Contractors and agents deal with a sizable amount of paperwork daily. Real-Estate and Property offices are almost always cluttered with Sales Agreements, Affidavits, Leases, Registration Forms, and hundreds of more necessary documentation. These documents need to be sent to, first, one party of sellers, tenants, and buyers, etc, followed by the other for their signatures. The entire time, moving from the office of the buyer or seller and then back again, these documents are at risk of being torn, manipulated, damaged, lost, etc. From start to end, the paper trail is long, cumbersome, and, not to mention, catastrophic to nature when you add logistics to the ongoing destruction of trees for paper. This is where a digital signature solution can come into play and improve the management and workflow of legal documentation associated with a home, land, or business space purchase or sale.

The real estate sector constantly pursues technologies that help them sort and sell houses faster and more efficiently. With an electronic signature solution, selling and buying a home or property can be further simplified. An electronic signature is electronic data that is attached to or logically associated with other data in electronic form and which is used by the signatory to sign and authenticate a document. This allows for documents to be signed electronically, saving precious time and making buying or selling property highly convenient.

A big reason for the rise in popularity of electronic signature solutions is the seamless security they provide to their users. Whether you are a real-estate agency or a one-time buyer or seller, ensuring your property documents are safe and secure is always a concern. An electronic signature solution can securely transfer sensitive property documentation from one stakeholder to the other while granting full transparency to the owner of the document.

2020 has been a year of change for all of us, accelerating the pace for digital transformation. The COVID-19 pandemic has disrupted day-to-day life and has mandated that real-estate companies globally re-evaluate remote work options. The progress of total digitization of paper workflow has helped realtors save time, money, and keep their business in motion even during total physical impediments. With plenty of digital signature tools to choose from the real estate industry can eliminate travel and still closeproperty deals and agreements.

Benefits, Galore!

Of the many ground-breaking technologies that have revolutionized the real estate industry over the last two decades, electronic signatures have perhaps had the most impact. DrySign, Exela’s proprietary electronic signature solution is a fast, easy-to-use, and highly secure tool provides all the usual benefits that come with the use of electronic signatures, like saving time, effort, and money. Additionally, the incorporation of such a user-friendly tool truly leaves an impression on your clients and increases brand value for your real estate brand in the market.

Here is a look at all the benefits in detail when you choose an electronic signature solution like DrySign over the traditional paper and ink methods.

“Electronic signature solutions can reduce document workflow time from 8-9 days to only 5-6 minutes.”

Speed

If you run a real estate agency, you know that there is a short window to close a deal as soon as a client expresses his or her wish to buy or sell a property. With cut-throat rivalry in this ever-booming industry, time is always of the essence. Using an electronic signature solution like DrySign gives you the edge over your competitors you need. Reduce the time taken for printing, scanning, signing, faxing, and other endless activities that delay the process. Upload a document from any device, sign it and invite your clients to sign online too. DrySign cuts the time taken for this process from weeks on end to mere minutes.

Also Read: Big Holidays Discounts coming your way! More than 30% off on every DrySign plan!

Convenience

One of the biggest reasons for electronic signatures to take off the way they did during the pandemic was the simple convenience they provided to users. As a property dealer, you no longer need to get multiple sets of prints of your property papers, share them with clients, make changes if any, print them again, and so on and so forth. Client on vacation? No problem, just upload your document on DrySign and invite your client using just their email address. Your client will receive your document, securely, no matter where they are. Needless to say, with service and convenience like this, your clients will surely know who to call for their next property deal. As a real-estate player, you also appreciate the convenience that the Group Sign feature of DrySign brings to the table. With Group Sign, you can invite not just one but multiple signatories in seconds and get notified every time a signatory completes the signing process. Big business with great ease!

Consistency

How many clients have you met who say, “My signatures never match!”? How many times have you had to use ink correctors and re-do entire documents thanks to unruly, unidentical, and fluctuating signatures? Not anymore! A digital signature tool offers users the opportunity to use one official signature, all throughout the documentation work, making the signature consistent and, therefore, more reliable.

Storage and Permanence

It is no secret that the sheer volume of documentation required in the real estate industry has the potential to overwhelm even the best real estate offices. In addition to maintaining this documentation, it is vital to keep these documents on file for years when working in a highly competitive global market. Realtors can enjoy a paperless environment with centralized storage space for all documents, easily accessible whenever needed.

Documents to be signed can be sent via email, and the third party or clients can sign them with a single click, sealing the deal in a few minutes with electronic signatures. Electronic signing and filing save storage space, subsequently saving your firm cost on your own infrastructure.

Integration

An e-signature platform can be integrated into any existing business platform to streamline every transaction easily. Whether it be Onedrive, Google workspace, or Dropbox, users can quickly access signing requests and upload documents to the E-signature software without any delays. From every perspective of the sale or purchase process, be it document organizing to sharing, signatures with proper storage can be handled in one easy way – providing a level of trust and confidence.

Security

An electronic signature provides a high level of security. When a signer electronically signs a document, the signature is created using the signer’s private key, which is always securely kept with the signer. The mathematical algorithm acts as a cipher, creating data matching the signed document, called a hash, and encrypting that data. The resulting encrypted data is the digital signature. The signature is also marked with the time that the document was signed. If the document changes after signing, the digital signature is invalidated. No traditional paper workflow has as yet been able to provide the level of security that an electronic signature can provide. Once signed, the document’s integrity is protected throughout the final stage. Buyers and sellers can sign and send the documents in just a few clicks without any time wastage.

Legality

Electronic signatures solutions like DrySign, secure the legal admissibly of your signed document in the court of law. Globally, countries have adopted laws that give electronic signatures the same level of validity as agreements signed by hand.

• United States - Electronic Signatures in Global and National Commerce Act (ESIGN Act) and The Uniform Electronic Transactions Act (UETA) - Canada
• Personal Information Protection and Electronic Documents Act (PIPEDA) -
• United Kingdom - eIDAS Regulation (electronic Identification, Authentication and trust Services)
• India - The Information Technology Act (IT Act) of 2000
• The Philippines - Electronic Commerce Act of 2000 (Republic Act No. 8792)

The use of the right electronic signature solution that suits all your needs can boost your business. As every electronic signature solution has critical aspects that are important for running a business, realtors must carefully read about each factor and then implement the solution into their business.

“Real estate agencies can get 99% of their contracts digitally signed with an electronic signature solution.”

