted The Uniform Electronic Transactions Act (UETA). The exception is the states of Illinois and New York, which have passed their own laws pertaining to eSignatures. The Act deems electronic signatures to be legally valid with flexibility for the states to make necessary amendments.

ESIGN Act of 2000 – The Electronic Signatures in Global and National Commerce Act (ESIGN Act) was enacted to provide interstate and foreign commerce guidelines. This Act considers eSignatures legally valid to be produced in court as evidence.

An eSignature can be considered legally valid if it adheres to the following rules:

An intent to sign as well as an opportunity to decline.
Proof of the context and circumstances of the signature that would be demonstrable given an audit.
Connection to the particular document that is signed.
Validity of records that is reproducible, as needed.

Organizations can choose electronic signatures that adhere to the laws and basic tenets of electronic signatures.

Also Read: Electronic Signatures: Simplifying Workflows for Law Firms

Recommendations for Employers

Employers can follow the recommendations below to set up electronic signatures for remote workers.

Determine any acceptable exceptions to the policy.
Review current records retention policies and adjust as needed to ensure no conflicts.
Determine which documents need to be signed and which don’t.
Ensure consistent procedures, such as obtaining consent from all employees, assigning each employee a unique username and password, and requiring specific electronic steps in signing a document to leave a transparent trail each time an eSignature is completed.
Communicate the new policy’s intended use, e.g., what documents can be signed electronically, and then train employees in the processes. The authority of each employee needs to be clearly defined while signing documents.
Ensure that applicants and employees working remotely have accessibility to the Internet as well as a computer or mobile device to complete an e-signature.
Confirm that the eSignature policy and procedures are used in compliance with federal, state, and local discrimination laws.
Stay updated with federal, state, and local laws and case law regarding eSignatures.

How DrySign Helps

DrySign is an eSignature solution that helps in signing documents with ease. It provides advanced security to organizations looking to secure their documents from online threats. In addition, it can help organizations remove any bottlenecks in processes while raising productivity levels.

The various features, such as real-time trails and security, provide transparency and accountability of signing from all stakeholders. It can give great satisfaction levels and provide minimum interference with daily tasks. Notifications and reminders can ensure organizations stay on top of their targets.

Conclusion

Remote work will only increase in the years ahead. Its demand will keep increasing due to the flexibility and convenience it provides in today’s post-pandemic era. The success of remote work depends on adherence to new technologies that can increase efficiency and lower attrition rates. Electronic signatures can help iron out any kinks in the system and benefit organizations in the long run.

Secure your future with the best electronic signature by switching to DrySign.

Source: google.com | globalworkplaceanalytics.com

Date

Wed, 01/11/2023 - 12:00

Author Name

Vijith Menon

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Ways e-signatures are transforming the insurance industry

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Over the last few years, the insurance industry has demonstrated incredible adaptability and resilience. With digital technologies expanding at the speed of light, carriers have tapped into new competencies to drive transformation and operational efficiency. The past year reflects a mixed bag – rising premiums in the commercial and personal lines of business – challenges due to the COVID-19 crisis – new market entrants facing difficulties revolutionizing insurance when the rubber met the road. From a constructive perspective, continued competition has outgrown innovation.

Above and beyond all the transformations, the industry has realized that there is a need to integrate technology into the system's spine – documentation. The insurance industry heavily relies on paperwork, which is the main reason for sluggish processes, redundant prices, and time-consuming workflows, resulting in dwindling revenues. With ongoing challenges such as talent shortage, inflation rumors, rising interest rates, and many more, it has become imperative to emphasize cost savings. Thankfully for the insurance sector, eSignature technology is here. Electronic signatures will undoubtedly reshape the insurance industry in the years ahead by helping organizations with tedious and lengthy paperwork, streamlining their processes, and significantly reducing costs. Here's how the insurance industry can benefit from the use of electronic signatures and digital documentation:

Benefits of eSignatures in the insurance industry

The insurance industry increasingly relies on paper-based processes with lengthy policies, rigorous rules, and regulations. The growing need to stay relevant in the current market and expanding consumer technology are the two main reasons driving eSignature adoption in the insurance industry. Electronic signatures make things easier for insurance professionals by eliminating the hassle of manual document signing, scanning, and faxing contracts to customers.

Mobility and speed in the insurance policy signing

We all know how lengthy the process of buying a policy is. Countless documents, numerous norms, and compliance requirements – it gets overwhelming to sign and complete the process. Moreover, these processes are time-consuming as a lot of reviewing and signing are involved. Integrating online signatures removes the time and location constraints – your clients can sign, share, and store documents in minutes from anywhere and anytime. Moreover, insurance professionals can save a lot of time with the help of eSignatures spent in storing and sharing documents back and forth. In a nutshell, embracing digital signing helps insurance professionals simplify processes, streamline workflows, and provide a better consumer experience.
Legal Certainty

Any person deciding to purchase an insurance policy is indirectly investing their hard-earned money and expecting a good cover for their future needs. In short, they are trying the secure their future. What if the insurance provider denies any of the deliverables or the insurance paperwork gets into legal disputes? Of course, anyone would feel devastated. But you wouldn't have to worry anymore; electronically signing documents is totally legal these days. You can also use the digitally signed document in a court of law as proof of transaction. In addition, eSignatures are end-to-end encrypted, guaranteeing that only the authorized person can access the document and ensuring legal certainty.
Client satisfaction

The customer experience (CX) matters the most to almost every organization. The more satisfied and safe your clients feel with your brand, the more likely they will invest their money and trust. For insurance companies, the business primarily runs on recommendation games. So the more your client will feel satisfied, the more they'll recommend you. And nothing pleases clients more than a smooth, straightforward process with secure documentation – which they can sign on the go, store documents efficiently for future reference, and access documents in minutes from the comfort of their homes.

