digitaltransformation

Automate your Contract Signing Process with eSignatures

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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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Description

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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5 Ways to Digitally Transform your Business with eSignatures

Read more about 5 Ways to Digitally Transform your Business with eSignatures

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Industries all around the world have stepped into an era of digitization, where age-old practices have gradually moved aside, quicker and more intelligent methods of working have surfaced. 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. Digital transformation has never been more significant, and it looks like there is no stopping it.

Over the years, there have been many breakthroughs in the field of technology for business. With newer tools introduced for enhanced business processing, every business tool and its functions vary from industry to industry – whether it is 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.

One such tool that has made its way into business models is the Electronic Signature platform. eSignatures have steadily become one of the easiest and most secure means of executing contracts or agreements. It eliminates the hassle of manual follow-ups that involve multiple signatories and location constraints. Businesses are constantly evolving while trying to find ways of doing things in a quick, secure, and cost-efficient manner, and eSignature platforms offer just that. Electronic signatures have long been deemed as legally binding and are a sustainable way of moving your business forward.

Here are some of the significant ways eSignatures can help transform your business digitally:

Increased Speed and Productivity:

Signing paper contracts substantially increases the time taken to get into agreements and also slows down the delivery of services. With an electronic signature platform, the time and effort taken to get multiple signatures or approvals across the business is significantly reduced, making business processes faster than ever. The most notable benefit of eSignatures is the eliminated manual error rate that makes for a risk-free addition to any business.

Higher Cost-Savings:

The most apparent of the savings is the cost of paper and ink, printing, packaging, postage, and delivery/shipping. The cost of using paper itself, plus paying someone to perform these administrative tasks, can be extremely high. In addition to this, eSignature platforms help avoid costs of fixing problems that occur due to human error.

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, making them an added risk factor to any organization. Electronic Signature platforms can track signed documents from the past, along with their matter, date and time stamp, and signatures. The auto-archive feature helps businesses keep track of what was signed, by whom, and when. eSignature platforms have robust audit trails that ensure each document and process is recorded to avoid customer disputes while mitigating risk.

Greater Flexibility:

eSignatures provide key benefits like -

Its ability to work on multiple devices;
Uploading documents from different apps including cloud-based storage; and
Its unrestricted scope to reach multiple signatories at the same time.

Improved Customer Satisfaction:

Every business is trying to win customers over with more straightforward ways of providing exceptional customer experience. Having a customer bend over backward to sign a few documents can prove detrimental to any business relationship. An easy-to-use solution like eSignatures can help eliminate the inconvenient and bulky process of signing hundreds of documents and replace it with a process that is speedy, safe, secure, and inexpensive.

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. Here is where the adoption of technologies like DrySign – Exela's Electronic Signature Platform can transform your business digitally without having to make excessive changes to your current systems or software.

Try DrySign For Free Now

Date

Fri, 04/24/2020 - 12:00

Author Name

Nisha Pillay

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Why all SMBs working remotely need to deploy a digital signature solution

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When a group of like-minded and innovative individuals come together, creative ideas are allowed to flow freely that change this world for the best. One such collaboration that rocked the world to its core was team Steve that founded Apple. Steve Wozniak and Steve Jobs started off with an idea and worked their way to the top. But with drastically changing times, the core dynamics of any business has gone through equally drastic changes. We have seen globalization doing its best to facilitate business operations over diverse geographies. In this age of seamless connectivity, SMB’s working remotely cannot miss out on any transformative digital solutions that have the potential to replace any manual paper-based workflow.

End-to-end digital operations
We live in an era where technology is allowing us to do virtually everything and anything from the safety and comfort of our homes. During the COVID-19 pandemic, we saw a sudden shift in paradigm with most business operations initiating the transition from manual to digital. Hiring, for instance, is one of the vital parts of any SMB operating remotely. The revolutionary idea on which the business is based needs equally revolutionary minds working in tandem to turn the idea into reality. To make sure that the entire spectrum of the recruitment process goes digital, SMB’s need to implement a smart digital signature solution like DrySign to facilitate remote documentation.