On reading the above points, we understand how electronic signatures are eventually acquiring the market and automating all steps within the real estate market dealing process. With this advanced automated, robust solution, the real estate industry is becoming more technology-intensive rather than labor-intensive. Our robust and easily accessible solution, ‘DrySign’ by Exela, makes these features readily available for your real estate business, helping your business to become a leader in the world of digital transformation.

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With the dawn of digitization, just like most other market sectors, more and more healthcare industries aspire to make their processes paperless. The reason is significant benefits for the environment, enhanced efficiency, a better experience for healthcare workers, and, of course, cost-effectiveness. Going paperless is the need of the hour as hospitality services strive to provide better care and improve patient experience and day-to-day working conditions for the hospital staff.

The Importance of Healthcare

The healthcare industry is one of the largest industries globally, directly impacting the quality of life of people in each country. ‘Health care’ refers to the diagnosis and treatment of any illness, injury, disease, or other impairments. It is a crucial sector that provides patients with curative, preventive, rehabilitative, or palliative care.

The healthcare industry is continuously growing and evolving with increasing needs, mainly in response to an evolving regulatory climate. With such developments, operating a healthcare organization has become increasingly complex, as there is always mounting pressure on service providers to improve operational processes and maintain profitability. This is where digital transformation is changing how businesses operate and function. The transition from paper-based processes to electronic documentation is a significant factor that has the potential to drastically affect the overall operation and efficacy of the healthcare system. Fortunately, emerging and ongoing health and information management technologies are now readily available to help organizations improve their operational efficiency and patient experience.

While the technology already exists for the healthcare industry to initiate its paperless journey, making the vision a reality is a complex challenge for many. Selecting the right technology becomes essential for your organization to enhance its operational processes and boost ROI.

Going Paperless

In recent times, we have all been witnessing how the digital wave is transforming the healthcare sector. These are times when patients book appointments over the phone and communicate with doctors using digital means. While going digital is gaining popularity, it comes with its own set of challenges, such as data security. Healthcare organizations have a massive database of health-related information that needs to be secured and be readily accessible and retrievable when required while complying with government regulations. This brings us to the question – how to accomplish all of this in a smooth, hassle-free manner? This is where trusted tools like digital signatures come into the picture.

What are Digital Signatures?

Digital signatures are a form of electronic signatures. They are essentially like electronic fingerprints of an individual, created using hash codes or electronic codes. They go a long way in providing security and trust while complying with government regulations. In addition, digital signatures are far more convenient and smooth to use as compared to the traditional paper and pen method. With digital signatures, customers can sign and send documents online in just a few clicks.

One of the best parts about digital signatures is legal compliance. There are laws and regulations for digital signatures that vary across countries, granting legality to electronic signature platforms. Besides compliance, the most significant offering of digital signature platforms like DrySign is the safety and effortless online storage of documents. Moreover, by eliminating costs associated with printing, scanning, shipping, and storage, digital signatures help businesses of all sizes – from start-ups to small, medium, and big enterprises – save millions of dollars on administrative costs.

Also Read: Digital Signature Software - 6 Questions You Didn’t Think to Ask

Digital signatures in the Healthcare Sector

Daily about thousands of medical records are created in hospitals, archived physically over the years. This is important as documents may be required at a later stage for treatments of patients or potential legal disputes. However, it can be a huge challenge for hospitals to handle all the paperwork and get documents signed by each patient, considering thousands of records are created each day. Using digital signature solutions, healthcare organizations can entirely eliminate the need to print, scan, and handle documents. Instead, they can regain better control over and visibility into their daily operations using digital signatures.

Digital signatures, when used in hospitals, must comply with the Health Insurance Portability and Accountability Act (HIPAA). HIPAA is an act of 1996, a federal law that stipulates national standards for the protection, security, and privacy of medical patients and offers greater control and access over their health information.

Benefits of Digital Signatures for the Healthcare Industry

Using digital signatures in the healthcare segment has many benefits. Healthcare businesses can avoid additional costs on printing, scanning, and mailing documents, making everyday life easier for their staff and patients. Furthermore, digital signatures offer a full-proof way of confirming the signatory's identity, thereby making online transactions safe and secure. Let us look at some of the benefits of using electronic signatures in the healthcare industry:

• Reducing Paper-Based Processes Paper-based processes are often prone to manual errors such as getting signatures in the wrong fields, making document management a hassle. Implementing digital signatures can drastically decrease the frequency of such errors in documents. In addition, a document that is signed and processed electronically does not need to be printed, making it unnecessary to worry about its physical storage. This also makes digital signatures an environmentally friendly choice, reducing the need for paper.
• Saving Money and Time Regardless of their location, healthcare professionals can reach out to their patients to sign the documents with just one click. In addition, healthcare professionals can save on costs associated with high labor, physical storage, and printing by deploying digital signing technology. In addition, surplus benefits like legal security, compliance, and audit trails lead to business gains over time.
• Enhanced Patient Experience Electronic signatures can have substantial positive effects on the waiting room experiences of patients or visitors. With digital signatures in place, patients no longer need to wait for hours to get care when sick or injured, making it a breeze to get admission forms, discharge forms, prior appointments etc., approved in a jiffy, thereby saving valuable money and time.
• Secured Access Digitally signed documents can be signed quickly and securely, giving professionals easy access to crucial health information whenever needed. For instance, registration forms can be filled at the patient's comfort, and discharge papers can be sent securely to all required parties in a matter of minutes.

Conclusion

Electronic signatures benefit multiple industries, and the healthcare sector is one of them. Exela’s digital signature solution, DrySign, has the ability to speed up the process of updating records and other related documents for your healthcare business. In addition, our solution is compliant and audit-ready at all times, helping businesses run at ease!

If you are from the healthcare industry, get in touch with us to learn more about how DrySign can help scale-up your business. Connect with our experts

Sources: hipaaguide |legallyfirm

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The economy and the market have evolved drastically since the tremors of COVID. Businesses today rely heavily on online and remote workflows. If you intend to launch a startup, your dream needs to be fueled by the right technology. There are plenty of business applications and tools, but investing in all of them is neither prudent nor feasible. So instead, begin with these few fundamental automation tools and incorporate add-ons with your existing software as and where possible. Here’s a list that will help you with the basics:

1. Company E-mail:

This is a vital tool modern businesses need today, especially since many workflows have moved towards remote work. It's best to sign up for a professional e-mail account that comprises your company name or a custom domain. When potential clients and customers encounter an e-mail address that is not registered to your domain, they may doubt the authenticity of your business. Invest a little in a corporate e-mail service that serves as a brand reminder and a source of identification. Ensure you have some basic firewalls to protect the information exchanged therein. It would be great to have an in-built planner with reminders and push notifications for assigned and saved tasks.

