Law firms and legal departments sit centrally when it comes to mergers and acquisitions. According to a research by Forrester, 73% of the responding organizations handle over 500 contracts per month. That results in a paper-riddled aftermath that adds unnecessary administrative hours. Combine this with the fact that 87% of legal professionals have reported a significant increase in workload in the last five years. The key is to get more from less. With digital transformation, you can do just that! With digital signature solutions, it is possible to turn the tables around and increase the business value of legal teams by letting smart technology do the administrative part. That opens the team to do what they do best – analyze the situation carefully and provide strategic inputs to tackle legal obstacles. Here’s how digital signatures can prove helpful to legal professionals.

Sending legal notices digitally

If left to paper-based workflow, the integrity of legal notice is easily threatened if the counterfeiter gets access to the letterhead. The rest can be easily forged and manipulated, leading to dire consequences. When it comes to legal notices, security and integrity are of utmost importance. This is where digital signatures like DrySign come into the picture. Digital signatures not only eliminate the risk of document manipulation but also speed up the overall process.

Secure settlements with digital signatures

The key elements of a court settlement are the subject matter and its legitimacy, an offering statement, the capacity of the parties, and their signatures. If the parties are using the traditional, paper-based methodology, the contents of the settlements may become susceptible to tampering and forgery. In either of the two cases, the ramifications are disastrous. All such incidents and the costs associated with them can be averted by simply implementing a digital signature portal that ensures absolute security.

The role of cybersecurity in avoiding industrial espionage

NDA breaches and data theft make up for most of the corporate espionage cases. The resultant impact on the organization is long-lasting, and it may cost a small fortune to come out of the incident. We are looking at irreparable reputational damage, increased cybersecurity costs, and loss of business & customers. Enforcing NDAs and fortifying your company’s defenses requires state-of-the-art digital systems equipped with the latest security features. Digital signature platforms like DrySign go a long way in reducing infrastructural costs associated with storage and preservation, and bolstering your defenses.

Also read: Transforming the Legal Sector with Digital Signatures

The big picture

A report by the European Commission suggests that the economic impact caused by cyber theft in 2017 was around €60 billion in terms of economic growth and a potential loss of 289,000 jobs. This means that digitization is inevitable. It’s now a matter of ‘when and not ‘if’. When the tide of digital transformation hits the industrial shores, the legal sector has a lot to gain out of it. Legal professionals can save time and effort with digital signatures by digitizing agreements, deal closings, pleadings, disclosures, purchase orders, policy management, and virtually any paper-based process in their domain.

Sources:

https://blog.ipleaders.in/ensure-settlement-agreement-vali

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Even some of the most advanced and state-of-the-art hospitals armed with the latest medical tech fail to deliver the experience that the patients might come to expect. Especially when they are handed a clipboard full of forms and other paperwork that needs signatures. Manual, paper-based workflows can add days, if not weeks, for something that can be done in a matter of hours! In such cases, there are hidden costs that you are paying, which may not get accounted for in the long run. The solution to these problem statements is digitization.

Bottlenecks that can be avoided with a digital workflow

Handling large volumes of paperwork could be taxing, depending upon what your approach is. When you resort to paper-based workflow, there is a myriad of things that can go wrong.

1.    Lots of hidden costs

All the paperwork generated by countless patients requires excellent storage facilities and other infrastructural costs. In such cases, a strict protocol must be implemented to ensure that the patient’s sensitive medical information is not leaked. This process will require many resources and an additional workforce to maintain the facility and its contents.

2.    Risk of errors

With the nature of the information at stake, capturing & storing incorrect data may result in dire consequences. Compromising critical information like specific drug allergies, vital test reports, reactions to experimental drugs, etc., can incur exponentially heavy damages to the healthcare organization. The key is to have a digital archive for such documents. 

3.    HIPAA compliance

Each year, healthcare organizations face mounting paperwork. And with it, the chances to maintain 100% compliance with HIPAA (Health Insurance Portability and Accountability Act) go down. The penalty for each violation can go up to $52,522. Why not avoid this? Go paperless with digital transformation.