Also Read: How eSignatures Enable Remote Work to be a Success

Elevated revenue

Revenue is the main motive behind any business. However, your business strategies might need to improve if you provide exceptional services or have a good brand reputation and still fall short of your revenue goal. So how do you increase the revenue? Cutting unnecessary costs, reducing process turnaround time, and streamlining workflows can help. For example, adopting an eSignature solution helps insurance professionals to save countless pennies spent on paper, ink, transport, fuel, printer, scanners, and more. Moreover, it reduces document turnaround time and streamlines workflows, increasing team productivity and revenue.
Reduced carbon footprint

The paper and pulp industry is the third largest industrial polluter of soil, water, and air. Paper production industries use chlorine-based bleaches, which result in toxic materials. Moreover, when paper rots, it emits methane gas, 25 times more toxic than CO2. As we know, the vast majority of insurance processing includes paper-based procedures. This means insurance companies are one of the most significant paper users and equal contributors to air, soil, and water pollution. While most organizations adopt eco-friendly workplace cultures, insurance companies can't be left behind. Investing in a superior eSignature solution allows you to automate your paper-based processes, eliminate paper usage, and reduce environmental contamination – helping your organization reduce its carbon footprint and go green.
Reduced errors and risks

After shuffling through countless documents and lengthy manual processes, it becomes incredibly tricky for an insurance professional to deliver an efficient and speedy process without compromising security and compliance. It is solely the insurance professional's responsibility to retain confidential customer records. In case of any disputes, the customer and agent must process the discovery, including sifting through paper files in multiple locations. In addition, traditional paper-based documents are fragile and are at risk of information damage while relocating. Besides, it is infuriating when after waiting for hours, you realize some signatures are missing or the information mentioned is altered or off-beam.

Embracing a stable and secure electronic signature solution eliminates these risks and provides a smooth, efficient signing experience. DrySign, one of the leading e-signature solutions, offers a wide range of features that give you complete control over your documents. You can track your document status anytime and anywhere, set reminders and notifications, and ask for real-time mail trails to know the signing status. Using eSignatures ensures you never miss out on valuable deals with faster processes than ever before. All this without compromising security. E-signatures are end-to-end encrypted that, restrict unauthorized access and help save from data breaches.

The Bottom Line

The benefits mentioned above are reason enough for insurance professionals to take their manual workflows online. Electronic signatures have been changing lives for many, simplifying their business processes. If you are in the insurance industry, you must try out the electronic means of signing. DrySign provides a vast range of features ideal for almost every industry, including insurance. You can significantly simplify your paper-based processes with DrySign features such as real-time mail trails, intelligent dashboards, reminders and notifications, and group signs. Automation is the key in today's ever-evolving business world. So, automate your document workflows. Start DrySigning now!

Date

Mon, 01/16/2023 - 12:00

Author Name

Pooja Patil

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How e-signatures can benefit the insurance industry

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How Electronic Signature streamlines HR operations, particularly after the COVID outbreak?

Read more about How Electronic Signature streamlines HR operations, particularly after the COVID outbreak?

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The COVID-19 outbreak is an unprecedented health crisis that has had adverse effects on the whole world and remains a great uncertainty worldwide. It’s no secret that the COVID-19 pandemic has enforced some significant changes in various industries. How would you describe this challenging time turned out for your business? Well, it has definitely been a game-changer for electronic signature platforms. According to a Forbes survey, the adoption of e-signatures in businesses increased by 50% during the COVID-19 pandemic, and everyday household use grew by 13%. Though electronic signatures played a crucial role in business operations pre-pandemic, the social distancing norms, remote working laws, and guidelines have fast-tracked the need for electronic signatures.

E-signature is one of the most incredible advances in recent years that have benefited the remote working scenario during the pandemic. It also has helped human resource managers to incorporate ingenious solutions for business continuity and employee retention. Undoubtedly, the pandemic has significantly affected Human Resource Management (HRM). Human resource managers have to deal with vital functions such as staffing, training and development, performance management, compensation, safety, and health management. As human resource operations are significantly imperative for business continuity, this must be acknowledged. Below are some of the challenges human resource management practitioners face post the COVID pandemic and how Exela’s DrySign has helped streamline HR operations.

Top challenges faced by HR professionals post-pandemic:

Employees looking for remote work
To salvage the situation caused due to the pandemic, organizations are increasingly looking for intelligent operations for business continuity. Moreover, several companies have already asked their employees to return to the workplace. However, remote working has become an employee favorite lately. More people are looking for remote work opportunities, preferring it over working from the office. According to a Forbes report on the remote workforce, 74% of professionals expect remote work to become a standard, and 97% of employees don't want to return to the office full-time. Given these stats, organizations need to review their remote working policies and determine if they assist employee retention.
Decreased recruiting budgets
Due to the increased pressure of filling open positions quickly and efficiently, HR professionals need to adopt solutions providing real-time analytics. However, balancing employee satisfaction and retention policies, digital solutions, training and development costs, and efficient remote working is no cakewalk. To make matters worse, 23% of human resource professionals expect their budget to decrease for recruiting technology, while 44% expect no change. Most human resource professionals already find it difficult to operate efficiently under low budgets. And the situation is most likely to worsen in the coming future due to increased challenges and decreased budgets.
Continued remote hiring
Looking at the uncertainty and challenges organizations face, virtual interviews and remote hiring are here to stay. Thankfully, human resource professionals have found a way through it. Despite the disadvantages of remote working from an organizational perspective, it has become more convenient and easier to assess candidates. Though it has been beneficial, recruiting virtually with limited resources and stringent budgets is hard. Moreover, collecting and managing candidates’ data, recruitment documents, policies, and documentation virtually while following remote work guidelines is tedious. It raises the risk of human error and loss of revenue.
Employee productivity and job assurance
Employee productivity is likely to be more crucial for organizations in controlling costs and improving revenue. However, if you wish for more productivity, it is equally important to provide them with job security. An employee is more productive if offered competitive pay, job security, and safety policies. Unfortunately, as organizations are already going through a rough patch due to the COVID outbreak, it has become difficult for human resource professionals to give employees job assurance and maintain employee productivity.
Employees’ health and safety
According to the World Health Organization, COVID-19 spreads primarily through respiratory droplets or contact with an infected person. The infection can occur at any place, be it the workplace, during your daily commute, or business-related travel. As a result ensuring employees’ health and safety has become imperative. A survey says that healthcare is one of the top benefits that 69% of employees want. Creating health policies for employees, conducting activities to address mental health, and improving productivity are some of the main challenges that HR Management faces.