2. Social Media:

Gone are the days when a billboard or newspaper advertisement was the only means to introduce a product or service to the market. Screening an advertisement on television is extremely expensive. But there is a cheaper alternative - social media. In fact, it has a better reach and focus, allowing you to reach your target audience. If harnessed properly, it has the capacity to take your business to astronomical heights. And, much of it is free! Make sure your company has active accounts on all current social media handles. Businesses cannot afford to neglect this tool today. Engage with potential and repeat customers. Grow your business goodwill. Connect with your clients and watch your business grow!

3. Travel and Expense Management System:

CFOs and Finance heads are constantly attempting to curb the phenomenal costs arising from corporate travel and associated expenses. Business trips and face-to-face meetings add value to certain propositions, but one must be able to justify the cost. Investing in a good travel and expense management system ensures budgets are maintained. Some of these applications allow users to scan their invoices in multiple formats as AI extracts all the necessary information from these bills. You can incorporate your company's travel policies and entitlement benefits so your employees stay aware of these while on the move. If they are in danger of going overboard, the system warns them and does not permit such transactions. If your employees are assigned travel or corporate expense cards, these can be integrated with your travel management system while it auto-tracks expense records. Some advanced software permits advance cash and trip requests, so employees don't have to wait in anxiety for reimbursements while they maintain the approved budget.

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

4. HR Solutions:

Having an in-house HR can be a burden in many ways. One of the biggest reasons many startups are outsourcing this function is that it is expensive! It is easier to partner with a good HR Service provider like Exela HR Solutions. You can outsource as many functions you deem fit. Right from talent acquisition and payroll processing to employee life cycle management, applications like these can take the burden off your chest, leaving you ample time to focus on your core functions instead. The mantra here is simple – do what you're best at and outsource the rest!

5. Learning Management System:

Employees need to stay abreast of product updates. Their skills also need to be synced as per market preferences and the shape of the economy. You may have hired a competent workforce, but ensuring they remain proficient is equally crucial. That is why you need a good LMS like Exela’s Lynx, which, unlike other platforms, allows you to create customized course content in various formats. This way, you ensure your team is always ahead of the game, armed with knowledge and skills to conquer. Look for applications with gamification features that can make corporate L&D (learning and development) fun and interactive, which improves recall and implementation of those skills. Companies with a plan to scale must invest in an LMS.

6. Communication and Meetings:

Face-to-face meetings and conferences have been on the decline since the onset of COVID. Even with many states easing out norms, the preference still lies in online video calls and conferences. Organizations have realized businesses can be conducted more swiftly and economically by eliminating travel, accommodation, and planning costs from in-person meetings. Several free applications are readily available and very user-friendly too. Free versions usually limit the number of participants up to a hundred or so. Try a paid version if you aim to get a large team together for conferences. These platforms bridge gaps by allowing the hosts to deliver presentations and share a view of their screen as participants can join in and collaborate from the convenience of their location. Many of these apps permit recording of the session with a ready transcript so you can easily access the matter discussed. Some of these have limitations on duration or data, so check the specifications before zeroing in on one.

7. E-signature Platform:

Electronic signatures permit users to sign documents online as if they were handwritten signatures that are legally binding on all consenting parties as per the terms in the document. This alternative is highly cost-effective when considering all the resources saved in the bargain. It expedites the signing process by eliminating the need to seek appointments, engage in follow-up reminders, and mail documents. And all this efficiency comes along with enhanced security. It is, therefore, no longer a privilege accessible only by the technologically savvy sectors but a necessity for businesses of this era. Encrypted digital signature technology provides the security, stability, and flexibility that the ongoing crisis demands. You'll never have to wait for attested documents again! Just do it online ...instantly!

8. File Transfer, Sharing, and Storage:

With many staff working from home, things are no longer the same. You cannot walk from one desk to another to share documents anymore. And sometimes, large presentations and files do not fit the size limitations set up by e-mail service providers. Hence, you may require a file transfer application, preferably one that stores information on a cloud so authorized users can access it from multiple locations. If you already have a cloud-based e-signature partner like DrySign, you can share and store signed documents digitally and access them as required, eliminating the need for additional apps.

Indeed, there are a host of applications you can select. But, this list is elementary in nature. You can build up from here according to your requirement and growth. But, for businesses to function optimally in this digital age, these are the essential tools one must get acquainted with for smooth operations and networking. Try and find applications that seamlessly integrate. For instance, DrySign is compatible with Google Drive, Dropbox, and OneDrive documents and files. You can access it via a net-enabled desktop, laptop, tablet, and mobile device. DrySign is a highly secure, fast, and legally binding electronic signature solution that rids you of time-consuming, error-prone, conventional paper-based workflows. Not only does it make signing easier, quicker, and foolproof, but it also gives you the supplementary benefit of storing your files securely on a cloud. So step into the new age of digital transformation with sustainable and clever solutions.

DISCLAIMER: The information on this site is for general information purposes only and is not intended to serve as legal advice. Laws governing the subject matter may change quickly, and Exela cannot guarantee that all the information on this site is current or correct. Should you have specific legal questions about any of the information on this site, you should consult with a licensed attorney in your area.

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The COVID-19 pandemic has forced organizations to tweak their processes and policies for efficient and effective working. The fleet industry isn’t an exception to these ever-growing challenges. While the whole world is being forced to operate virtually, digitization and automation have played a crucial role in shaping an efficient fleet. Digitization in fleet management enforces a software system that simplifies admin work and eliminates time spent on a manual setup. In addition, this emerging change in fleet management integrates an effective communication system with enhanced efficiency for fleet drivers and reduced expenses. In a nutshell, digitization in fleet management is helping reduce human error, and save time and money with adequate accuracy, accessibility, and speed to logistics and transportation.

Successful fleet management has several aspects, from purchasing vehicles to maintaining regulatory compliance, maintenance, and resale. There are three significant challenges to effective fleet management in this ever-changing landscape:

• Safety
• Reliability
• Cost management

However, the Electronic Signatures and National Commerce Act, also known as the E-Sign Act, has emerged as a savior. The law grants legal recognition to electronic signatures and records if all the parties to a contract agree to use electronic documents and sign them electronically. It essentially streamlines fleet management while reducing mailing and paper handling costs. Companies adopting electronic signature solutions reported an 85% cost reduction in paper handling. Moreover, companies save 80% on shipping costs when they go paperless. Dive into this blog to know three major challenges the fleet industry faces in effective fleet management and how the new electronic signature act is streamlining fleet management and helping save company capital.