4.    Inconvenient during emergencies

When you need to get medical treatment on priority during emergencies, having to sign a pile of paperwork should not be your topmost concern. In such cases, reduced TAT can have a significant impact on treatment delivery and patient experience.

Also read: Guide to Going Paperless with DrySign

Shifting focus from paperwork to saving lives

Patient care frameworks, regulations, and standard operating procedures are subject to constant change. With modernization in every other process, healthcare organizations cannot afford to dwell on the legacy systems and methodologies for document signing. A significant part of administration can be overhauled using electronic signatures. Digital signatures streamline crucial processes like signing patient consent forms, patient admission procedures, vendor agreements, medical insurance forms, medical evaluation forms, etc. Besides, a significant amount of time, funds, and other resources are saved, which can be better used. 
When the paperwork is dealt with, healthcare organizations can do what they do best, enriching patients’ lives by providing a smooth, hassle-free experience.

Sources:

https://consociatehealth.com/news/healthcare-industry-news/hhs-increases-civil-penalties-for-hipaa-violations

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Consider this highly likely scenario where your organization goes beyond ticking all the right boxes in solving critical problem statements. Your company is coursing with energetic and talented individuals. Your technology stack is state-of-the-art. The only thing that can deter your organization in this scenario is the inevitable flood of paperwork. Studies indicate that 48% of businesses create three or more copies of the same document. In the longer run, all these subtle hindrances and setbacks add up to a colossal figure. In the USA alone, businesses spend $8 billion annually managing paper. So what can be done about this? The solution is to go paperless with digital tech like electronic signatures.

Smart administration in government offices using electronic signatures

Imagine a government office without those tediously long queues. Seems all futuristic, right? It’s within our reach thanks to digital transformative tech. Digitizing forms and getting electronic signatures would decrease document handling charges by 80%. That adds up for better utilization of taxpayer money. Money that can be spent on countless other projects like better infrastructure or public welfare schemes – all of this just by saving administration costs.
According to the White House Office of Information and Regulatory Affairs (OIRA), the US federal government spends around $38.7 billion annually managing paperwork. This is where solutions like electronic signatures come into the picture. Using digital signatures, these expenses can be reduced by 85%.

The Paperwork Reduction Act

The Paperwork Reduction Act was endorsed to minimize the paperwork burden for individuals, SMBs, and government bodies. The point is to get rid of redundancy by getting approval from a government body called the Office of Management and Budget or OMB, before using identical questions to collect information from the public.
The impact of electronic signatures in getting approvals and seeking signatures on surveys can be massive if implemented correctly. With such regulations, the government is definitely moving in the right direction. We are seeing electronic signatures being implemented by bodies like IRS to file tax returns. 

Also read: Guide to Going Paperless with DrySign

Digital archiving via electronic signatures

A significant portion of administrative costs goes into the preservation and storage of paper documents. Keeping track of large volumes of paper requires maintenance of strict protocols to avoid leaking sensitive information of the taxpayers. Even after investing in infrastructure and employees, there is a high risk of data redundancy, manipulation, error, or physically damaging critical records. But with electronic signature solutions like DrySign that provide online document storage, all these hidden costs and potential risks can be avoided altogether. 

How it affects the taxpayer

As a result of the implementation of electronic signatures, taxpayers get a better end-user experience by not having to physically visit just to sign documents. During these dire times of the COVID-19 pandemic, where human contact is not recommended, digital transformative tech like electronic signatures can go a long way in making our lives easier by simplifying administration. We are looking at efficient and effective delivery of government services over digital mediums. It means that in the grand scheme of things, taxpayers get a better return of taxes as the government cuts down on unnecessary expenses and puts that money to good use. 

Sources:

https://www.govinfo.gov/content/pkg/BUDGET-2021-BUD/pdf/BUDGET-2021-BUD.pdf

https://www.whitehouse.gov/wp-content/uploads/2018/08/M-18-23.pdf

https://www.msbdocs.com/10-surprising-stats-about-esignatures

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For an industry that is neck-deep in paperwork, the potential risks and vulnerabilities associated with many aspects of the workflow directly impact how they operate and distribute their services. When we take this point into consideration, the time spent in managing paperwork takes a toll on the core functionalities, productivity and profit margins. When we look at claims and sales processes alone, the sheer volume of documents that flows through the company’s intake funnel is overwhelming to manage, let alone optimize. In such cases modernizing the workflow is the key to unlocking the true operating potential of the organization.