Top ways electronic signatures can benefit your HR department:

The Human Resource department acts as the backbone for companies. HR professionals deal with myriad data, and it is crucial to manage and track all the data for efficient working of business operations. Moreover, the challenges have increased for the HR teams since the pandemic. The above-listed challenges demonstrate how hard it is for HR professionals to maintain effectiveness and progress. However, electronic signature platforms have made it more convenient; below are the top ways electronic signatures can benefit your HR department.

Hiring and recruitment
Given the current market situation, several companies opt for remote working scenarios and hire employees from remote locations. Using electronic signature software helps HR professionals efficiently process documents such as offer letters, contracts, onboarding forms, and more.
Onboarding
Using electronic signatures and documentation, HR professionals can quickly onboard the hired employees and process essential documents such as non-disclosure agreements (NDAs), direct deposit forms, and more from anywhere in the world.
Payroll and legal compliance
Incorporating salary changes, updated tax forms collection, and bonus dispersals, everything has become more accessible, faster, and more accurate with the use of e-signatures. Moreover, electronic signatures and records facilitate smoother compliance audits.
Resignation or termination
When it comes to relieving any employee from their services, several forms and processes are involved. Electronic signature has made it easier even in remote working scenarios, where HR professionals can efficiently sign off exit interviews, provide compensation details, etc.
Contract renewals and employee benefits
Renewing employee contracts on time and from anywhere has become more convenient with the help of electronic signatures, digital contract templates, and electronic records. HR departments deal with a lot of pertinent information; keeping track of this data and communicating employee benefits to everyone is a time-consuming task. It can be done more quickly and effectively with e-signatures and records while ensuring security and privacy.

Guidelines for Employers:

Below are the guidelines for employers to integrate effective e-signature practices.

Mention e-signature policy in employee handbook
To avoid future hitches, it is essential to communicate your e-signature policy in writing.
Enforce e-signature laws of the countries or states you do business with
There are certain laws enacted by each country for successful e-signature enablement. Make sure to enforce those laws in your processes while using electronic signatures.
Ensure no room for loopholes
It is crucial to consider the consent of both parties while electronically signing any contract. In addition, make sure the signatures are authentic and authorized to avoid any future disguise.
Make it a group effort
Consider the professional expertise of your company’s legal, business, and technical teams while incorporating electronic signatures or electronic records in your business operations. To integrate efficient and legally-compliant e-signatures, it is imperative to have a backup for software, security and programming issues, and legal needs.

How has DrySign streamlined HR operations after the COVID outbreak?

Electronic signature platforms are becoming more popular in human resource departments as employers find it highly convenient to manage electronic documents than to deal with thousands of hard copies. DrySign has a vast range of benefits to offer human resource teams to streamline their operations. Below are the ways DrySign streamlines HR operations.

Helps in recruiting by effortlessly managing applications, offer letters, or reference consents
Promotes smooth, hassle-free onboarding with electronic documents such as tax forms, onboarding forms, employee details, and more
Efficient management of appraisals, approvals, and other actions
Helps with timely payroll records
Facilitates employee satisfaction and retention

Looking at the challenges that documentation causes for human resource management, organizations must feel the need to go paperless. According to a research report, the digital signature market is foreseen to reach USD 16.8 billion by 2026. It has been evident that electronic signatures are here to stay, given the current situation and future scope, and these numbers confirm it. In this competitive and ever-changing business scenario, DrySign helps you keep up with the pace of digitization. DrySign provides a secure and smooth electronic signing experience with numerous features and benefits. Start DrySigning today!

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Date

Wed, 04/13/2022 - 12:00

Author Name

Pooja Patil

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Electronic Signature streamlines HR Operations

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E-signatures: Bolstering your Tax game

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It is that time of the year again. Americans living in the United States and those living abroad have to file a U.S. federal tax return. Each year the last day of filing your tax falls on April 15, unless it is a weekend or holiday. For 2022, the deadline to file your income tax is April 18. The tax brackets and rates have been adjusted for inflation for the 2021 tax filing that takes place in 2022, while the standard deduction increases to $12,550. Filing tax returns overseas or remotely is a bit complex, though. To reduce this burden on the taxpayer community, the IRS allows taxpayers to file tax returns electronically using electronic or digital signatures. Dive into this blog to discover everything you need to know about e-filing your income tax return in 2022.

Are you eligible to file a tax return?

The first thing that might come to your mind is to check whether you are eligible to file an income tax return this year or not. So, if you are looking to file a tax return this year, verify these points to ensure if you are eligible for taxation or not.