Major Challenges for the Fleet Industry

• Safety

Safety is the top priority for effective fleet management. However, enforcing safety practices and policies can be a big challenge without proper oversight. Lack of robust management, poor visibility into operations, and erratic communication of safety policies with staff are often the main reasons why fleet managers often face difficulties with safety issues. These mistakes might result in additional costs and sometimes accidents. Increasing digitization has improved visibility into fleet assets and made it easy to monitor safety with real-time data regarding your assets. Moreover, the comprehensive preventive maintenance (PM) program can be the most efficient and cost-effective way to maintain your vehicles. Properly maintained vehicles tend to have fewer unexpected failures, keeping safety the top priority.

• Reliability

In logistics, time is money. Hence, it is very important for fleet companies to make deliveries on time. Every minute of vehicle downtime costs you not only money but your reputation in the industry, which makes effective fleet management more crucial. There are two primary ways to improve reliability for the fleet; a good PM program to maintain the safety of vehicles and strategic planning of maintenance priorities to resolve issues before they become a headache. It is equally essential to ensure the vehicle is in good condition and you aren’t running it past its life to improve fleet reliability. Every asset has a point where the downtime and maintenance cost exceeds its original value that shouldn’t be crossed. Determining the total cost of ownership (TCO) can help you decide the best time to replace the assets. Automation has made it easy to track your assets’ lifecycle, generate cost analysis reports, and plan preventive maintenance strategies to improve the reliability of your fleet.

• Cost management

Efficient fleet management not only requires safety and reliability; cost management is also an integral part. Fleet managers strive to enhance productivity while maintaining safety and reliability, even with a tight budget. Effective cost management requires tracking all the costs associated with your assets. Tracking the expenses related to your vehicles and determining the budget spent on maintenance can give you a broader view and help manage costs. Acquisition costs, ongoing financing, and leasing agreements are also considered parts of the fleet’s budget. You might also need to consider expenses such as fuel, insurance, and repairs. Manually tracking all these expenses involves the risk of human error that can badly influence your future decision-making. Electronic handling of all your documents, cost analysis reports, and cost management strategies can help you make informed decisions based on real-time data.

Also Read: Digital Signatures in Foreign Trade

How is the new electronic signature law helping to streamline fleet management?

The United States Electronic Signatures in Global and National Commerce (E-Sign) Act has four substantial requirements that make electronic signatures valid under U.S. law. Below are the four requirements:

• Intent to sign:

Electronic signatures are valid if each party intends to sign the electronic documents, resembling a traditional signature.

• Consent to do business electronically:

Both the parties to a contract must consent to do business electronically.

• Association of signature with the record:

For an electronic signature to be recognized as valid under the E-Sign Act, the system used for the transaction must keep an associated record.

• Record retention:

Under the U.S. laws of signatures and electronic transactions, authorized persons to retain the contract must ensure the records are capable of retention and reproduction.

Electronic signatures can bring a sweeping change in fleet management by adhering to these requirements. Using valid and law-compliant electronic signatures can streamline the sales process, reduce paper costs and the risk of human error. It is more convenient to fill and process documents with electronic signatures and needs zero human intervention. As safety is the primary concern for the fleet industry, providing policy documents and communicating them well with the staff can tremendously help prioritize safety. Documents having myriad pages are often complicated to handle and manage. At the same time, automation has made it all accessible with just a click of a button. With the electronic signature law, fleet managers can easily do business, get into agreements, perform electronic transactions, manage vehicles, and maintain safety without the hassle of paper handling. In a nutshell, electronic signatures play a significant role in streamlining fleet management with fewer costs, and more productivity.

Uniform Electronic Transactions Act (UETA)

Except for general U.S. laws regarding electronic signatures, federal and state regulations may impose additional requirements depending on your industry or use case. For instance, the Uniform Law Commission drafted a legal framework, Uniform Electronic Transactions Act (UETA), in 1999, for the use of electronic signatures in each state. Since then, 49 states have adopted UETA, except for New York, which has its own law concerning electronic signatures:

New York’s Electronic Signature and Records Act (ESRA). Below are the fundamental principles mentioned in UETA, regarding electronic records, signatures, and contracts:

• A signature or record can’t be denied legal just because it is in electronic form.
• A contract can’t be denied legal just because an electronic signature or record was involved in its formation.
• If any law asks for a record in writing, then an electronic record satisfies the requirement.
• If any law asks for a signature, then an electronic signature satisfies the requirement

Below are the best practices to ensure a secure and hassle-free electronic signature experience:

• Make sure records are protected.
• Limit access to authorized individuals.
• Operational system checks.
• Device checks.
• Ensure the persons developing, maintaining, or using electronic systems have the proper experience, education, and training to perform the assigned tasks.
• Generate accurate and complete records in electronic and human-readable format for review and inspection.
• Make sure to use computer-generated, secure audit trails to record the date and time of entries that create, modify, or delete electronic records.

Get, Set. Sign!

Most fleet companies use apps, smartphones, or tablets to manage work-related orders. Electronic signature makes it easier for your customers to sign the order-related documents and consent forms easily on the tablet or a smartphone. Using electronic documents and signatures will essentially end up reducing time, complexity, and costs and increase the productivity of your fleet. DrySign provides a cloud-based electronic signature platform that seamlessly integrates with your business and complies with all the regulations as per U.S. laws.

Instead of a traditional pen and paper system, start DrySigning today to streamline your fleet management.

DISCLAIMER: The information on this site is for general information purposes only and is not intended to serve as legal advice. Laws governing the subject matter may change quickly, and Exela cannot guarantee that all the information on this site is current or correct. Should you have specific legal questions about any of the information on this site, you should consult with a licensed attorney in your area.

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All money is a matter of belief! - Adam Smith

Financial literacy incorporates the ability to count your money and evaluate the benefits and costs associated with your financial decisions. And as Robert Kiyosaki said, “We were not taught financial literacy in school. It takes a lot of work and time to change your thinking and become financially literate.” Well, here’s the perfect opportunity to check your financial situation and skills. April is recognized as the Financial Literacy Month – an ideal way to celebrate and explore intelligent tools and solutions like DrySign by Exela, that empower individuals during these rough economic times. On 9 March 2004, the U.S. Senate passed a resolution designating April 2004 as Financial Literacy Month. Since then, organizations have focused on promoting special events and circulating financial information throughout the month to help individuals become more informed about the importance of financial education.