Also read: DrySign Freemium has Arrived – Here’s Everything You Need to Know

Remote collaboration with vendors via digital signatures
If you want your SMB to move fast, let it operate on its own. If you want your business to reach unimaginable heights, you collaborate. Any business, no matter just how ironclad the operation policies are, has room for improvement. This is where collaboration comes into picture. Then there is Murphy ’s Law – “Anything that can go wrong will go wrong.” History has proven that there is a myriad of things that can go wrong with paper-based agreements and service-level contract signing. With regulations like the Electronic Signatures in Global and National Commerce Act (ESIGN) and the Uniform Electronic Transactions Act (UETA), digital signatures carry the same legality as wet ink signatures. This means enforcing agreements and contracts via a secure solution that does not compromise the integrity of the agreement while making it easier to collaborate with vendors.

Getting rid of the hidden costs
When we look at the manual paper-based document signing process, not only is it filled with vulnerabilities, but it also comes with subtle and well-hidden expenses that make a huge impact in the long run. A sophisticated digital solution like DrySign provides features like online document storage that cuts down unnecessary costs like document printing, scanning, and storage, making them easier to retrieve, maintain, and use. From an operational standpoint, digital measures allow for a speedier workflow that results in cutting operational costs. Seeing how SMB’s have a slightly tighter budget to run the business and need to make the most out of technology, reducing such administrative expenses go a long way.

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Date

Thu, 02/25/2021 - 12:00

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DrySign Author

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Why all SMBs working remotely need to deploy a digital signature solution

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https://www.nbcnews.com/news/us-news/six-charged-florida-prison-escape-used-forged-documents-flna2d11778731

Signature Forgery - Enhancing Transparency and Security with Digital Signatures

Read more about Signature Forgery - Enhancing Transparency and Security with Digital Signatures

Description

Digital signatures have sparked a revolution since the development of the RSA algorithm (named after its inventors – Ron Rivest, Adi Shamir, and Leonard Adleman) in 1977. RSA went on to become the most common asymmetric algorithm in use, ensuring electronic messages and data storage remain secret, secure, and accurate. This marked the dawn of various digital signature schemes that began emerging soon after.

Besides saving time, paper, and a lot of effort, did you know that digital signatures could have also averted several crimes and scandals in the past? Let’s look into a couple of interesting cases.

Digital signatures in courts

Back in 2013, a band of six cybercriminals forged release documents and had them signed by the judge to facilitate a legitimate-looking prison break. Also, in 2012, a man in Pennsylvania forged release papers to escape from his sentence for tax fraud. All these cases could have been easily avoided using the traceability offered by digital signature solutions.

Search warrants are another area where digital signatures can make a significant difference. A search warrant is a document signed by the magistrate that grants authority to law enforcement officers to search a property. Search warrants contain sensitive information like names & social security numbers of people and informants involved, along with evidence. The search warrant is based on another document called an affidavit signed by a law enforcement officer, stating the facts and the reasons to search the property.

With digital signature solutions in place, it is possible to speed up this process while adding a layer of virtually impenetrable security. A quickly signed warrant can be the thin line separating a major bust and an escaped felon in mission-critical situations.

Also read: Guide to Going Paperless with DrySign

Some recent cases of signature forgery

A resident of Chattanooga, Tennessee, named Robert Hallick, was arrested on account of forgery. He allegedly used his real name for his initial application to carry a firearm. The Tennessee Department of Safety and the Homeland Security Handgun Unite rejected his application due to an active warrant in Michigan. He then applied for the second time using the name of the former president Barack H. Obama and forged the signature of the Commander-In-Chief. Eventually, in February 2021, he was caught and sent to prison.

A Canadian passenger from Stratford was arrested on 11th February, 2021 on account of forged COVID-19 tests at the Pearson International Airport. After a thorough investigation, he was found to test positive for COVID-19.

In November 2020, there was yet another case in New Jersey where a Hunterdon County resident named Brian Shilling was arrested for forging a signature while casting a mail-in vote. He forged another individual’s signature, certified it, and sent it to the Hunterdon County Board of Elections, purporting the vote was cast by someone else. He was charged with tampering with public records, falsifying records, and disorderly persons offense, among other charges.

Conclusion

The implications and consequences of such incidents are direly devastating. When we look at it in retrospect, it is evident that these situations could have been easily averted using Digital Signatures.

