Enterprises have always relied on paper documents for conducting daily business. However, procuring business documents can be a tricky affair. It includes checking for any errors or misspellings. Not to mention the printing and posting costs that increase the overhead costs for a company of any size. This is where modern automation technology like electronic signatures can be a game changer. Electronic signatures or eSignatures can digitize the entire signing process.

Electronic signatures can simplify operations and provide advanced security against online risks. With various countries backing the technology by making it a law, businesses adopting it will be at the forefront of the competition. An electronic signature solution will allow companies to digitize all documents and attain signatures from all stakeholders from any location or device.

Businesses using eSignatures have experienced a reduction in turnaround time (TAT) by 80%.

Electronic signatures bring convenience and ease of use to any process, and are a valuable asset for organizations of any size. The bigger the size, the more pivotal it becomes to have documentation in order. It has many use cases, including the online signing of purchase orders, hiring papers, contracts, invoices, and other related documents.

The Road to Digital Transformation

Organizations, irrespective of size, need digital technologies to leapfrog ahead of the competition. As a matter of fact, today, digitization is required just to stay in the game. This was proved during the COVID-19 pandemic, as many organizations decided to let go of legacy processes and implement digital strategies to facilitate remote working.

Electronic signatures benefit organizations looking to save on business time and reduce the turnaround time for approval. In addition, with companies looking to assess and evaluate the pros and cons of technologies, e-signatures are a good fit and start for any firm looking to attain good returns from their investments in established technology.

How Government Policies Encourage eSignature Adoption

Electronic signatures have had legal recognition in many countries since as early as the 2000s, for example, in the USA, the Philippines, India, etc. But many governments have been slow in recognizing its importance. Many countries, for example, Indonesia, have only recently understood its benefits and established laws to make esignatures viable as late as 2016.

Government regulations such as the Uniform Electronic Transactions Act (UETA) and the U.S. ESIGN Act have encouraged eSignatures to replace wet ink signatures. In addition, the laws recognize them as legally valid, holding the same legal value as a handwritten signature.

Electronic signatures are legally valid if all stakeholders sign them with the same intent. Therefore, businesses agreeing to an electronic agreement must willingly and knowingly consent to sign electronically. This also helps enterprises optimize their signature and documentation process by making it more customer-friendly and convenient.

Over 90% of the U.S. represent small and midsized enterprises

How eSignatures Help Small and Midsized Enterprises

Small and midsized enterprises (SMEs) are responsible for creating the majority of jobs in the USA. In addition, they contribute to innovation in processes and technologies. However, the pandemic threw everything in the air and caused uncertainty for many SMEs. This is evident by the impact of the COVID-19 pandemic on them. But digital technologies like eSignatures can help them adapt to the changing business environment. Here are some ways:

• Hiring – Human resource processes can be paper-intensive. These processes involve filling up numerous forms such as social media policy, a non-disclosure agreement (NDA), an offer letter, and so on. Electronic signatures can automate the entire process and save on printing costs and TATs.

• Agreements – Small and midsized firms can now negotiate with vendors and distributors via an electronic contract. Trusted eSignature solutions like DrySign help firms sign sensitive agreements and contracts safely and instantly.

• Sales – Sales are an SME's central revenue-generating unit and bloodline. But what do you do if your sales team is always busy filling up clients' paperwork rather than chasing leads? Electronic signatures have been beneficial in converting leads easily and simplifying paperwork such as proposals, quotes, invoices, and other agreements.

How Large Enterprises can Benefit from eSignatures

Unlike SMEs, large enterprises have the capital to adopt the latest digital technologies. Here's how eSignatures provides the necessary advantages:

• Saves Time :

  Electronic signatures accelerate the agreement or contract signing process by making customer interactions more efficient. It eliminates the need for paper documents and allows companies to save time by transitioning to digital documents. In addition, they provide great flexibility in multitasking between projects and help streamline the workflow.

• Saves Money :

  Large enterprises can save money by integrating eSignatures. With many companies deciding to go lean to maximize profits, electronic signatures are a good fit. In addition, they help curb expenditures concerning printing, scanning, and storing documents.

• Improved Document Accuracy :

  Enterprises can put as many fields in forms to collect the most accurate data. This helps enterprises gather the exact data and not chase customers.

• Enhancing Efficiency in Workflow :

  Companies can enhance the efficiency within internal processes by shifting to digital documents. Moving from paper to digital methods can streamline workflows and ensure your teams concentrate on value-generating tasks instead of paper-pushing.

• Simplify Document Management :

  Large enterprises deal with many clients and possess many documents. eSignature solutions help organize documents digitally and store them in archives for later use.