What is Financial Literacy?

The definition of financial literacy varies, but with one central theme – financial wellness. Financial wellness empowers you to earn enough money to take care of your immediate and future needs without stress. Financial literacy educates you about having the necessary financial skills and knowledge to help make sound financial decisions that lead to financial wellness. Financial literacy is defined as “the ability to use knowledge and skills to manage financial resources effectively for a lifetime of financial wellbeing” by the United States Treasury’s Financial Literacy and Education Commission.

Financial education is often misunderstood to be intimidating; filled with complex terms and concepts. However, this is a misconception; financial literacy is within reach of everyone. Financial literacy empowers you to be capable of making major financial decisions such as planning for retirement, paying off debts, saving for a bright future, and many more. As per the U.S. Financial Literacy and Education Commission, there are five principles of financial literacy. Dive into the principles mentioned below that can help you establish a healthier financial situation.

• Earn:
  Before your start spending, investing, or saving, it is imperative to know how much money you make. Understand your earnings and benefits to make the most out of what you have.
   
• Save and invest:
  We all know the importance of saving or investing, but it is hard to spend less than you earn without any financial goals or targets. So plan your future goals, such as buying a house or retirement planning, create a budget, and start saving for it.
   
• Protect:
  Once you have specific future financial goals and savings for the same from your hard-earned money, it is crucial to protect that money. For a secure financial condition, you need to take steps to safeguard yourself in case of fraudulent incidents or unexpected emergencies. These steps might include reviewing your bank accounts and credit card statements regularly, accumulating an emergency savings fund, keeping passwords and documents safe to protect against scams and identity theft, and buying the right insurance policy for your financial needs.
   
• Spend:
  For developing healthy financial habits, you must start planning your personal budgets. Once you start tracking your daily expenses, you will be able to categorize them and create a budget for your needs to get better financial stability.
   
• Borrow:
  At some point in life, several people out there might have to borrow money to cover significant expenses such as home, property, or a car. Borrowed money can also be used for any reason like to pay off student loans or credit card debt. So, borrowing doesn’t have to be a bad thing if you know how to compare loans and maintain a healthy credit score.

Why is financial literacy important?

If paying your bills before they are due, getting things you always wanted in your life, investments to foolproof your future plans, volunteering and donating to nurture your inner self, and having a well-balanced life matter to you, then yes, financial literacy is important in your life. Unfortunately, many people out there don’t care about their money until it becomes a financial emergency. Do we really want our lives to head that way? Of course not; all of us wish to maintain financial wellness.

The COVID-19 crisis has incorporated several new challenges and vulnerabilities that the world needs to confront. Even in the United States, people are seen with poor knowledge of earnings, savings, expenditure, investments, and long-term financial planning. According to a survey by Bankrate, many adults feel the pressure of financial issues that could be avoided with some basic financial knowledge. Only about 4 in 10 Americans have saved enough money to spend on an unplanned expense of $1,000. Prices are escalating at the fastest pace in nearly 40 years, and several U.S. adults feel that inflation inhibits their ability to save money. 49% of the surveyed people said that the inflation is causing them to save less for unplanned expenses. The recent Fed data demonstrates that total household debt rose by $333 billion in the fourth quarter of 2021. Credit card balances augmented by $52 billion, while student loan debt contracted by $8 billion. These statistics demonstrate how crucial it is to have financial education for living a financially healthy life.

Unfortunately, just as the world was beginning to find its financial balance, the current, horrific Russian invasion of Ukraine is escalating entire financial sectors that have already been reeling since the past couple of years. Furthermore, due to this grave situation, inflation has increased in the United States at rates not seen in the last 40 years. In addition, the conflict and ban placed on Russian oil imports by the United States have created a massive impact, on already escalating fuel and energy prices. Therefore, every American household needs to learn how to combat inflation to offset the adverse impacts of these rising costs. The past few months have seen turbulent markets, decade-high inflation, geographical tensions, and much more. However, we still have the opportunity to improve our personal financial knowledge, manage our expenses, and make our money work harder because it is never too late to start.

Digital financial literacy

In today’s digital era, digital financial literacy is more likely to become an increasingly important aspect of education. Fintech – using software, digital platforms, and applications to deliver financial services to businesses and consumers via digital devices such as smartphones, tablets, or laptops, has become a promising tool to promote financial inclusion. However, the greater the access to financial services via Fintech, the greater the need for digital financial literacy. Digital financial literacy is imperative to effectively use digital financial services and avoid dangers and frauds such as unauthorized access to data, phishing or hacking attacks, discriminatory treatment, and behavioral issues like excessive borrowing.

Digital financial literacy is a multi-dimensional concept that has no standardized definition yet. The first dimension is the knowledge of digital financial products and services. Below are the four categories of these financial services:

• Payments: Electronic money, mobile phone wallets, crypto assets, remittance services
• Asset management: Internet banking, personal financial management, online brokers, robot advisors, crypto asset trading, mobile trading
• Alternative finance: Online balance sheet lending, Crowdfunding, peer-to-peer (P2P) lending, invoice, supply chain finance, etc.
• Others: Internet-based insurance services, etc.

Awareness of digital financial risks is the second dimension of digital financial literacy that helps individuals understand the additional risks that might incur while using digital financial services. Below are the potential risks that might incur:

• Phishing: Hackers pretend to be the authorized person to get the user to divulge personal information such as usernames and passwords.
• Pharming: A virus redirects the user to a fake page in order to divulge personal information.
• Spyware: A malicious software enters the user’s personal computer or mobile phone and transmits personal data.
• SIM card swap: Hackers pretend to be the user to get the user’s SIM card to obtain the private data.

Digital financial risk control is the third dimension of digital financial literacy that educates users to understand how to protect against risks. And the fourth dimension of digital financial literacy is knowledge of consumer rights and redress procedures in cases where users fall victim to the risks.