The big hiccup in the traditional process

Getting personal insurance has become easy over time as people are comparing plans, filling out forms online, getting quotes, and tracking their claim status over the phone. However, the same cannot be said when it comes to selling commercial policies. Looking at how customer needs are constantly evolving, insurance companies are struggling to keep up. One of the drastic changes in a buyer’s purchase journey, which has left its mark on virtually every domain, is the rise in the DIY approach. This has impacted brand loyalty, as well. The customer’s focus seems to be shifting from price and brand to the service – a transition that companies find difficult to keep pace with.

It may seem like a leap of faith to invest in digital transformation, but considering the long run, the ROI and its impact on the business far outweigh the tiresome bureaucracy that runs in the backend. This is why a sane conclusion of adopting digital transformation is required.

Also read: Guide to Going Paperless with DrySign

Resultant paradigm shift

The insurance companies that had the foresight to see past the implications of the Covid-19 pandemic have switched to cloud-based technology to get rid of their inefficiencies and operational hurdles. Not only is it paying off, but it is also helping them strengthen their relationship with customers. With such a drastic change in the business ecosystem almost overnight, businesses had to make sure that people were out selling and not getting further entangled in paperwork, in times like these.

As a result, intelligent solutions like digital signatures, CRM, and other cloud-based business applications became the norm. 

This transition has resulted in companies paying more attention to client needs, coming up with the best solutions, and worrying less about errors. With insurance firms trying their level best to push the Direct 2 Customer (D2C) model, smart solutions like electronic signatures have come a long way in enabling them to do so. In this process, the process of insurance distribution is more likely to go across various channels to provide buyers and sellers with a more holistic and convenient way to do what they do best.

Conclusion

Leveraging cutting-edge technology like digital signatures enables insurance firms to restructure their customer interaction framework, claims processing, and their back-office data flow management. It also helps in bringing together different departments, making them work seamlessly in tandem. We can look at digital transformation as an exoskeleton that helps employees lift heavier weights and run faster while not forgetting the fact that it is still being operated by a human being. By doing this, we are simply making a super-agent out of an ordinary agent. 

Sources:

https://packhelp.com/d2c-direct-to-consumer

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Picture this; it’s one of those weekends after a long, tiresome week. Maybe you are looking forward to reading a good book or spend some quality time with your dear ones. But instead, you end up in a long queue holding a Manila envelope full of documents that are either signed or need a signature from some authority. This is especially true when there’s a visit to a government office or a bank lingering near the weekend. Wish there was a simpler way to deal with these signatures instead? With digital signature solutions like DrySign, you can forget about paper-clogged processes and move towards a smarter, greener tomorrow.

Paperless government offices

Government offices being riddled with paperwork have the most to gain by going paperless. With this in mind, federal offices are moving in the right direction with the paperless initiative. As of now, the federal government spends hundreds of millions of taxpayer dollars to print, scan, and store paperwork. An equal amount of effort and investment goes into the manpower and resources required to maintain the paperwork. As per the initiative, the government plans to go paperless by the end of 2022.
This means that the queues will be shorter and so will be the duration of the visits, if at all necessary. The eternal struggle to look for the right folder amidst a labyrinth of document cabinets will come to an end thanks to digital storage. Not to mention, the probability of your folder being mislabeled is also high. With digital signature solutions, your information will be protected by state-of-the-art cybersecurity measures. 

Paperless banking

The banking sector has welcomed every ounce of digital transformative tech coming their way. With mobile and internet banking, most of the banking can be done online. However, when it comes to KYC (Know Your Customer) documents, opening a new account, or any other documentation bit, there still exists plenty of room for modernization.
We can now fill that gap and cover the entire spectrum of paperless banking using digital signatures. According to research by Forrester, we can open a new bank account in just 8 minutes! With digital signatures, banks can get rid of inefficiencies in preparing and reviewing documents, and also speed up processes like tracking and archiving. 