• Encourages Collaboration :

  Electronic signature solutions can encourage collaboration within departments and partners to resolve a customer's pain point. By bringing automation to workflows, they can improve productivity and eliminate errors. It reduces repetitive tasks and helps companies complete tasks remotely.

• Reduces Risk:

  Electronic signatures are more difficult to forge and highly secure than handwritten signatures. They are encrypted during transit to stakeholders and protect users from unauthorized access, which is a genuine risk regarding manual documentation.

• Superior Customer Experience :

  eSignatures can allow customers to sign documents on the go making it convenient and simple for customers to interact with your business.

Also Read: How eSignatures Impact Workplace Productivity

The Role of DrySign

Electronic signatures can transform any business, whether a multi-national legacy business or a small, budding start-up. It helps them achieve their goals faster and digitize document workflow. Here's how DrySign, an electronic signature solution, provides the edge.

• Keeping Digital Records

  DrySign helps companies digitize documents and store them securely in online archives. It eliminates the need for paper documents and the need for infrastructure to store signed documents.

• Protects Customer Data

  DrySign can preserve the integrity of documents and safeguard customer information. Signed documents are protected using robust encryption methods and help gain customer trust. This helps in retaining customers and helps them be assured.

• Complete Transparency

  Electronic signatures can help track the progress of signing sensitive documents. A mail trail provides transparency on the details of all signers and any modifications within documents. They make all actions taken by stakeholders visible and make them traceable.

• Ensures Compliance

  DrySign is compliant with all electronic signature laws in the U.S. and helps all stakeholders adhere to terms and conditions in contracts, agreements, and deals. Since the eSignature is legally binding, it can be used as evidence in a court of law in the case of disputes. The non-repudiation of documents ensures that all parties cannot deny their authenticity.

• Enhancing Efficiency in Workflow

  Companies can enhance the efficiency within internal processes by shifting to digital documents. Moving paper to digital processes can curb costs immensely and contribute to high savings. In addition, enterprises can help clients provide a smooth signing experience by signing digital documents.

• Be Paperless

  DrySign will help enterprises remain paperless and provide control over the signing process. You can send notifications to signatories from within DrySign to avoid long, confusing workflows, allowing you to streamline all your documentation in one place.

Closing Thoughts

Electronic signatures provide a way to transform processes and allow businesses to reduce their paperwork. They are a cost-effective alternative to traditional wet ink signatures. They are simple to set up and more accessible to store documents for later retrieval. The advantages of eSignatures aid in making businesses digitally forward and paving the way to reach a new set of customers. Keeping internal processes smooth is essential to gain a competitive edge. For enterprises looking to organize documents digitally and sign electronically, DrySign is the way to go.

Source: oberlo.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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Modernizing Immigration with Digital Signatures

The United States plays host to more immigrants than any other country in the world. The year 2020 recorded 40 million immigrants of varying nationalities. Although this problem statement has been highlighted during many election campaigns and rallies, finding a permanent solution has been challenging. While opening doors to immigrants may positively impact the economy, there is a potential risk of illegal immigration, posing a severe threat to national security. This is where paperwork can prove to be a serious hurdle. There have been numerous instances of people crossing the border using forged papers, leading to disastrous consequences. The key is to keep an eye out for suspicious-looking documents and implement a more holistic, secure, and robust system that can eliminate the possibility of unauthorized entry – such as digital signatures. 

The current immigration process

The current process to apply for an immigrant visa involves multiple steps. The current paper-riddled process consumes a significant amount of operational bandwidth of the National Visa Center (NVC) and the United States Citizenship and Immigration Services (USCIS) – considering the fact that the immigrant population is projected to reach 78 million by 2065.

Step 1 – Filing a petition with the USCIS and filling out the form based on the type of visa.

Step 2 – Passing the application to the NVC.

Step 3 – Submitting your financial documents, affidavit of support, and civil documents.

Step 4 – Medical exam.

Step 5 – Visa interview.

Step 6 – Visa approval and issuance.

Step 7 – DO NOT OPEN THE SEALED VISA ENVELOPE. Instead, submit the sealed document to the immigration & customs official.

Also read: What You Should Be Looking for in a Digital Signature Provider

Why do we need digitization?

In the current process, when your application reaches the NVC, it may take several months to get processed, depending on the category of the visa you have applied for. Digitization can go a long way in streamlining the workflow and reducing the TAT. An ideal way to start this transition would be to implement digital signatures to speed up the approval workflow. This would drastically improve the experience for international students and working professionals.