Unlike traditional, hand-written signatures that can be easily forged, digital signatures offer multiple layers of protection. Even before a signer can access a document and sign, e-signatures can verify the signer’s identity through various options such as email address, SMS, OTPs, ID verification, and knowledge-based questions.

Then come the physical and platform security measures, including malware protection, commercial-grade firewalls, strict access control, data encryption, multiple authentication, and security certifications.

With all these fool-proof measures in place, do you think any of the above forgery cases would have transpired? No chance.

Sources:

https://www.ktvu.com/news/tennessee-man-arrested-after-forging-former-president-obamas-signature-on-handgun-permit-reports

https://www.nj.com/hunterdon/2020/11/nj-man-charged-with-voter-fraud-after-forging-signature-on-mail-in-ballot-authorities-say.html

https://lfpress.com/news/local-news/stratford-man-charged-with-using-false-covid-19-document-at-pearson

Date

Fri, 05/21/2021 - 12:00

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DrySign Author

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Signature Forgery - Enhancing Transparency and Security with Digital Signatures

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IRS Income Tax Day 2021 Deadline Extended? Learn More About E-Filing in Under 5 Minutes.

Read more about IRS Income Tax Day 2021 Deadline Extended? Learn More About E-Filing in Under 5 Minutes.

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When is Tax Day 2021? Deadline Extended from April 15 to May 17: Here is What the IRS Wants You to Know about E-Filing Using Digital Signatures

It is that time of the year, folks. The annual financial headache of America. Unless you are due a hefty refund from the IRS or working as a highly paid accountant, Tax Day 2021 won’t bring much delight and happiness to your life. According to a NationalToday.com survey, 7% of Americans enjoy the filing process while 11% say that filing taxes absolutely stresses them out and surprisingly, 3% of them never file their taxes!

Evading tax is a criminal offense, if committed, may give rise to substantial monetary penalties, imprisonment, or both. Therefore, unlike the 3% of those people, we must abide by the law and file our taxes no matter how we feel. Today, we bring you fresh information on how the IRS wants you to file your taxes for Tax Day 2021 using digital signatures if you plan on e-filing to save a significant amount of time.

How does the e-signature option work?

Taxpayers who intend to use Forms 8878 or 8879 to electronically sign Form 1040 federal tax returns or filing extensions, can use an e-signature to sign and electronically submit these forms to their Electronic Return Originator (ERO).

Can all taxpayers use the e-signature option?

All taxpayers cannot use the e-signature option. It is only available to taxpayers who e-file their returns via an ERO that makes use of software to provide e-signature and identity verification. To meet the requirements for e-signature, the ERO should be able to record the name, social security number, date of birth, and address of the taxpayer electronically, to verify the ID.

Do taxpayers need to sign Forms 8878 or 8879 electronically?

No. Taxpayers can continue using handwritten signatures and send the form to the ERO via U.S. mail, email, fax, private delivery, through the internet, or in-person before Tax Day.

What e-signature methods are available?

The software the ERO uses decides the e-signature method used to sign the form. Irrespective of which method is used, the electronic record must be forgery-proof once it is e-signed. Examples of some of the methods used to capture e-signs include:

A handwritten signature on an e-signature pad
A command input, mark, or handwritten signature captured via a stylus, on a display screen
A digitized image of a handwritten signature attached to an electronic record
A typed name
A shared secret such as a password, secret code, or PIN used to sign the digital record
A digital signature
A mark captured in the form of a graphic.

What are the ERO’s responsibilities regarding e-signatures?

When a taxpayer opts for an e-signature option, the ERO must use software wherein identity verification is included. It should be able to record the following data:

Digital image of the signed form
Date and time of the signature
Taxpayer’s computer IP address (remote transaction only)
Taxpayer’s login ID — username (remote transaction only)
Results of the ID check to authorize the taxpayer’s ID verification
The e-sign method used to sign the record

The ERO also holds responsibility for preserving a forgery-proof record in a safe, access-controlled storage system for 3 years from the IRS return receipt date or 3 years from the due date of the return, whichever falls at a later. ERO's must be able to recover and reproduce readable hard copies of the signed form.

Also read: Guide to Going Paperless with DrySign

How should the software perform identity verification?