Gross income:

Gross income defines the total income you earn in the form of money, property, goods, and services that aren’t exempt from tax. So, first, verify if your gross income is taxable or not.

Self-employed persons:

If you are self-employed and your business provides services, your gross income from the company is the gross receipts. Moreover, if you are self-employed in an industry that deals with manufacturing, mining, or merchandising, your gross income would be the entire sales minus the cost of goods sold. Both the cases require you to add income from investment and outside sources.

Filing status:

Your filing status is specified based on whether you are married or single at the end of your tax year, which is December 31 for most taxpayers.

Age:

It would be best to consider your age to verify your eligibility for taxation. For example, if you are retired, determine if the retirement amount is taxable or not.

For the year 2022 taxation, the year 2021 tax brackets and rates are as follows:

Tax Rate	Taxable Income Bracket for Single Filers	Taxable Income Bracket for married couples filing jointly
37%	$523,600	$628,300
35%	$209,425	$418,850
32%	$164,925	$329,850
24%	$86,375	$172,750
22%	$40,525	$81,050
12%	$9,950	$19,900
10%	$9,950 or less	$19,900 or less

Also Read: 8 Digitization Tools That Will Take Your New Business to the Next Level

E-sign your Tax Return

On December 31, 2021, the IRS allowed taxpayers to use electronic signatures or digital signatures on certain paper forms to reduce the burden on the taxpayer community. The IRS maintains an e-signature option with critical security and protection to safeguard against identity theft and fraud. The agency is also studying further possible extensions to this option. An overview of using electronic signatures on specific forms is available here.

If you are filing your tax return electronically, using an electronic signature is a must. You can electronically sign the tax return with a personal identification number (PIN). Below are the PIN methods to use:

Self-Select PIN (SSP):

The taxpayer must select a five-digit PIN that will serve as an electronic signature for the individual. This five-digit PIN could be of any five numbers except all zeros. You must authenticate your identity using your date of birth and either your SSP or adjusted gross income (AGI) for the prior year. If you are filing a tax return jointly, both persons involved need to enter their own SSP to sign the tax return.

Practitioner PIN:

The second electronic signature option to electronically file a tax return is the Practitioner PIN method, which requires you to authorize your tax practitioner to enter or generate your PIN. You won’t need to provide your date of birth, SSP, or AGI in this method. However, you will need to provide a signed authorization form, Form 8879, the IRS e-file Signature Authorization, to your tax professional for verifying your identity. Like SSP, you need to choose any five numbers except all zeros to create your PIN and provide a signed authorization form to your tax professional.

Both primary and secondary taxpayers under the age of 16 who have never filed an individual tax return and who didn’t file in the previous year, respectively, are eligible to use the SSP method to sign the return using tax preparation software electronically. Both of these taxpayers may still e-file with the help of a paid preparer who uses the Practitioner PIN method.

If you are required to submit supporting paper documents, you can still e-file your tax using Form 8453, U.S. Individual Income Tax Transmittal for an IRS e-file Return. In addition, the IRS suggests keeping a copy of your tax return and Form 8879 to help you sign your next year’s e-file return electronically.

Acceptable electronic signature types

The IRS has allowed filing your tax return electronically and also accepts several forms of electronic signatures. Electronic signatures can be in several forms designed by various technologies. Electronic signatures accepted by the IRS are:

Typed name: You can type your name on the signature block
Scanned image: You can use a scanned or digitized image of a handwritten signature attached to an electronic record
Handwritten: You can use a handwritten signature input on an electronic signature pad
You can also use a signature created by a third-party software
You can use handwritten signature input on a display screen with a stylus device

E-signature on certain paper-filed forms

The IRS allows certain paper-filed forms to be signed electronically using an electronic or digital signature. According to the IRS, allowing documents to be e-signed remotely will help taxpayers and tax professionals reduce the need for in-person contact. Below are a few of the forms that can be signed electronically or digitally:

Form 706 - U.S. Estate (and Generation-Skipping Transfer) Tax Return
Form 706 - NA, U.S. Estate (and Generation-Skipping Transfer) Tax Return, Estate of Nonresident Not a Citizen of the United States
Form 709 - U.S. Gift (and Generation-Skipping Transfer) Tax Return
Form 1066 - U.S. Income Tax Return for Real Estate Mortgage Investment Conduit
Form 1120 - ND, Return for Nuclear Decommissioning Funds and Certain Related Persons
Form 1120 - RIC, U.S. Income Tax Return for Regulated Investment Companies;
Form 1120 - REIT, U.S. Income Tax Return for Real Estate Investment Trusts
Form 1120 - L, U.S. Life Insurance Company Income Tax Return
Form 1120 - PC, U.S. Property and Casualty Insurance Company Income Tax Return
Form 1120 - C, U.S. Income Tax Return for Cooperative Associations
Form 1128 - Application to Adopt, Change or Retain a Tax Year
Form 3115 - Application for Change in Accounting Method
Form 8832 - Entity Classification Election
Form 8802 - Application for U.S. Residency Certification

Why DrySign:

Legally binding digital signatures

DrySign is compliant with various electronic signature laws, such as the E-Sign Act and the UETA, making it legally binding and enforceable.

Group sign

Whether filing an individual tax return or joint return, you don’t have to worry about the electronic signature. DrySign allows multiple signatories to sign the documents online.

Smart dashboard

DrySign provides an intelligent dashboard that allows you to have a broader view of your digital signing history along with the status tracking feature and document overview. Additionally, it will help you easily e-sign your next year’s tax return and view electronic records.