Besides lengthy TATs and complexities, the current workflow also presents several vulnerabilities that may threaten national security. Where there is paperwork, there exists a high possibility of forgery. There have been numerous instances of Border Patrol officials arresting illegal immigrants trying to enter American soil through unfair means. The Rio Grande Valley sector – the southernmost tip of Texas, is more than familiar with ‘illegal aliens’ (people without proper authorization) trying to enter the United States. In February 2021, the Border Patrol Agents, with assistance from the County Sheriff, arrested 130 illegal immigrants. Some of them had flu-like symptoms, threatening the health and safety of other citizens during the COVID-19 pandemic.

Among illegal aliens, it is also likely for some of them to be wanted criminals. For example, in October 2020, the United States Immigration and Customs Enforcement agents arrested 30 at-large immigrants on American soil in San Antonio, TX. Some of these immigrants were convicted of burglary and distributing narcotics.

Digital signatures in the immigration ecosystem

Until June 2021, the U.S. border authorities have made more than one million arrests on the US-Mexico border. With digital signature solutions in place, we are looking at faster, secure, transparent, and more accountable immigration government bodies. In addition, E-signature solutions tend to maintain detailed logs and verify users, making it virtually impossible to trick the system. Ultimately, with digital signatures in place, we may not be able to bring illegal immigration down to zero, but we can certainly reduce it by a significant margin.

Source:

https://travel.state.gov/content/travel/en/us-visas/immigrate/the-immigrant-visa-process/step-1-submit-a-petition/step-2-begin-nvc-processing.html

https://uy.usembassy.gov/visas/immigrant-visas/steps-apply-immigrant-visa/

https://www.ice.gov/news/releases/ice-announces-arrests-more-30-large-aliens-south-texas

https://www.cbp.gov/newsroom/local-media-release/group-130-illegal-aliens-arrested-mission-texas

https://www.nytimes.com/2019/12/01/us/undocumented-visa-overstays.html

https://www.pewresearch.org/fact-tank/2021/04/13/key-facts-about-the-changing-u-s-unauthorized-immigrant-population/

https://www.pewresearch.org/fact-tank/2020/08/20/key-findings-about-u-s-immigrants/

https://www.pewresearch.org/fact-tank/2019/07/12/how-pew-research-center-counts-unauthorized-immigrants-in-us/

https://www.brookings.edu/policy2020/votervital/how-many-undocumented-immigrants-are-in-the-united-states-and-who-are-they/

https://www.alllaw.com/articles/nolo/us-immigration/crime-enter-illegally.html

https://www.alllaw.com/articles/nolo/us-immigration/legal-options-undocumented-illegal-immigrant-stay.html

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Traditional signatures have dominated business spaces as an official form of consent before entering into agreements or partnerships. However, the COVID-19 pandemic has highlighted the drawbacks of still being dependent on such techniques. Organizations still running on paper-based processes had quickly adapt and transition to digital processes to ensure business continuity, resulting in electronic signatures being rapidly adopted. Social distancing and remote work further contributed to the demand. As a result, we now see electronic signatures or e-signatures becoming a much-preferred alternative to their traditional counterparts.

While not all industries are on board with this new technology owing to the surrounding misconceptions, its acceptance in sectors like finance, real estate, legal, retail, and construction has created new avenues for companies to be more efficient and enable smoother document workflows.

Businesses that adopted e-signatures saved 55%-78% on administrative costs – SRS Computing

For businesses that want to begin their journey with eSignatures or those already working with a digital signature solution, here are some mistakes to avoid while choosing an esign platform and getting online signatures.

6 Mistakes to Avoid while Using E-signatures

1. Avoid choosing a platform that is not compliant and backed by Certification Authorities

   Many solutions today mislead users by claiming that they provide digital signatures, whereas what they actually do is allow you to upload a scan or photograph of your written signature. For electronic signatures to be legally valid, they must adhere to the laws of the land. E-signatures are legally binding in most countries like the U.S., Canada, the U.K., the Philippines, India, Germany, France, etc. Another feature you must look for is whether there is an additional digital signature certification from a legally recognized Authority, for ex: Entrust, RSA, or eMudhra.

2. Avoid a complicated platform

   Online signatures should ideally help the user save time and resources while signing agreements and contracts. So if you choose a feature-overloaded eSignature platform that complicates your life instead of simplifying it, you defeat the purpose. Also, keep away from platforms with faulty and buggy UI and UX. Instead, look for a solution with an easy-to-navigate dashboard that can give you a comprehensive view of your digital document workflows.

3. Do not neglect internal training

   Companies integrating e-signatures in internal processes often forget to inform and train their staff on the workings of the solution. Using eSignatures in your workflows should not be limited to the top brass and must trickle down the hierarchy. All employees should benefit from internal training to use any new technology. This avoids misuse of the platform and waste of productive time.