DrySign for your financial needs:

E-signatures and digital signature technology has been a game-changer for the finance industry. An important element of digital financial literacy, e-signatures provide you with software that cuts down on lengthy, tedious paper-based processes. Paperwork is an unavoidable truth of the finance industry that just comes with the territory. But this is not the case anymore. Electronic signatures eliminate the paperwork and streamline processes. Moreover, e-signatures are secure and legally binding. So, whether you are a house worker or owner of a small or large business, electronic signature solutions like DrySign streamline faster and more secure financial transactions.

• Account Opening:
  DrySign electronic signatures are compliant with U.S. e-signature laws. With DrySign e-signatures, you can open an account anytime, anywhere, in just a few clicks.
   
• Loan/Credit Applications:
  DrySign electronic signatures streamline the loan/credit applications, improving customer experience and reducing the applicant’s loan approval time. In addition, e-signing makes loan application processes faster and less vulnerable to errors.
   
• IRA and 401k rollovers:
  There are often significant sums of money involved in the retirement rollovers. Using a simplified e-signature platform streamlines these rollovers without any brokerage commissions and improves the overall customer experience.
   
• Mortgage Pre-Approval/Approvals:
  In today’s ever-changing market scenario, buyers need to make serious offers quickly to get their dream houses. E-signatures help potential buyers get the mortgage pre-approval and approvals on time with the ease of digital documents.

Looking at the need for financial literacy in today’s world, organizations and individuals must invest in good programs that provide sufficient financial education. Embracing e-signatures in your day-to-day life or business processes makes everything easy with the security required for digital transactions. DrySign e-signatures empower you to sign your important financial documents digitally. DrySign electronic signatures are secure and compliant with U.S. e-signature laws like ESIGN and UETA that streamline organizational workflows and encourage new clients to onboard. Start DrySigning today!

DISCLAIMER: The information on this site is for general information purposes only and is not intended to serve as legal advice. Laws governing the subject matter may change quickly, and Exela cannot guarantee that all the information on this site is current or correct. Should you have specific legal questions about any of the information on this site, you should consult with a licensed attorney in your area.

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

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

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

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

organizations to better maintain business continuity amidst unforeseen circumstances.

- Forrester Consulting Paper, August 2020

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

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

Reduce Apparent and Hidden costs:

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

Better customer and employee experience:

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

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

Fast decision-making to stay ahead:

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

Productivity & efficiency:

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

Enhanced Security:

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

Greater Flexibility & Convenience:

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

Sustainable & Eco-Friendly Business:

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

Contactless & location agnostic:

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

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

HR:

• Signed and approved Offer & Appointment letters
• Memos & Appraisal Forms

Accounting & Finance:

• Vendor Invoices
• Employee Reimbursements

Admin & Procurement:

• Purchase Orders
• Vendor Contracts

IT:

• Offer Letters
• NDAs

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

Sources: financesonline.com | adobe.com

DISCLAIMER: The information on this site is for general information purposes only and is not intended to serve as legal advice. Laws governing the subject matter may change quickly, and Exela cannot guarantee that all the information on this site is current or correct. Should you have specific legal questions about any of the information on this site, you should consult with a licensed attorney in your area.

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The International Data Corporation (IDC) revealed that 65% of the global GDP would be digitalized by 2022. Today, the world has moved towards a digital era, embracing intelligent digital solutions. Electronic signatures play the part of one such digital innovation that has turned out to be beneficial for businesses, individuals, and the global business environment, as a whole. The digital signature market is estimated to grow from USD 4.05 billion in 2022 to USD 35.03 billion in 2029. The electronic signature market is growing by leaps and bounds and is a boon for organizations. Today’s ever-changing business world (attn: COVID-19 pandemic) has forced even the most rigidly traditional organizations to operate in the contemporary world. And, it’s not for nothing! Every industry faces cut-throat competition, which in turn increases customer expectations. Companies and individuals are compelled to embrace digitally-driven solutions to generate revenue and stay relevant.

Increasing revenue and augmenting Return On Investment (ROI) is a critical focus of every organization. Dive into this blog to know the ways e-signatures can drive ROI.

Electronic signatures - Driving ROI

Signing documents as a token of receipt is a must in business processes. It also lends finality to a sale or business process. Today, no department can thrive in the digital world without e-signatures. Signing electronically has made it easy and secure for organizations to sign, send, and receive agreements. While it is abundantly evident that e-signatures can benefit businesses, let’s explore how they can drive ROI.

• Enhances Employee Productivity

Documentation plays a significant role in all types of industries. Businesses rely on agreements or contracts to perform all aspects of sales, marketing, development, or organizational functions to run smoothly. In the last decade, e-signatures have been in the driving seat to streamline the signing of agreements. With the help of state-of-the-art e-signature solutions, your documents can be signed in minutes compared to earlier, when you would spend days waiting for a signature or two from clients or partners, using traditional pen and paper signing methods. Rolling out offer letters and other hiring documents, sales contracts, invoices, employee benefits, NDAs, and so on; the processing of all these documents comes into the picture while gauging employee productivity. Moreover, signing essential documents or agreements, following up for signing status, inviting one or more signatories to sign a document, and keeping a record of all this takes up unnecessary time and effort, eventually leading to reduced employee productivity. DrySign e-signatures help you sign any document within minutes securely, from anywhere. The DrySign platform also provides an all-seeing, intelligent dashboard that allows you to track every single document that is out for signing or pending to be signed by you. This effortless tracking of your entire document workflow enhances productivity and keeps you and your teams on track.

• Eliminates Extra Cost

In 2021, as the economy slowly reopened, the prices for products increased. The cost of paper, too, rose significantly, a 9.6% escalation. An analysis report says that businesses in the U.S. waste $8 billion a year on just managing paper. Signing documents manually also include costs associated with printing, mailing, and storing documents. Hidden costs such as fuel, logistics, human resources, etc., are also involved but generally overlooked. E-signatures reduce these extra costs associated with document signing and allow for a faster and error-free documenting process. Organizations that adopt e-signature solutions reduce document handling expenses by a whopping 85%. With DrySign, it is so easy to upload or create a document, sign it, and share it from anywhere, reducing several overhead costs that are, so obviously, avoidable.

• Accelerates Revenue

Whenever extra time and effort are spent on printing, scanning, filing, signing, managing, and storing tasks, it tends to reduce employee productivity and, subsequently, your revenue. As we all know, Time is Money! Any process that has the potential to waste time or hold you back from making quick and accurate business decisions is a financial burden and must be discarded. The faster your turnaround time, the sooner you close business deals, hire the best talent, get a new client on board, and have a higher chance of generating better revenue. DrySign needs mere minutes to execute the activities that you currently waste hours on – at least 4-5 emails going back and forth, and numerous phone calls.