Notifications and reminders

It is crucial to file your tax return on time. DrySign allows you to set reminders and receive real-time notifications to stay updated.

Powerful audit trails

DrySign allows you to track and verify your document status with robust audit trails and solid time stamps.

Get DrySign and Keep Calm!

DrySign provides a wide range of features to help you simplify the tax filing process, which can be quite a stressful situation for many. DrySign works with superior digital security and flexibility and facilitates efficient workflows. Additionally, DrySign electronic signatures are compliant with U.S. electronic signature laws. Are you still considering different electronic signature options? Get DrySign and Keep calm!

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Date

Mon, 04/18/2022 - 12:00

Author Name

Pooja Patil

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Sign your returns electronically with DrySign

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8 ways e-signatures can transform your business!

Read more about 8 ways e-signatures can transform your business!

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Today, every industry worldwide has stepped into an era of digitization, where age-old practices have gradually moved to the background, giving way to smarter and more efficient methods of working. The face of business is continuously changing, and the last few years have seen a boom in the number of industries embracing the latest technological trends, especially during and after the pandemic. Digital transformation has never been more significant, and there’s nothing that can stop it.

Over the years, there have been many breakthroughs in technology for business. With newer tools introduced for enhanced business processing, every business tool and its functions vary from industry to industry – be it CRM, accounting tools, email marketing tools, or even Chatbots. Ultimately, the purpose of these tools is to help your business grow by reducing costs, saving time, and enhancing the customer experience.

Digitally advanced solutions, although always a sound part of the trajectory of business growth, have taken a new meaning post-pandemic. One such solution that has always been a major player in a digitally-advancing world is the electronic signature. During and after the pandemic, e-signatures instantaneously became one of the easiest, most convenient, and most secure means of executing contracts or agreements. An e-signature platform eliminates the hassle of an extended manual process that includes repeated follow-ups, especially if it involves multiple signatories and location constraints. Businesses are constantly evolving while trying to find ways of getting things done in a quicker, more secure, and cost-efficient manner and e-signature platforms offer just that.

72% of company representatives say that a digital document process enables their

organizations to better maintain business continuity amidst unforeseen circumstances.

- Forrester Consulting Paper, August 2020

Electronic signatures, although understood differently by everyone, basically mean a digital and legally recognized way to indicate consent or approval on a digital document or form, just like a handwritten signature on paper. This type of signature has the same legal standing as a paper and ink signature as long as it adheres to the requirements of the regulations and laws under which it was created, specific to the country or state.

Here are some of the significant ways e-signatures can help transform your business digitally:

Reduce Apparent and Hidden costs:

There is hardly a business or industry that manages without signing agreements, contracts, and other documents. And most of these businesses use traditional signing methods. In these cases, the most apparent cost savings come from eliminating a paper-based workflow. No paper means no ink, no printers, no scanners, no postage, and no delivery or shipping. Most businesses fail to take into consideration the overhead and hidden expenses such as the human resource that you pay to handle, store and manage these physical documents or the losses you suffer from damaged, lost, or tampered paperwork, or the bigger storage spaces you rent or buy to store these business files. It cannot be denied that traditional signing does lend a finality to any business deal; however, when you weigh it against the sheer burden of cost this method puts on any business, it clearly comes across as the more futile option compared to a cost-effective electronic signature solution.

Better customer and employee experience:

With cut-throat competition, and increasing customer expectations, every business is trying to win customers over by providing an exceptional customer experience. The industry's focus needs to be consumer-driven, especially when businesses are opting for cutting-edge technology to stay ahead of the game. In today's world, where the customer is spoilt for choice, customer expectations are continuously and rapidly evolving. Additionally, your employees and their experiences are equally valuable to the success of your organization. An easy-to-use solution like e-signatures can help eliminate the inconvenient and bulky process of signing hundreds of documents for your customers and employees and replace it with a fast, safe, secure, and cost-effective process.

Also Read: 10 Frequently asked Questions about the use of ESignature!

Fast decision-making to stay ahead:

The average time to obtain signed documents is 5-7 business days. As we know, Time is Money! Losing 7 working days to close a contract or hire talent in high demand can mean the difference between success and losing out. Signing paper contracts substantially increases the time taken to get into agreements, slows down the delivery of products and services, and, at worst, results in loss of business. With an electronic signature platform, the time and effort taken to get multiple signatures or approvals across the business are significantly reduced, making business processes faster than ever.

Productivity & efficiency:

By simplifying and reducing the TATs for workflow operations, e-signatures significantly improve productivity. Efficient digital solutions streamline lengthy and unsustainable traditional signing methods that have been a major part of most companies. These organizations depend on document signatures with manual processes, including paper, scanning, emailing, and shipping, to acquire these signatures. Employees spend hours of their time waiting around for documents pending signatures. Add to this, loss or errors would mean an increased cycle time, creating more inefficiencies and negatively impacting productivity. The integration of a simple e-signature solution can help you bid farewell to these unproductive and inefficient methods.

Enhanced Security:

Even with the increased speed and efficiency, electronic signatures are also the most secure way of signing documents. Paper documents with wet signatures can be easily forged and tampered with, adding a risk factor that any organization would prefer to avoid. Manual documents are also at risk of being handled by several intermediaries till it reaches the recipient finally, also adding to the risk. Electronic signature platforms can track signed documents from the past, along with their date and completion status. Most e-signature platforms also use Certifying Authorities (CA) and digital signatures backed by PKI or Public Key Infrastructure technology, giving you an added layer of protection on your confidential documents.