Also read: Evolution of Digital Signature

Paperless insurance

The recent pandemic has pointed out the significance of health insurance. That covers the demand part of the supply & demand chain, which makes us address the main point of concern – endless signatures. The notion of signing a bunch of documents and filling forms seems overwhelming. This is where DrySign comes into the picture. Signing documents online not only saves you a great deal of effort but also reduces the processing time. As a consumer, you don’t have to go to the office and wait for an eternity for your turn to come. As an insurance provider, you save a lot of time and money by avoiding paper processing and manually collecting documents. All in all, it’s a win-win situation for paperless insurance.

Grass is always greener on the paperless side

Implementing a digital signature solution can help save around 2.5 million trees in less than 20 years! Looking at the current landscape of business operations, it is apparent that digital transformation is inevitable. With DrySign, let’s go paperless and head towards a greener tomorrow while saving our precious time on Earth.

Sources:

https://www.globalgovernmentforum.com/us-federal-agencies-to-go-paperless-by-2022

https://financesonline.com/25-essential-e-signature-statistics-analysis-of-trends-data-and-market-share

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Picture this; you are caught up in the midweek hustle. You could be a working professional on the run, a student who needs to sign an application on priority, or a freelancer who has to sign an urgent document. Either way, you are going to need a smart, legal, easy, and quick way to sign documents online. Here’s how you can get started.

Getting started with online E signatures

To get you up and signing in no time, DrySign gives you an option to sign in through your Google account. If you prefer filling the form, you can do that as well. Either way, it is a simple process that shouldn’t take much time.
 
How to create your digital signature?

Once you have successfully signed in, you will be greeted by an informative dashboard and a menu bar on the left side of the screen that will help you navigate through the application. You will see a lot of options and tabs that will make your life much easier. But to get started, you must first create your signature. You can either draw, type, or upload an image.

Inserting signatures to a word document or a PDF has never been easier

Now that your e-signature is ready to go, you just have to follow three simple steps – upload, sign, and send. The best thing about DrySign is that it doesn’t stop at basic functionalities like adding a signature block to your PDF or word document. It does way more than just ticking the right boxes. DrySign supports numerous file formats, making it easier and convenient for you to add digital signatures to PDF, word documents, or even images.

DrySign realizes that you can never be too careful and that’s why it gives you an option to protect your signed document with a password when you send it.

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

A side of electronic signatures you have never known

DrySign as a holistic digital signature platform is packed with an array of features. You can invite multiple signing parties online and get their signatures in one go. What’s more, you can even create pre-defined templates of signed documents that you are likely to send out frequently.

The data-driven side of electronic signatures

When it comes to having detailed records of your digital signature usage history, it’s best to have it and not need it rather than needing it and not having it. With DrySign, you get detailed logs that keep track of rejected, signed, and pending documents. Based on this information, you can even choose to send reminders.

The most important feature

This feature helps DrySign evolve to best suit your digital signing needs.

Your invaluable feedback is the ultimate catalyst that fuels the growth of digital transformation worldwide. Do share your feedback and follow our social media handles for more such helpful guides and insightful content.

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The year 2020 has set in motion an irreversible change that will continue to persist in many years to come. Remote working has proven to be resilient to changing business dynamics. Looking at the market's current landscape, companies that have been hesitant towards adopting digital alternatives to manual processes are more likely to switch to smarter online equivalents. Signing documents and contracts digitally sends out ripples in almost every aspect of the business, allowing for a smoother remote working experience.

Streamlining sales, HR, and collaboration with external vendors from the comfort of your home

The cloud of the recent pandemic has dramatically altered every aspect of business operations. Be it sales, talent acquisition, or supply chain management. But we have overcome worse adversities using technology. Using digital signatures like DrySign, HR professionals working remotely can onboard newly hired candidates within minutes by executing documentation online. When it comes to insurance sale executives, the increasing volume in medical insurances has left a mountain paperwork in the wake of this outbreak. Having a smart digital signature solution like DrySign will help reduce the TAT and clock more numbers with greater accuracy.