• High-Efficiency

Document and contract flow management is an assured part of every business, some would say, a paramount part, as it influences everything, from maintaining the confidentiality and smooth functioning to simpler, more day-to-day tasks. On the other hand, it is time-consuming and expensive, and plain boring! You have already lost half the battle when your human resource is running around from cubicle to cubicle for multiple signatures or printing, scanning, and filing these important papers. According to a survey, 65% of companies reported that collecting physical signatures adds an entire day to their work process. On the other hand, companies that have decided to go paperless and move the e-signature way have reduced 90% of their processing errors. DrySign gives you the power to eliminate a non-efficient process with a simple, easy-to-use, and highly efficient e-signing method while saving you cost and time.

• Improves Customer Experience

Irrespective of your industry, electronic signatures have something to offer your business. Electronic signatures ease everything, from signing business agreements and hiring documents like offer documents and NDAs, to applying for college and scholarships or asking for customer feedback. As a result, any organization can provide a seamless, enhanced digital experience to its customers. DrySign provides a platform that helps you seamlessly share and sign documents electronically, in minutes!

• Reduces Risk

Electronic signatures provide end-to-end authentication to ensure a secure signing experience. Signing electronically using trusted and certified e-signature platforms reduces the risks associated with cyber security, disaster recovery, and other such operations and supplier risks. Going digital also means no loss or damage of documents, no risk of forgery or intermediaries, etc.

• Environmental Responsibility

Using traditional signing methods means the use of tens of thousands of sheets of paper, which not only impacts the costs and time associated but also contributes directly to climate change, deforestation, and the destruction of our biodiversity. Paper contributes 26% to the total waste in landfills. Pens generate tons of plastic waste that ends up in rivers and water sources, eventually harming animals and the environment. Sending and receiving contracts signed manually accounts for traveling costs and CO2 emissions. In a nutshell, ditching wet signatures and embracing electronic signatures not only save costs but also saves our environment. Taking your business digital with DrySign e-signatures can help you reduce the giant carbon footprint of your business.

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

Industrial sectors that must incorporate signatures

• E-Commerce

With the increase in digitization, e-commerce is a sector that continues to grow every day. Every transaction accounts for an agreement between the seller and buyer. The e-commerce industry deals with multiple vendors and customers, and it is essential to bind all of them with contracts or agreements. Considering the number of transactions happening in e-commerce, the time and effort required for signing and storing all the agreements must not be overlooked. Electronic signatures act as a savior, streamlining signing processes in e-commerce.

• Advertising industry

The advertising and marketing industry requires legally binding contracts signed by both parties. Moreover, to terminate the agreement or extend it, business individuals need to repeated review and draft legal documents that need signatures. It would be tedious to upload, create, manually sign, and manage all these documents. Electronic signatures help manage such contracts without any potential legal dispute.

• Finance

The finance sector incorporates banking and other monetary transactions that are always in need of an extra layer of protection. Poor security in the finance sector can lead to a devastating loss of money, identity theft, and subsequent access to funds by unauthorized entities. Using certified e-signatures helps avoid these breaches streamlining secure document workflow.

• Insurance

Insurance companies need to have agreements in place to ensure a smooth experience for the customers. Moreover, signatures and records need to be maintained to ensure the authenticity of contracts agreed upon by both parties. Electronic signatures ease the insurance representative’s job by providing secure and authenticated e-signatures to bind the insurance provider and receivers under mutual agreements and keep electronic records.

• Healthcare

The ever-growing healthcare industry is constantly entangled in paperwork - vendors for equipment, drug companies for medicines, and medical professionals, like doctors, nurses, surgeons, etc., for jobs. In an industry such as healthcare, time is of the essence, and accuracy is crucial. E-signatures provide both of these functions along with reduced costs and improved ROI.

Start DrySigning!

It is evident that signatures act as an indispensable part of our day-to-day activities. Irrespective of your industry, business, or location, you will inevitably deal with paperwork and documentation. DrySign helps you with all your signing needs and provides a secure, end-to-end, and super easy signing experience that can benefit not only big industries but also small businesses and start-ups. Invest in DrySign e-signatures and get an awarding ROI for any business.

Sources: ibisworld.com | fortunebusinessinsights.com | msbdocs.com | theworldcounts.com

DISCLAIMER: The information on this site is for general information purposes only and is not intended to serve as legal advice. Laws governing the subject matter may change quickly, and Exela cannot guarantee that all the information on this site is current or correct. Should you have specific legal questions about any of the information on this site, you should consult with a licensed attorney in your area.

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In 2020, total global business travel expenses were reduced by 52%, while managed corporate-travel spending in the United States plummeted to 71%. Much has changed since then. 67.4% of the world’s population has received a minimum of one dose of the COVID-19 vaccine whereas 12.45 billion doses have been administered globally, and 5.98 million are now administered each day. Herd immunity and rising vaccination rates have ameliorated some of the travel anxiety.

Holiday travel and tourism have also witnessed a steady increase in the past quarter. The U.N. reported that international arrivals increased 3 times in the first quarter of 2022. March 2022 produced the healthiest results since the start of the pandemic, with arrivals climbing to nearly 50% since 2019. The U.N. World Tourism Organization predicted that these could rise to as much as 70% compared to the 2019 arrivals by the end of this year. Most countries are also lifting travel restrictions making it easier for tourists to make their holiday plans. As of June 2022, the CDC has withdrawn all COVID-related restrictions. It no longer requires passengers traveling from a foreign country to the United States to show a negative COVID-19 test or documentation of recovery from COVID-19 before they board their flight.

With the travel and tourism industry finally recovering and as restrictions and health concerns abate in most parts of the world, the lines at departure gates are getting longer. Whether it is for business or pleasure, people who have been trapped in their homes have now started taking the brave step of getting on that bus, train, or flight and re-starting their connection with long-haul travel. In fact, there has even been a term coined for the frenetic pace of increasing travel across the globe called ‘Revenge Travel’.

More travel is directly related to more tools for smoother remote work and work-from-anywhere functions, especially with remote work becoming the norm. Unquestionably, the future of business is highly autonomous, agile, and integrated – bringing to the fore the need to digitize and automate.

Research says that 70% of the time people rely on others to get their work done.