Greater Flexibility & Convenience:

The flexibility and convenience that a digital solution like e-signatures provide in a post-pandemic world are unprecedented. Most e-signature solutions work on multiple devices and can integrate with existing software like Google Drive, DropBox, etc. Signing yourself or requesting signatures from multiple other parties or even bulk signatures is an effortless cakewalk with a robust e-signature platform.

Sustainable & Eco-Friendly Business:

One of the best transformations that an organization can go through is to Go Green! Sustainable operations are not just a passing fad but a necessity for a better, environmentally stable future. Deforestation is still causing havoc on the biodiversity of the planet, and protecting it at all costs is a weight all of us carry collectively. An environmentally conscious business is also a magnet for future generation clients who believe that the responsibility of our planet lies with us.

Contactless & location agnostic:

Post COVID-19, every industry is compelled to look into Work-From-Anywhere and hybrid options. The future of work is location-agnostic. Apart from reduced commuting time, improved productivity, and a better work-life balance, there are many advantages to WFA options. To gain these advantages, every company must ensure a hassle-free, seamless, and secure workflow for business continuity. E-signature solutions provide users with an unmatched contactless and remote experience.

Here is a quick look at some of the use-cases of e-signature solutions for various industries:

HR:

Signed and approved Offer & Appointment letters
Memos & Appraisal Forms

Accounting & Finance:

Vendor Invoices
Employee Reimbursements

Admin & Procurement:

Purchase Orders
Vendor Contracts

IT:

Offer Letters
NDAs

DrySign is an easy-to-use, secure, and fast e-signature platform that can transform your business and change up old, traditional, cash-draining methods to new, digitally powered solutions. Find a plan suitable for your business, no matter the size or industry you belong to. Go Digital With DrySign - E-signatures for All!

Sources: financesonline.com | adobe.com

Date

Mon, 05/23/2022 - 12:00

Author Name

Avantika Joglekar

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Digital transformation is the way to go and e-signatures are your first step in!

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Change The Way You Manage Your Contracts - Go Digital With Drysign!

Read more about Change The Way You Manage Your Contracts - Go Digital With Drysign!

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Would you believe us if we were to tell you that we’d deposit a million bucks into your account if you read this blog in all its entirety? No! Well, what if we promised? Still no, huh? Not even if we promised? Doesn’t that count for something? Hard pass, eh? Sure, that’s hurtful. But, your skepticism is rationally justifiable. How are you expected to believe anything unless some contractual obligation binds it with definite tenure, validity, terms, and conditions? And there are none out here!

A promise is nothing but mere words, but an attested agreement is what binds the participants to the terms. They make promises legal and enforceable. Without a contract, such promises are nothing but tall worthless claims. A contract is what coaxes the promising party or parties to stand by their word and comply. Otherwise, mere words are just fluff without any concrete obligation, aren’t they?

Needless to say, businesses employ contracts for all their transactions. Contract and Agreement documents don’t just bind the promising party to the mentioned task, but they also provide a crucial blueprint with clearly defined roles, responsibilities, expectations, obligations, tenure, validity, terms & conditions, and endpoints, among other criteria concerning a deal.

Irrespective of your category, as a freelancer, startup, or enterprise, inappropriately handled agreements can expose you and your business to significant risks. Therefore, it is essential to safeguard your interests and optimize the value of every offer and deal. But, this is possible only with reliable documentation technology, such as an e-signature platform. Why and How? We’re glad you asked!

It lets you collaborate from anywhere, any time. Electronic signature service platforms allow you to access, create, modify, rectify, attest, verify, and store your agreements with ease through every stage of a deal.
Most businesses simultaneously juggle multiple proposals, and keeping track of them can be quite a task. Through secure, centralized, cloud e-signature services, you can say goodbye to an ever-increasing pile of files & documents to easily locate and manage your files instantaneously through a digital medium.
With e-signature solutions, you can digitize, integrate, and streamline complex workflows. Electronic signature services allow you to narrow down multiple processes to a mere few. You no longer have to wait for and send agreement documents across with several pit stops. Simply deliver, approve, sign, and seal a document all on one singular platform – easy, isn’t it?
Some e-signature service providers allow you to choose and create templates to suit your requirements. Thus, you save much time that would have otherwise been devoted to cumbersome, redundant processes.

There are several stages that a deal goes through. Of course, these may vary by type, organization, and industry. But let's narrow down these processes to a generic classification, and we'll get five crucial phases. So first, let us understand the contract lifecycle and the ways e-signatures can alleviate some of the pain points at every stage.

Creation:

If a deal is imminent, one must create a request to initiate an offer. An offer must highlight the objectives, goals, proposed responsibilities & liabilities, effective date, date of delivery or end date, payment – amount, method, and terms. This stage revolves around a proposal and is subject to alterations considering the interests of all participants. Nothing is concrete yet, and nobody is bound to oblige to any terms. The focus at this stage is to provide a basic framework by outlining the rights and duties of every participant. It is a good idea to add conditions and clauses that refer to action plans in case of a mishap, dispute, and other such circumstances. Digital signature platforms enable all the participants to view and suggest recommendations simultaneously through cloud computing services accessible only by authorized participants.

Also Read: 7 Reasons to Equip Legal Teams with Digital Signatures

Negotiation:

After the proposer completes their draft, the ball moves to the respondents' court. Their team must thoroughly analyze and ensure there are no loopholes or ambiguities to safeguard their interests. The offer might need approval across departments as multiple teams scrutinize it. This is a time-consuming process, but it can lead to severe complications if a department misses out on inspections. Depending on the inputs provided, they can counter the offer, reject it, or suggest modifications. A typical negotiation phase accommodates a lot of oscillations until the consenting parties conclude to draw up a memorandum of understanding. Imagine this entire process made a lot easier with digital workflows and e-signature solutions. You'll eliminate the need to send and sign multiple drafts and copies physically. Besides, e-signature platforms allow you to store all iterations of an offer with a robust audit trail to eradicate the possibility of any confusion. Talk about transparency!