With the right tech and right people to harness its capabilities, companies can cut down one entire day of administrative tasks. In this day & age, companies tend to work in tandem seamlessly. And the thin line separating a successful partnership and the chances of a multimillion-dollar scam or lawsuit is a legally secure solution that can enforce the contract or agreement. The contract management lifecycle runs in multiple iterations. In each repetition, the most time-consuming part is getting signatures on the agreement. 

Remotely signing property leasing and rent agreements.
The recent pandemic has made us realize just how important it is to have a home office. With the rising need for home offices, the need to move to bigger spaces has resulted in an exponential rise in paper-processing and document signing. Real estate agents working remotely can make the most out of technology by signing leasing and rent agreements online using digital signatures. This way, real estate agents can deliver a better customer experience. In such situations where the market is in favor of the buyer, sales professionals and realtors need to be on their top game. It is in such times, transformative digital tech like e-signatures make a marginal difference. 

When it comes to finances, the show must always go on.
The tide of remote working has hit virtually every industry vertical. The finance industry being a paper processing powerhouse, benefitted most out of this. With an average of 80% reduction in the turnaround time, sales representatives working remotely for banks can now enable new customers to open bank accounts in just 8 minutes. 

When it comes to remote working, maintaining a work-life balance is the key.
Working from the comfort of your home has its perks. But in some cases, work might consume a major part of the day, and that can increase anxiety levels. In such scenarios, any digital tool like e-signature or any other tech that increases your efficiency or replaces the tediousness of the manual workflow is your best work partner. Not only does it improves your productivity, but it also clears your calendar for some recreational activity to help you enjoy working from home.

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

Conclusion
Irrespective of the constantly changing market landscape, the trend of remote working is going to stay. And with it, remote business operations and the need to replace paper-based workflow will exponentially increase. Needless to say that now is the best time to switch to smart and holistic digital signature solutions like DrySign.

Source:

https://financesonline.com/25-essential-e-signature-statistics-analysis-of-trends-data-and-market-share/

https://www.msbdocs.com/10-surprising-stats-about-esignatures/

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The Covid-19 pandemic has introduced drastic changes in most of the core processes. It was the necessary nudge that pushed us to come up with efficient and contactless countermeasures to the old and obsolete manual paper-based processes. Things are not that different when it comes to hiring. With the remote working & hiring trend taking off, it is now easier to overcome geographical boundaries and seamlessly collaborate. But for every solution statement, there is a high probability that the solution might not be ironclad and might not cover the entire spectrum of the process. The recruitment process is a complex process that is riddled with a flood of paperwork, approvals, and signatures. But with digital signatures like DrySign, it is now possible to address these hidden costs and speed up the process.

Addressing the flood of documents
Be it the signing of NDA’s, declarations, pension nominations, or any such declaration documents, managing the physical paperwork manually is a risky business. DrySign, with its online document storage, makes it easy to store and retrieve documents within seconds, thereby reducing the turnaround time of administrative processes. Apart from this, vital paperwork getting tampered with, mislabeled, or damaged is one of the most commonly reported concerns in HR departments. 

Better hiring experience for the candidate
During the testing times of the pandemic, digital signature solutions like DrySign has made the lives of countless candidates much easier. Onboarding shortlisted candidates and performing documentation remotely has not only reduced the hiring time by a significant margin but has also increased the efficiency of HR processes. E-signature solutions like DrySign allow candidates to join new organizations from the safety and comfort of their homes without having to physically go to the company premises and endanger their safety.

Empowering HR processes with real-time data
Having a data-driven mindset never goes to waste. No matter how perfect you think your HR processes are, there’s always room for improvement. With sophisticated electronic signatures maintaining logs of document uploads, signing, and sending, the user can keep track of the time required to execute the recruitment strategies. DrySign also offers features like real-time notifications, reminders, and signature status tracking that helps HR to stay updated at all times. Digitization and automation of manual HR processes is the key to diverting their efforts from administrative tasks to your employees.