The virus broke through cultural and technological barriers that have prevented seamless remote work in the past. It is interesting to note that with travel back in full swing several business functions that were adopted during the pandemic have made their mark. For example, business processes or workflows are managed completely differently compared to pre-pandemic times. While physical presence and impromptu drop-ins were a norm before, almost all of our workflows have been made remote and we have technology to thank for that.

68% of employees waste an average of 305 hours a week waiting for information from team members and colleagues.

There are many advantages to digitizing your workflows. Moreover, if traveling is a part of your profile, it adds a whole slew of complications, especially when it comes to document signing and handling. It creates unexpected bottlenecks in the workflows, eventually affecting your success rate and reputation. So, what keeps your workflows on the move when you’re on the move? The answer is digital tools and solutions that help you run things smoothly and give you the flexibility of working from any location.

Advantages of automating workflows:

• Avoid miscommunication and confusion
• Reduce manual errors
• Eliminate procedural bottlenecks
• Save time by automating recurring tasks
• Streamline daily functions

What is workflow automation?

Workflow automation enables businesses to automate their processes by performing a series of related tasks that can be executed in a sequence. It gets the data from the right person in real-time and simplifies decision-making. In addition, every task involved within the workflow can be tracked anytime.

With a million tools and solutions to choose from, how does a business choose the right ones? Just googling the best digital tools for your business is a sure-fire way of going down a dark rabbit hole that leaves you more confused than informed. So we decided to do the digging for you. Here is a look at some of the best tools that can make any business workflow remotely functional and streamlined, be it a small or medium-sized business or a large corporate.

Solutions that keep your workflows on the move, even when you are!

• Dive efficiently through the emails – yes, you are not the only one!

You read that right! You are not the only person who feels queasy at the thought of going through a 1000 emails while you are traveling. Let’s not forget the dreaded ‘Your inbox is full’ message that pops up if you are away from your mail for even a day. Inbox flooding slows you down and increases the chances of an important email slipping through the cracks.

On average, an employee spends 28% of work time sorting and reading emails - McKinsey Global Institute

Many people spend a lot of time drafting an email and creating filters to sort through the emails. Emptying the inbox may also seem daunting, in case you end up deleting an important mail by mistake. Fortunately, artificial intelligence has come to our rescue to finally get that coveted zero inbox. However, if you are traveling for work or are on a vacation and suddenly something important comes up – you can’t afford to spend hours sifting through the mail to reach important communication. Take help from tools that ease your job even if you are out of the office – tools that will sort, triage, and answer emails.

Pro-Tip: Clariti, Shift, Mailbird, and Front are a few of the email management tools that will keep your mail and travel plans sorted for you.

• E-sign – Seal the deal!

Documents are the most indispensable part of any business. Every department and process including human resources, marketing, sales, production, and inventory management, is incomplete without relevant paperwork and documentation. Managing a manual paper-laden process could lead to missing out on important deals, client follow-ups, etc. Moreover, if a business representative is traveling and needs to send/receive documents for signing on an immediate basis – you are in big trouble! Business does not wait for anyone and nor does revenue. You need an effective solution that will help you sign and store important digital documents even on the go. Digital signatures are the answer to your documentation problem. Though the benefits of using e-signatures are well-communicated, people often have numerous apprehensions about adapting to the technology. The most perennial doubts are: Can documents be signed from anywhere without the constraint of security or access issues? Are e-signatures legally binding? Are electronic signatures legal? Is it safe?

The one eternal answer to all these questions is – Yes! E-signatures are totally safe and easy to use, legal, secure, and can be used from anywhere, anytime.

Pro-Tip: With tools such as DrySign, you can e-sign your confidential documents with ease from anywhere, anytime, and on any device.

Also Read: The ways Electronic Signatures are driving ROI

• CRM – Serve customers on the go!

Your employees may be working really hard, but if your customers don’t get the right kind of service, all that hard work is not going to matter. Customer service teams and sales representatives strive to keep in touch with the customers to answer questions, fulfill customer needs, take orders, and strengthen the connection between your brand and company, no matter where they are. When your sales representatives are on the field or traveling, they need valuable and updated information such as promotional pricing offers or product details, handy. They might also need inventory details such as product availability or shipment location to make reasonable delivery commitments. One can’t afford to surf through a folder full of documents while traveling or sift through an inbox full of spam emails. CRMs are a savior in such situations. You can easily access the mobile version that gives you a solicited view of your product information, delivery status, customer communications, and more. With a good CRM, you can:

• Access historical information for future reference.
• Based on the purchase history, offer similar or complementary products.
• Place an order and generate an invoice on the go, without any additional paperwork or time.
• Provide product information with ease.
• Answer client queries easily and promptly without having to wait to get back to the office.

Pro-Tip: Salesforce, Microsoft Dynamics, and Monday.com are a few top CRMs that will help you remain productive even when you are traveling or out of the office.

• Poor communication – no more!

You are blessed to have the most dedicated teams, but poor communication is leading to a low growth rate? For many, it’s a challenge to efficiently communicate with colleagues or clients – it can create more chaos when you are traveling or working remotely.

Every year around $37 billion is lost due to poor communication.

Every team and employee has a different way of communicating – on a call, email, chat, meetings, and so on. For internal communications, you can always take the help of Google calendar to set up meetings, or Microsoft Teams, Slack, and Webex for chat or calls. Calendar management tools can also work wonders by simplifying schedules for you.

Pro-Tip: Meetingbird, Calendly, and HubSpot are a few prominent names that allow you to add more visibility and block out days to avoid setting up meetings while away.

Conclusion

Today’s fast-paced world has brought many challenges for employees and organizations. Sustaining and keeping workflows rolling while you’re traveling or on the move is one such challenge. There could be many who don’t have access to the essential data, some don’t want to surf through dozens of emails or documents on the road, and many may be finding it difficult to communicate with customers or colleagues while traveling. However, there are still ways to navigate your way smoothly through this! Technology has made our lives simpler, and so the above-mentioned tools will keep you moving ahead regardless of your location (as long as you have an internet connection). E-signature solutions have a big role to play in such situations – bet you wouldn’t want to miss out on a deal just because you are traveling and unable to physically sign a contract! DrySign makes it possible to sign important documents online from any location, from any device. Start DrySigning now!

DISCLAIMER: The information on this site is for general information purposes only and is not intended to serve as legal advice. Laws governing the subject matter may change quickly, and Exela cannot guarantee that all the information on this site is current or correct. Should you have specific legal questions about any of the information on this site, you should consult with a licensed attorney in your area.

Contact us