Finalization:

This is when things begin to stabilize as far as documentation is concerned. Although this isn't the final stage, most disagreements get ironed out as teams prepare to set things in motion. It is crucial to get attestations from all consenting authorized personnel during this stage to bind the agreement legally. The legal team must conduct thorough due diligence to ensure the company's interests are safeguarded. With electronic signature workflows, acquiring these consensual attestations becomes a cakewalk allowing all concerned parties to conveniently move on and concentrate on the next phase of a deal, its execution.

Execution:

Remember the age-old saying, 'Actions Speak Louder Than Words'? After finalizing and approving a deal, it's time to set things in motion, which marks the beginning of the execution stage. All parties would have agreed to an effective date for the execution duration and validity during the finalization stage itself. All parties that consented by signing must fulfill their obligation. Electronic signatures enjoy the same privileges as handwritten signatures. Thus, an agreement signed through an e-signature platform must comply with the specifications mentioned in the agreement copy, or there may be legal, financial, and reputational implications. Digital signatures are legally binding and accepted in most use cases and locations worldwide, making them an efficient tool for managing contracts.

Closure:

Everyone wants to close a sale deal as soon as possible. But you cannot complete a deal without relevant signatures. The closure of an agreement is a crucial stage, and e-signature platforms allow you to close your deals without participating in a time-consuming chase. All participants must have a clear idea about what is expected once the job gets done. Are all parties inclined towards an auto-renewal for another definite tenure? Do they wish to terminate it? What are the conditions that need to be met in either case? Will the same terms be applicable? How pertinent will a renewed bond be in the next term? If any revisions are recommended, all of these should be documented to avoid any misunderstandings. If you plan and manage your contracts well, you can mitigate many risks associated with poor document handling.

Always remember these basics while handling contracts:

Thoroughly comprehend and weigh the responsibilities, obligations, and risks.
Ensure the roles and timelines are suitably assigned with appropriate provisions for delays, circumstances, or malice.
Track and monitor the status and completion of your agreement.
Always keep your settlements accessible and saved in a secure device or location.

A deal is subject to revisions through every stage. Clauses can be added or deleted, and conditions may be tweaked to suit the participants. Electronic signatures make it easy to streamline every stage of a contract. Imagine all of this being done the traditional way with heaps of paper going back and forth several times to every participant's address. Eventually, the older iterations become nothing but trash that may carry sensitive information, ultimately ending up at a paper shredder. That's like consciously generating waste. Indeed, you shudder to think about how much paper gets wasted this way! Sure, work must get done. But, when there is a better way, why not adopt it? Especially considering e-signatures provide users with the security and efficiency that traditional documentation cannot guarantee. They improve TATs by leaps and bounds and save a lot of pennies. For seamless contract management and to gain a competitive advantage, it's advisable to manage your agreements with e-signatures.

Your Contract’s Fine…if you’re using DrySign!

DrySign is an e-signature platform that is secure, quick, and easy to use. With thousands of businesses entrusting us with their documentation, we're sure to amaze you too! Give us a call to find out exactly how we can revolutionize the contract management process at your end. Or just sign up here for a FREE TRIAL.

And about that so-called offer at the beginning of this blog …unicorns and fairies! Next time, insist on an electronic contract with valid currency! Ensure an e-signature from someone with authority backing it. And if you want to know how e-signatures work, check out DrySign here.

Date

Wed, 06/01/2022 - 12:00

Author Name

Ruelha Mascarenhas

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Digital Signatures: Bolstering the Business Game for Start-ups

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The COVID-19 pandemic left the whole world shattered with calamitous blows to almost every facet of the business. While this crisis became a catalyst of innovation for some organizations, for those who were missing out on digital transformation initiatives it became a wake-up call. Start-ups weren’t an exception to this. With the whole ecosystem moving to digital solutions for sustainability and agility, it was of paramount importance for start-ups to integrate digital solutions in their processes and innovations.

Companies embracing digital transformation are 26% stronger than their competitors and hold a 12% growth factor.

We are living in the generation of digital immediacy. Consumers ask for the best possible experiences delivered at a fast pace through digital channels. And to meet these ever-growing customer expectations, businesses have to leverage the use of digital solutions. Likewise, it is paramount for start-up owners to invest in new technologies and innovations. Start-up owners are striving to establish their brand images and make a mark in today’s cut-throat competitive market, which doesn’t allow them to spend countless time and effort on tedious and lengthy document handling and paperwork. This is why start-up owners are increasingly moving to digital solutions such as digital signatures. They not only streamline documentation processes, but also save a lot of time, effort, and operating costs. Moreover, it helps improve employee productivity, enhance customer experiences, and optimize operations. Let’s dive into this blog to discover the role of digital signatures in increasing sustainability and efficiency for start-ups.

Ways Digital Signatures Help Start-Ups Thrive In the Market

Before digging into the benefits of electronic signatures, here’s how paper usage harms our environment and the planet.

Offices in the U.S. use 12.1 trillion paper sheets a year.
Paper contributes 25% to landfill waste and 33% to municipal waste.
The paper industry is the fifth largest consumer of energy worldwide, using over 4% of the world’s energy.
The production of 1 ton of virgin paper accounts for 253 gallons of petrol usage.
Paper waste contributes 50% to the overall business waste produced.
Annually over 30 million acres of forests are cut down.