4. Avoid a solution that complicates integration with existing systems

   When choosing new technology, always look for a solution that effortlessly integrates with your current systems and workflows. For ex: if you tend to do all your work on Gmail and Google Drive, find a platform that can easily blend with these solutions to make workflows more seamless.

5. Avoid platforms that have device restrictions

   A platform that is not compatible with all your electronic devices is basically a manual signature process. Ensure that the platform you pick allows you to sign from anywhere, on any device, retaining the essence of a location-agnostic solution.

6. Avoid obscurity in digital paperwork

   Anyone signing a digital document via your platform must be clear on what they are signing up for. An ideal online document requesting an online signature should contain:

   • Details of products and services provided within the document.
   • Full name and job title
   • Name of the business, address, and contact information
   • A clearly marked box wherein one or multiple signatories must add their online signature.
   • Date Signed

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

Never pass up a Free Trial

If you have the opportunity, always try the Free Trial. This ensures that you get to try a new solution for free, experience the features, and habituate yourself to it. Make sure never to pass up a Free Trial. Try the DrySign Free Trial now!

Electronic signatures are experiencing a surge in demand due to the digitization of documents and the pandemic remote work obligations. An eSignature platform like DrySign can curb printing, storage, and delivery costs, saving you hours of valuable time and creating seamless digital workflows with high-security standards. While many solutions exist in the market, DrySign stands out in several ways, including cost and simplicity! Here’s why we think DrySign is optimal for businesses of all industries, big and small:

The DrySign Experience

• Seamless Workflow – DrySign automates the workflow of your billing, contract, and agreement processes instantly. Whether you belong to the HR, Sales, Production, or Operations team, DrySign can cut costs, save time and improve the productivity of your teams. With no bottlenecks like printing or storage, your teams can focus on growth instead of paperwork.
• Instant Tracking – Every time there is an action on your digital document, DrySign can inform you of it. You are always updated with easy tracking notifications keeping you updated and in tune with your processes. You can even send reminders to your signatories from the DrySign dashboard for pending signs on important documents, helping you stick to competitive deadlines.
• Ease of Use – DrySign users can easily send, manage, and store documents for signing from any device as long as they have an internet connection. With an intuitive dashboard and easy-to-navigate menus, managing office documents is child’s play.
• Enhanced Security – Using DrySign may be child’s play, but the security is not. Trustworthy eSignature platforms can protect your documents from fraud and forgery. A two-factor authentication (2FA) within the solution helps gauge authentic users and prevents fraudsters from accessing your account. It even allows you to double-secure your confidential documents with the password-protected document feature.
• Experience Efficiency – eSignatures can help you reduce trivial mistakes like printing or incorrect filing errors. According to a 2021 survey by financesonline, adopting e-signatures can reduce 92% of scanning errors and the risk of missing files by 66%. All these numbers finally add to lost time and money. DrySign offers 100% efficiency in all your digital workflows.
• Legally Binding – eSignatures are legally binding and adhere to security and privacy regulations. Digital documents containing eSignatures with reliable digital signature technology can be upheld in the courts of law that recognize them.

Conclusion

A generic survey of modern businesses will show that most offices still prefer to use all the digital tools possible to avoid using paper, printing documents, and attesting them with manual signatures. Electronic signatures are misunderstood by major enterprises due to fear of trying a solution that is thought to be in its nascent stage. However, it’s the opposite! eSignatures have been around for decades, and we are only now realizing the potential of this reliable and far more sustainable option than its counterpart – pen and paper! e-signatures can virtually solve all challenges associated with physical documents and their storage.

Knowing what to avoid will help you narrow your search for the right eSignature platform. Try DrySign today to get the solution you desire.

Sources: financesonline.com | srscomputing.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 gig economy is all the hype – it is foreseen to reach 455.2 billion U.S. dollars in 2023. In a gig economy, people work in temporary or part-time positions or as independent contractors. Around 70% of freelancers get jobs at gig economy sites and online markets, which shows a tremendous demand for freelancers across different niches and industries. Freelancers generally have to play both the roles of an employee and a business owner. Being your own boss means getting your work done and being equipped to run a business. When you start a business of your own, you will have your plate full, for ex: pitching your products or services to the clients, following up on potential clients for projects, creating contracts, sticking to deadlines, rolling out invoices, and getting paid. As a matter of fact, generating revenue is the ultimate goal of any business, and so it remains for freelancers too. The first and crucial stage to get paid faster is a professional invoice. However, creating and sharing invoices manually accounts for human errors that may end up causing data loss or theft, spelling or grammar errors, and more. This is where digital signatures can make life easier for freelancers. Integrating e-signature software in your workflows can help save a lot of time and costs and ensure that you limit human errors to a minimum. In addition, using eSignatures also ensures end-to-end security and legality of your documents.