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

Conclusion
In order to contribute to your company’s overall efficiency score and keep up with the trend of technological transformation, you need to equip all the departments with the latest digital transformative tech available out there. When it comes to recruitment, it is important to arm your HR department with equally innovative and effective digital tools to improve the talent acquisition process. Solutions like DrySign go a long way in helping the HR department operate faster, smoother, and with greater accuracy & security while eliminating hidden costs involving infrastructure and office supplies.
 

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How freelancers can benefit from using digital signature solutions

Sometimes, all it takes to crack open a complex problem statement is a fresh set of eyes and an intrepid mind working on its own accord. It may not involve a multimillion-dollar conglomerate or any other big name attached to it. Freelancers and individual contributors do just that. But in this age of digital transformation, falling behind on vital tech advancements might result in freelancers losing projects. The digital signature solution is one such subtle transformative tech that any freelancer or individual contributor should not miss out on.

Why should freelancers choose digital signatures over conventional signatures?

From documentation, and NDA agreements to royalty agreements, tax forms, and other marketing agreements, digital signature solutions not only eliminate the waiting period and streamline the approval process but also ensure accountability and security. In a line of work where the trust factor is one of the fundamental pillars of operation, using e-signatures makes the process more transparent. 

The convenience factor
As a freelancer, when you let your clients sign contracts on the move, you are adding an element of convenience that plays a pivotal role in forging a lasting connection with the client by providing a better experience. 

The legitimacy factor
With laws and regulations like Electronic Signatures in Global and National Commerce Act (ESIGN) and Uniform Electronic Transactions Act (UETA), the barriers between the legality of digital signatures and manual paper-based signatures have been dissolved to facilitate end-to-end electronic transactions.

Faster administration
It doesn’t matter if you are a start-up, a corporate behemoth, or an individual contributor; administrative tasks and processes prove to be just as tedious and time-consuming. But when you are a freelancer, efficiency and time constraints have elevated importance. With digital signatures like DrySign, meeting your deadlines and targets becomes easier as you don’t have to invest your valuable billable hours physically signing documents.

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

Digital Signatures – the missing link in the age of internet
If you are an individual who manages most of the business over the internet, cybersecurity is the topmost priority. Traceability, reminders, and notifications are added advantages that simply make your life easier. With digital signature solutions like DrySign, having timestamps and detailed logs along with online document storage helps freelancers keep track of documents while helping them prepare for tax filing.
In a busy and superfast lifestyle, having as many clients as possible while maintaining an immaculate business relation is the only way to grow as a freelancer. In this scenario, managing your time becomes one of the top priorities. Handling most of your administrative tasks over the internet allows you to bolster your core functionalities and enable you to invest more time in providing something extra in forging such business relations. Digital signature solutions like DrySign allow you to do just that.

Conclusion
When you are looking forward to being your own boss and want financial security & flexibility, digital signature solutions make freelancing easier, faster, and safer. With the trend of remote working growing popular, the need for a secure and legal way to sign documents and forms will also grow. With that in mind, e-signatures prove to be a step in the right direction.
 

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Technology cannot prevent the onset of a pandemic. However, it can help prevent the spread, educate, and noticeably lessen its impact.

Due to transportation being partially or entirely shut depending on where you live, postal and courier services are impacted, delaying banking, financial, and insurance documents. With DrySign, legally binding documents can be shared, reviewed, and signed from the comfort of your home.

What is it? DrySign is Exela's electronic signature platform. With DrySign, you can send out documents and obtain signatures instantly – sans paper – making sign-off simple, super-fast, and secure. Signed documents are securely stored and searchable.

Why do you need it? The current Covid-19 crisis may be keeping most of us at home, but it has not stopped the business flow. Exela serves many essential businesses around the world, and we are committed to helping you with our electronic signature platform.

DrySign can be used to:

• Upload documents from any device
• Highlight where you need to sign
• Invite signatories in any chosen order
• Track the status of the signatures
• Remind signatories to sign
• Verify signatures using custom authentication
• Store and search documents securely

Driving paperless technology during this Covid-19 pandemic helps businesses eliminate dependencies on redundant paper-based processes while saving costs and gaining more competitive advantages.

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