While paper usage can cause zillion hazardous issues, there is one smart solution that can help! Ditching the traditional wet signatures and embracing smart digital solutions such as digital signatures can live up the consumer expectations and market standards, improve employee productivity, and help businesses become sustainable! Here’s how digital signature solutions can benefit start-ups:

Enhance Customer Experience

According to one survey, customers can spend over 200% more and interact at least 50% more with a business that delivers an excellent customer experience. Bolstering a superior customer experience for your clients helps create brand loyalty and boosts customer retention, which is the key component fostering start-up growth.

72% of users say they would consider abandoning a brand that provides a disconnected customer experience.

For the majority of start-ups, the struggle is real. This includes searching for funding, getting agreements signed on time, taking approvals from stakeholders, invoicing, and nurturing a great customer experience. Using traditional paper-and-pen signatures can slow down these processes, while on the other hand, e-signatures live up to expectations! Electronic signatures help start-ups save time and allow them to sign from anywhere, anytime, thereby speeding up the invoicing and agreement signing, helping them deliver an excellent customer experience without spending too much on resources.

Attract New Customers

The first few years are crucial for any business. Start-up owners are constantly striving to keep everything and every stakeholder on the same page to avoid disputes. However, the most crucial goal remains generating enough revenue to keep the business running and to attract new customers.

Over 60% of consumers prefer an automated self-service, such as a website or mobile app.

Also Read: 8 ways e-signatures can transform your business!

People nowadays are more receptive than ever to new technologies. They tend to bend toward brands incorporating emerging technologies to offer a hassle-free experience to their customers. When customers purchase any product or service from a start-up, they expect prompt responses to their queries, feedback, and transactions. It is undoubtedly impossible to manually sign every transaction, keep track of feedback, manage overwhelming data in one place, and send/receive documents back and forth. E-signatures ease up these tasks. Moreover, every transaction handled using electronic signature carries the same legal weight as paper-based signatures.

Companies outshining customer experience drive 4-8% higher revenues than other competitors in the market.

High-Level Security

77% of business owners want remote access to the files.

Security is the foremost concern that comes to mind when someone wants to access confidential files remotely. There are possibilities of data loss, file misuse, data theft, or unauthorized access.

Document handling challenges account for 21.3% of productivity loss.

Start-up owners shuffle through innumerable agreements and contracts to get the stakeholders on board, attract new customers, onboard new employees, and more. Getting entangled in lengthy and tiresome documentation can cost them time and money, which is the most crucial for businesses. In contrast, e-signature solution come at a very reasonable and adaptable price structures, and help in streamlining documentation. In addition, DrySign e-signatures are 256-bit encrypted, integrating end-to-end security in your signing processes. This allows businesse owners to easily access documents anywhere, anytime, from any device, without any security constraints. Furthermore, DrySign e-signatures are legally binding and comply with certain certifications to ensure the legality and compliance needed.

Legally Binding

With a tremendous rise in online transactions, the need for a safe and legit way to bind the signatory to a written agreement, policy, or acknowledgment becomes dire. While integrating e-signatures in business processes, you might wonder if the signature solution complies with all the concerned legislation. An obvious response to this question is yes! Most e-sign platforms are compliant with electronic signature laws and regulations of the country they’re being used in, such as the ESIGN Act and UETA in US which grant legality to digital signatures.

Legally binding signatures adhere to public key infrastructure (PKI) that generates two bits of code known as keys to providing an extra layer of protection to documents. There are two such keys: private and public keys. PKI technology also guarantees compliance to certificate authority (CA) requirements, which ensures the uprightness of key security. Depending on your business requirements and the level of legitimacy needed, you can accordingly opt for e-signature solutions.

Long-Term Savings

Physical contracts cost around $5 to $10, considering printing and courier.

When it comes to start-ups, everything has to be managed from scratch. And keeping a record of everything to avoid further disputes becomes challenging with manual processes. Moreover, sending or receiving agreements or contracts back and forth for review and signing takes overwhelming time and effort. The cost of storing, retrieving, producing additional copies, etc., can be much higher. In addition, it accounts for human errors, data loss or theft, or unauthorized access to confidential data.

By deploying digital signature solutions like DrySign, start-ups can bag long-term savings based on their operation and budget scale. Hidden costs like printing, scanning, office supplies and storage of paper documents constitute a significant portion of the budget. Smart alternatives not only eliminate these tedious aspects but also enable your start-up to do what it does best. Make this world a better place, one problem statement at a time.

Operate Faster, Safer, And Smarter

Using digital signatures can help your organization reduce an array of operational costs. Businesses can reduce the turnaround time, document processing costs, and error rate by up to 80% and improve productivity by 85%. Streamlining your operations helps you with free time to connect with your customers and clients. The transition to digital signatures provides faster ROI when the scale of operations is huge.

Join The “Greenitiative.”

The global picture of a paperless tomorrow is evident. All the U.S. federal government agencies are planning to go paperless. It would be safe to predict that given the initiatives going on across the globe, going paperless can become mandatory in the not-so-distant future. So instead of waiting for that to happen, there’s no harm in reducing the carbon footprint while saving time, money, and infrastructural costs.

If you are a start-up owner striving to upgrade and advance your business initiative with more customers and manageable contract processes, you must bring speed and security into your workflows to make remote working a success. Digital signatures are all you need for agile and sustainable business processes. Define your business requirements and choose the best-suited e-signature solution for your start-up to increase efficiency and sustainability.

Date

Fri, 06/10/2022 - 12:00

Author Name

Pooja Patil

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Digital signatures: Key to thriving start-ups in today’s business era.

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