Managing everything alone may sound challenging, but you can thrive with the right blend of skills and technology. Whether you are all set to take the plunge as a freelancer or an established member of the gig economy, this blog has it all to help you survive, grow, and prosper. So let’s dive in to know more.

All set to be a freelancer?

Find a community and establish your presence Getting support, being accountable, and exploring new resources is paramount for a freelancer, and related online communities are a great way in. Don’t be afraid to start one of your own if you can’t find one you fit into. Start with a decent website, share your contact details, a clear listing of services, and a rich portfolio to establish your presence and build a community of fellow freelancers to stay motivated and on track.

If you want to work on your own terms, freelancing is a great option. Being a freelancer allows you to work at your convenience, anytime, anywhere. However, as they say, with great power comes great responsibility. Freelancers don’t necessarily need a team or administrative workforce like a business. Still, they need to handle all aspects of operating a small business. If you are a newbie starting off on your journey to leave the 9 to 5 behind, here is a checklist of some helpful freelancing tips.

• Find a community and establish your presence

  Getting support, being accountable, and exploring new resources is paramount for a freelancer, and related online communities are a great way in. Don’t be afraid to start one of your own if you can’t find one you fit into. Start with a decent website, share your contact details, a clear listing of services, and a rich portfolio to establish your presence and build a community of fellow freelancers to stay motivated and on track.

• Build a pipeline and stick to the routine

  Being a freelancer is a full-time job that you are entirely reliant on. Moreover, in the gig economy, getting new clients onboard every day is becoming quite challenging with so many options available. In this situation, it becomes crucial to have a pipeline of forthcoming projects ready and follow a specific routine. Keep adding to your channel even if your schedule is full. Establish a routine by setting working hours and standards, and stick to it for better outcomes.

• Stay up-to-date with documentation

  While an employee just has his individual assignments and work to look into, freelancers have plenty to look into besides their assignments, which includes additional paperwork and documentation. From bookkeeping to contract formation, tax filing, invoice generation, and more – freelancers have to take care of everything. Here it becomes imperative for freelancers to leverage technology and digitization tools to stay up-to-date with their documentation.

• Build a portfolio

  Starting on your own takes extra effort – especially when you are getting work that is valued and paid for. You need a strong portfolio ready to help your clients choose you for their requirements. Build a portfolio with the necessary files, clips, and documentation on past projects. Ensure that your portfolio showcases your skills and personality to help you stand out from hundreds of other prospects out there.

• Invoice early and get paid faster

  A proper, professional invoice is a crucial stage in getting paid. Enable your clients to process payments faster with a clear, transparent invoice that has all the right details in place. However, creating and maintaining invoices and getting all the right sign-offs before tight deadlines is an added responsibility that comes with a freelancer's profile. Here are 5 tips for creating a clear, concise, and securely shared invoice.

Also Read: eSignatures to Project Management: 6 Best Software for Freelancers in 2022

What is a freelance invoice?

A freelance invoice incorporates the details of services or products you have provided to a client, the total amount you charged for the job, and additional requisites, if any. However, a professional freelance invoice must include specific pointers to sound informative and inclusive. Every business runs on the revenue generated, which makes it crucial for freelancers to pay close attention and manage their finances. The first step towards sound financial documents is a good invoice. Here are five tips for putting together a winning, professional invoice.

1. Incorporate all the information precisely

   Ensure you incorporate everything in your invoice while formatting – product details, contact information, payment terms and conditions, the due date for payment, discount details, if any, and taxes to be paid. While adding contact details, terms and conditions, and product details, ensure you enter the accurate and latest data available to avoid further confusion.

2. Include e-signature fields for multiple recipients

   It is evident that the traditional signing and paper handling method is time-consuming and requires additional effort and costs to get the documentation done. Being a freelancer, you wouldn’t want to waste your time on paperwork. Incorporating electronic signatures into your invoices allows your clients to expedite approvals. eSignatures streamline document workflows and also help boost conversions. DrySign, a leading e-signature platform, provides electronic signatures that are 128-bit secured and comply with E-SIGN and UETA to ensure legal compliance.

3. Embedded payment option

   Integrate an embedded payment option to allow clients to pay for your products or services immediately in just a few clicks. It can be time-consuming to send invoices manually, get them approved and signed, and get paid. Not to mention, lengthy bank transfers and manual documentation can get highly overwhelming. Remove this hassle from your invoices and get paid faster using digital signatures.