For identity verification purposes, the software may generate a “soft inquiry” in the credit reporting industry. Information from the taxpayer’s credit report is used by credit reporting companies to create knowledge-based authentication questions – an action that may generate an entry on the credit report known as a “soft inquiry”. Characteristically, the knowledge-based authentication questions address the personal and financial history of the taxpayer. These are usually multiple-choice questions such as the name of their mortgage lender, type of car finance, a former address, or phone number. The taxpayer is expected to enter correct answers to the questions. This is not a credit check. However, taxpayers who fail to pass the ID verification check, can’t use e-signature.

Is identity verification a one-time event?

No, it is not a one-time event. Identity verification needs to be done each time a taxpayer signs Form 8878 or 8879 electronically. However, there are two exceptions. If a taxpayer electronically signs the form in the presence of the ERO, or there is a multi-year business relationship (when the ERO has initiated the taxpayer’s tax returns for a previous tax year and has already identified the taxpayer using the ID verification process) between the taxpayer and the ERO, identity verification is not needed on any Tax Day.

What is an “e-signature via remote transaction” with regards to Forms 8878 or 8879?

When the taxpayer e-signs the form and the ERO is not physically present, it is considered as a remote transaction for e-sign.
Note: A remote transaction for e-sign doesn’t include handwritten signs on Forms 8878 or 8879, sent to an ERO by U.S. mail, e-mail, fax, private delivery service, through the Internet, or in-hand.

What is Identity Verification Failure?

When an ERO makes use of tax preparation software to sign Form 8878 or 8879 electronically, the software facilitates identity verification using knowledge-based authentication questions. After three attempted failures to provide the correct answers to these questions, the ERO will need the taxpayer’s handwritten signature.

Now that the IRS has extended the Tax Day 2021 deadline from April 15 to May 17, you can easily e-file your taxes at your convenience using an ERO. Click here to contact your nearest ERO.

Sources: nationaltoday.com | irs.gov

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Thu, 04/01/2021 - 12:00

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Electronic Signatures vs. Digital Signatures. Which One Should You Choose?

Read more about Electronic Signatures vs. Digital Signatures. Which One Should You Choose?

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Electronic signatures and digital signatures – these are two terms that are thrown around quite frequently in today’s modern, digital age. Looking at how similar they sound, it is easy to get confused between the two. However, in reality, there is a significant difference between these two terms. All digital signatures are electronic signatures, but not all electronic signatures are digital signatures. Confused? Read on to find out what sets these two apart and figure out which one suits your signing needs the best.

What are electronic signatures?

The concept of electronic signatures is rather broad and generic, and may or may not prove to be a secure medium to bind the signer to the agreement. An electronic signature is an online medium that captures the intent to approve the content of an electronic document. For example: your name typed in an email, a captured image of your paper-based signature, or typing your initials at the end of any message.

What are the drawbacks of electronic signatures?

Based on the definition, an image of a wet signature or simply typing your name at the bottom of a document can also be considered as an electronic signature. The challenge is, this does not necessarily verify the authenticity of the signer. For example, chances are someone else can easily forge your signature or capture an image of your wet signature. History is replete with such lawsuits, leaving businesses with severe impacts. On March 9, 2011, in the dispute between Carrefour Banque and Fort de France, scanned signatures were deemed to be insufficient to enforce the agreement, owing to the lack of authenticity of the signer’s legal commitment. To prevent such situations, digital signatures were introduced.

What are digital signatures and what’s the big difference between the two?

The distinction that sets the two apart is the fact that digital signatures offer a legally enforceable way to identify the signing party through digital certificates obtained from certifying authorities. A digital signature platform offers detailed logs of document edits, as well as security measures to prevent document manipulation by any external agents and make sure the signer’s identity is verified.

Furthermore, to authenticate online identities and secure online session from cyber eavesdroppers, trusted Certificate Authorities (CAs) such as Entrust generate cryptographic keys. Digital signature solutions like DrySign are authorized and certified by such legal entities.

Laws and regulations involving digital signatures in the United States

Nations worldwide have adopted electronic transactions and digital signatures to improve online shopping transactions and make signing agreements/documents smoother and safer over the internet.