4. Tracking and analytics

   Printing, mailing, tracking, and endless waiting – this entire process can take up so much of your valuable time. Digitization is the solution. Technologies like Artificial Intelligence (AI) and Machine Learning (ML) have made it super-easy to track invoices and get analytics on the go. You can even track your documents in real-time by switching to digital signature software to sign and share. Furthermore, you get a clear view of your document history and can use predefined templates that can help you save time. DrySign’s electronic signature platform enables real-time tracking of documents, provides an easy-to-use dashboard to give you a clearer view of your document history, and enables you to set reminders for pending or overdue invoices – you can manage this entire workflow in minutes from anywhere, anytime.

5. Simplified invoice sharing

   Physical document handling is costly and time-consuming. For example, when you send out an invoice manually, it accounts for paper costs, traveling costs, document handling costs, printer and scanner costs, and storage costs. However, when you share an invoice via an e-signature solution like DrySign, the same workflow can be executed in a matter of minutes and for a fraction of the cost! You can also use templates, share invoices on the go, track document status, get documents signed instantly, and store them conveniently on the cloud without incurring any additional cost.

How DrySign helps with hassle-free freelancing?

• Get paid faster

  With DrySign, you can streamline workflows within minutes from anywhere and on any device. Invoices can be sent, reviewed, and signed in almost no time to help you get paid faster.

• Delight the clients

  Consumer experience (CX) is vital to any small or large business. Give your clients the flexibility to sign contracts and invoices without the constraint of their location. Offering them a seamless experience improves their loyalty to your business or brand.

• Reduce costs

  With DrySign, you can eliminate costs associated with manual invoice sharing, including paper, ink, traveling, printer, scanner, fuel, and storage costs. As a result, lesser overheads lead to a more agile and profitable gig.

• Automate processes

  Going solo can get scary if you have to track everything manually. However, with DrySign, you can automate the entire process – from getting project approvals to contract signing, to sharing work, sending out invoices, and getting paid.

• Legal compliance

  DrySign complies with electronic signature laws like E-SIGN and UETA to ensure the end-to-end legitimacy of your documents. Moreover, DrySign signatures are 128-bit secured, providing integrated security to document workflows.

  Being a freelancer means you are your own boss. The latter should always be prepared for any situation with a preliminary plan. You can automate your document workflows with smart technologies such as electronic signatures. This can save up a lot of time and money that can be used for more strategic ad profit-making work.DrySign provides a vast range of plans to streamline your work and help you get paid faster. If you are a freelancer, try DrySign for Free 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.

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In a world where every minute counts and there is a new technological innovation every day, businesses are striving to stay ahead of the curve. However, the growing pressure to stand out in the race of industrial pressure has incorporated several new risks. In this risk-prone business environment, establishing trust is imperative to strengthen corporate bonds with customers, stakeholders, and vendors. Yes, digital transformation is essential to stay relevant and competitive, but the next big dilemma faced by businesses is to ensure digital security and trust.

In business, there are numerous instances where you may need to share confidential information with another person. But before doing so, you need to ensure the other person is bound to respect the information you share and not use it to your detriment. The most common way to secure confidential information is through a Non-Disclosure Agreement (NDA). Dive in to learn everything you need to know about NDAs – what to include, where to use them, and how to sign.

Non-Disclosure Agreement…?

Non-disclosure agreements, also known as confidentiality agreements, confidentiality disclosure agreements, or non-disclosure contracts, are legally enforceable contracts creating a confidential relationship between two parties – one who wants to share sensitive information and another who will gain access to that information. A confidential relationship between two persons requires them to keep the secrecy of sensitive information and not to share it with anyone. Most commonly, NDAs are widely used in organizations that need to share sensitive information with employees or clients. For instance, you might often need to sign an NDA at the beginning of an extensive financial exchange or business relationship. Non-disclosure agreements differ from other business contracts, such as sales or service agreements – NDAs focus on an individual’s or organization’s privacy.

Legal compliance

A non-disclosure agreement creates a legal framework that protects confidential information and business ideas from being stolen or shared with third parties. The contravention of an NDA has its own set of consequences, such as financial penalties, criminal charges, and lawsuits. One can also cover accidental breaches under an NDA. The agreement performs three essential functions:

• Identifying the protected information
• Protecting sensitive information
• Protecting patent rights

Categorizing NDAs

It is well-known that NDAs restrict employees, stakeholders, advisors, and partners from disclosing or using confidential information. But how do we categorize NDAs? And what category should your NDA fall under? Here are three types of non-disclosure agreements:

• Unilateral

Unilateral NDAs are generally one-way agreements that require only one party to disclose its confidential information to the other party. Unilateral is the most common type of NDAs that is increasingly used by organizations while sharing confidential company information with advisors, employees, partners, clients, and other stakeholders.

• Bilateral

Bilateral NDAs, also known as mutual or two-way non-disclosure agreements, require both parties to share sensitive information with each other – with the limitation for further sharing and usage of the shared information. Businesses can use mutual NDAs in situations such as business negotiations, corporate takeovers, acquisitions, and joint ventures.

• Multilateral

As the name suggests, multilateral NDAs incorporate multiple parties (three or more), where one of them needs to disclose the information to other parties. You don’t necessarily need to use separate bilateral or unilateral NDAs with multilateral agreements, which are often encountered in complex, negotiation-heavy deals.

What to include in an NDA?

Typically business contracts are often stuffed with legal jargon that may confuse a reader. Moreover, they are complex because of the stringent security requirements. But non-disclosure agreements don’t have to be lengthy and complicated. Let’s take a closer look at what should be included in an NDA:

• Parties to the agreement:

Identification of parties involved in the non-disclosure contract is necessary to differentiate who is disclosing confidential information and who is the recipient – along with their names and addresses. Adding associated parties such as accountants, business partners, or attorneys is always beneficial.

• Definitions to discriminate what is deemed to be confidential:

An NDA must clearly contain a section with the information covered by the agreement and establish rules to outline the data handling. In a nutshell, it describes what information is confidential.

• Obligations:

Whenever you break any contract or agreement, legal consequences are awaiting in the future. The same goes with the NDAs – an NDA should not only cover specific expected behavior from each signatory but also pitch in the consequences in case of a breach.

• Scope:

The scope should be clearly defined in an NDA to ensure its enforceability. For example, you cannot use general terms such as proprietary information; you need to clearly define a specific type of information that needs to be covered.

• Time span:

NDAs typically don’t last forever; many confidentiality agreements clearly define the number of years the agreement will be bound for. Moreover, the agreements having an indefinite time span often demonstrate when the information will no longer be protected.

• Return of information:

Once the financial transaction or business settles, an NDA must require the recipient to confirm the return or demolition of sensitive information.

• Exclusions from Confidentiality:

Not everything needs confidential treatment; certain types of information do not need to be kept confidential. This includes previously disclosed data, information known by someone before entering the business, or public knowledge.

• The term of the agreement:

In case of a contract breach, the possible actions or remedies should be clearly defined. This might include a range of repercussions, such as restraining orders or payment for damages. These remedies might differ according to the type of infringement – data, copyright, patent, or trademark breach.

• Digital Signatures:

Although it is rare that an NDA contains forged signatures, you cannot ignore the risks that become imminent when your physical document is handled by several parties. Using a digital signature solution to sign an NDA online frees you from risks that are associated with fraud, forgery, handling, loss, damage, etc. At the same time, using an online signature generator also saves you from miscellaneous costs on paper, administration, stationery, and other material.

Also Read: 5 Great Tips to Create Professional Invoices with eSignatures

Where to use an NDA?

There are countless instances where you might want to use a non-disclosure agreement to safeguard your confidential information. If you are hiring a new employee, onboarding a new client, or getting into deals with other businesses – you definitely need an ironclad solution to protect your or your company’s sensitive information from being stolen or shared illegally. Here are a few typical examples of the instances where you may want to use an NDA:

• Sharing a company’s confidential and proprietary information with an employee to perform a certain job.
• Sharing a new product or technology with a potential buyer.
• Exchange of products or services as part of the business with the clients.
• Presenting a business idea to the investors or distributors.
• Performing large-scale financial transactions.

Electronically Signing an NDA

Contracts and agreements have become more complex with the emergence of new risk and compliance regulations. At the same time, the continuous innovations and business pace are forcing organizations to enter a risk-prone environment unknowingly. We all use contracts to bind things to specific laws and rules. Large enterprises are probably dealing with hundreds or thousands of confidentiality agreements – detailing everything from terms, duration, severability, confidentiality, obligations, and several other things. If you need to share confidentiality agreements on a regular basis, e-signature solutions are a savior. You can upload documents in bulk using an e-signature solution, create templates and save them, invite multiple signatories to sign, and much more.

It’s a wrap!

Who doesn’t want convenience at their fingertips? Most certainly when it is not only saving you numerous hours but helps reduce your paper usage, several other costs associated with paper handling, and, most importantly, your carbon footprint. DrySign, a leading digital signature solution, provides a vast range of intelligent features to help you thrive in the modern business market. With DrySign, you can easily create NDAs, send them to multiple people for signing, get them signed online within minutes, track the status, create reminders, invite multiple signatories, bulk send, and create pre-defined templates for future reference. So start DrySigning now – Try our free version and step into a world of total digital transformation.

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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Signatures have always been an important means of approval in all business and personal documentation. The signature is an anchor of trust and evidence. An agreement without a signature is open, floating, ambiguous and hard to enforce. A signature anchors an agreement to a legally binding, enforceable, actionable reality.