The ESIGN Act introduced by President Bill Clinton on 30th June, 2000, granted legality to electronic signatures.
The Uniform Electronic Transactions Act (UETA) was adopted to establish a consistent framework that defines the legitimacy of electronic signatures in online transactions. In order to standardize e-signatures, the following criteria were set:

The intent to sign should be clear.
The consent to conduct online business must be acknowledged by the signing parties.
There should be a concrete way of associating the signatories with the agreement.
Detailed records are to be maintained and made available to all the signing parties.

Which one should you choose?

Be it for personal use or enterprise-level operations, any contract or agreement has its own depth of legal implications, depending upon the context. When it comes to legally enforcing the contract, there is no better alternative than a secure digital signature solution that offers all the necessary features to keep the document safe from external manipulation and maintains the signer’s authenticity. Moreover, digital signatures are easy to implement and come with tons of integration options.

Also read: DrySign Freemium has Arrived – Here’s Everything You Need to Know

Conclusion

Broadly speaking, electronic signatures are more about simply verifying a document with the intention of signing, without too much focus on authenticity and security. On the other hand, digital signatures warrant the authenticity of the signing parties, keep the document secure, and legally bind the signatories to the contract.

The essence of any agreement, contract, or enforceable document signing lies in its legal implications. The lack of enforceability of any legal covenant beats the point of signing it in the first place, and this is where electronic signatures fail to make a significant impact.

In the grand scheme of things, investing in digital signatures not only avoids lawsuit settlements, but also speeds up your workflow, reduces inaccuracies & file handling costs, and cuts down any hidden costs associated with office supplies, document storage & preservation, and so on. All in all, going for digital signatures is definitely a step in the right direction.

Sources:

https://blog.pandadoc.com/ueta-act-and-the-legality-of-electronic-signatures

https://www.globalsign.com/en-in/ssl-information-center/what-are-certification-authorities-trust-hierarchies

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Fri, 03/12/2021 - 12:00

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Electronic Signatures vs. Digital Signatures. Which One Should You Choose?

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Reduce Office Workload and increase productivity: 5 Steps to achieve efficiency!

Read more about Reduce Office Workload and increase productivity: 5 Steps to achieve efficiency!

Description

Even with the proliferation of technology and digitalization into our workspaces, several crucial departments are still held back by traditional, time-consuming processes. Take, for example, physical paper documentation. If there’s one thing that is a constant in different departments of any business, it’s paperwork – lots and lots of paperwork! For example, in HR, an executive could end up processing anywhere between 10 to 60 documents for the simple task of onboarding a new employee. Same for the sales team. Every pitch and subsequent sale contains contracts, MOUs, quotations, proposals, etc. The list is endless.

All these daily tasks require careful documentation, but printing, gathering signatures, and storing hard copies take up precious time and space, directly leading to confusion, loss of business hours, and the worst of all, productivity!

Similarly, there are many more reasons why a team’s productivity can drop considerably over time. Poor management, extreme stress, and burnout are some of the top causes for employees facing more than their fair share of challenges.

If increasing office productivity and employee efficiency are on your mind, you’re in the right place! Here are 5 essential tips to ensure that your team is high on productivity as well as morale:

Take time for planning

1 hour of planning can save 10 hours of doing! - Dale Carnegie

If to-do lists and post-its are your best friends, you are on the right path. But if you are not acquainted with the myriad advantages of planning, you must know that workload management for your team starts when you begin with a Group To-Do list. Working in tandem with your team and then executing your tasks as per priority is the best way to handle a tough day or week. Set priorities for yourself and your teams and ensure adherence to them. Whether you work in a highly charged environment like a lawyer’s office or a more structured and composed space like a School Principal’s office, having a well-planned day can increase your ability to perform at your best.

Pro-tips!

Get behind your team and their goals.
Set realistic but precise deadlines.
Schedule planned downtimes for the team every few weeks so that work doesn’t become too tedious and overbearing.
Adopt a cross-functional approach and ensure every team member is trained to take over in case of contingencies.

Also Read: Top Digital Trends to watch out for in Business!

Communicate, Communicate, Communicate!

The Art of Communication is the language of leadership! - James Humes

Whether a company opts to utilize email, face-to-face meetings, or even an SMS alert system, the important thing is for employers and leaders to practice effective and positive communication. Effective communication allows employees to get clear and definite instructions, enabling them to act according to what is expected of them. Improvement in accountability then increases productivity in the workplace. Efficient communication, which includes clear instructions, fast message delivery, and proper explanation, is the key to solid cooperation between managers and employees. It plays an eminent role in getting things done, ultimately increasing the department’s productivity.

Pro-Tips

Create regular newsletters and inclusive conferences to share the latest updates of your achievements, performances, etc.
Create a work culture that appreciates open communication and transparency.
Ensure that inter-departmental communication is strong and open. If the Sales team of an office does not clearly communicate the need for high client spend budgets to the finance team, let’s say, for a month, you can bet that there will be delays in your reimbursement processes. Stressful for the sales rep and inefficient for the finance man!

Delegate and develop!

Leaders don't create followers, they create more leaders. - Tom Peters

Identifying the strengths of your teams or employees goes a long way when it comes to handling the workload. Once you ascertain the strengths of your team members, dividing and delegating work should be an easy next step. Delegating empowers your team, builds trust, and assists with professional development. According to Harvey Mackay, founder of MackayMitchell Envelope Co., delegation gives you the chance to make workloads more manageable, but more than that, it can provide highly valuable teaching opportunities for your employees.

Pro Tips:

Make sure the person you are delegating your work to understands why they are doing it and how they should go about it.
Delegate a few minor tasks here and there and see how your team members handle them.
Don’t forget about feedback!

Clean up that desk!

The ability to simplify means to eliminate the unnecessary so that the necessary may speak. - Hans Hoffman

More often than not, you will find papers stacked at the front desk, piled around in the cubicles, shoved in drawers, tucked in cabinets, and stashed in storage closets around the office. Not only does this excessive paper use and practice of physical documentation leave your workspaces in disarray, but they are also expensive to manage and can considerably affect every employee’s efficiency scale. It’s no wonder that messy desks lead to stress, distractions, lower self-confidence, and reduced overall productivity. Studies show the average person wastes 4.3 hours per week searching for papers, which adds stress and frustration to the workplace while reducing concentration and creative thinking. You may think you’re not bothered by your overstuffed filing cabinets or the stacks of paper on your desk. But scientists at the Princeton University Neuroscience Institute show that our brains like order, and that constant visual reminders of disorganization drain our cognitive resources and reduce our ability to focus. They also found that when clutter was cleared from their work environment, they were able to focus and process information better, and their productivity increased.

Pro Tips

Marie Kondo your way through office decluttering. Organize a ‘Spring Cleaning Drive’
Go paperless and introduce your team to DrySign e-signatures so that they don’t have to wait around for physical signatures from partners and clients.
Incentivize cleaning - Give out annual or monthly awards to the best-looking home or office desk!

Inject technology to empower the team!

What new technology does is create new opportunities to do a job that customers want done - Tim O'Reilly

Technology is a beautiful thing, and it has come quite a long way over the years. One of the many things technology has done is increase business productivity. Turning over recurring and monotonous tasks to powerful computers increases productivity. It also reduces the chance of human error. What’s more, letting technology do the heavy lifting allows you and your employees to focus on core business tasks and revenue-generating activities. Never has there been a wider selection of technologies, apps, and programs to choose from that can reduce workload and increase productivity for you and your staff. Many successful businesses use applications for streamlining complex workflows and processes. They have features that ease repetitive and time-consuming tasks. These tech innovations have improved overall business ability to execute, pivot, and scale, and many of these technologies are still growing more efficient and innovative.

Pro Tip:

Incorporate automation tools. Find tools that automate just about everything, from scheduling and bill pay to email responses and contact update lists.
Take advantage of free trials and versions.
Choose wisely when it comes to technology that can change the way you and your team work, for the better.

Reducing the workload and improving the efficiency of your team translates into direct gains and business growth. By adopting these techniques your office space and the team is sure to flourish and in return strengthen your business.

DrySign is a tool that can streamline and declutter your paper documentation and can be seamlessly integrated into your process workflows. There is no need to train your team on how to use the solutions and expend even more resources. A super user-friendly e-signature solution, DrySign allows you to sign, upload, send and receive important documents in minutes, from anywhere, anytime.

Why just sign when you can DrySign!

If you want to know more about DrySign and its role in improving productivity, click here.

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Date

Fri, 03/04/2022 - 12:00

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Avantika Joglekar

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Reduce Office Workload and increase productivity

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