Today, electronic signatures play the same role, just online. eSignatures are easy to use and consume far less time than their traditional counterparts. According to the eSignature laws worldwide they have the same legal standing as handwritten signatures. Electronic signatures are a legal concept and are separate from digital signatures, a cryptographic mechanism often used to implement the electronic signature. While an e-signature can be as simple as a name or a cropped image entered in as a sign on a Word or PDF online, digital signatures are being used in business worldwide to implement signatures in a cryptographically protected way. Hence, an eSignature alone cannot be used to verify the identity of the signatory. The major underlying issue with eSignatures use remains trust. There is also a dubiousness about how to use them. All these arguments sometimes overshadow the facts and figures that make online signature solutions the heros that they are.

Electronic signatures can achieve nearly 80% audit efficiency in institutions – FinancesOnline

Aspects of E-signatures causing a Debate among Enterprises

• Identification & Authentication

  Identification of the user is of prime importance in legal documents such as agreements, contracts, tax forms, proposals, etc. Today, eSignature solutions have measures in place to track your documents and notify you of changes made to the document online. With security measures in place that a signatory must comply with for example multi-factor authentication, you can ensure that your document is viewed only by the signatory. Moreover, digital signature technology used cryptographic keys to ensure that your document is protected by the highest security standards

• Usability & Experience

  Many businesses find it hard to bring technological changes in proven age old methods. You will still hear many digitally advanced CEOs say that signing a paper with a pen lends a finality to a deal. In today’s age, when you can place an order for anything from anywhere and get it delivered to your doorstep, sticking to traditional ways seems redundant. eSignature solutions provide users with an secure, easy-to-use, convenient, and seamless experience giving new meaning to online signatures.

• Inessential expenditure

  For many, digital solutions that make business happen on your fingertips are still looked at as expenditure that one can do without. In reality, bringing tools like eSignature solutions into your existing workflows has proven just how much digitization can help us save.

Advantages of Implementation of E-signatures for Companies

• Mitigate Risks by Complying to Standards – Compliance with eSignatures helps companies in conducting business faster. Complying with the law can help businesses scale faster. E-signatures are legally binding in most countries, notably, the U.S., Canada, the U.K., countries in the European Union (EU), the Philippines, India, etc. Enterprises operating from these countries can benefit from their security and efficiency. Compliance assists in authentication and verification of users and be used in legal disputes.

• Decrease Overhead Costs – E-signatures can help in curbing overhead expenses usually spent in printing and scanning of paper. Adoption of digital documents helps companies in communicating faster and making changes to documents rapidly in accordance with their stakeholders.

• Curtail Risks – Companies can curtail risks and protect themselves against any legal disputes. Moreover, e-signatures are being recognized by various companies and can be used in making digital documents. In addition, e-signature solutions contain multi-factor authentication as a security measure to prevent unauthorized access to documents.

• User Efficiency and Experience – eSignatures provie users with a seamless and smooth experience. You can sign documents securely from any location on any device. Users are no longer tied to physically being present to attest their signatures.

• Streamlining of Processes – Companies used to spend hours in printing documents, cross-checking with the legal team and the partner, and sending documents. As per reports, businesses achieved 70-80% improvement in efficiency after adopting e-signature solutions.

• Improved Revenue – Companies can execute contracts faster and improve their bottom line margins significantly. Digital documents and electronic signatures can help companies in closing sales rapidly with no restriction of location, making businesses truly location agnostic.

• Sustainable – Companies looking to transform their processes can make the switch to e-signatures to become sustainable. Their use helps in saving of trees and contributes to the growth of the environment.

Also Read: Smoother Workflows & Swifter Processes - E-Signatures Make All Your Business Functions Better!

DrySign - Your perfect eSignature partner

DrySign is a digital signature platform that gives you a secure, convenient and time-saving solution for all your document workflows. Read on to find out how DrySign eSignatures can uplift your business and transform workflows for better customer experience.

• Enhanced security: Your Security is our Priority. And like every good business, we know that document security is your priority. DrySign is compliant with the ESIGN and UETA. Along with multi-factor authentication, Entrust SSL Security Certification, Password Protected documents and an audit-trail with time-stamps, DrySign ensures that your organization meets the highest standards for data privacy and security.

• Greater flexibility: Hundreds of teams and thousands of employees working from diverse locations - this may sound tricky to get a job done within the desired timeline and efficiency. However, DrySign makes it possible for work to happen from anywhere – the software works on all devices and operating systems.

• Bigger savings: The bottom line of every growing and successful business is to drive sales, cut down on unnecessary costs, and generate revenue. With DrySign, you can do all this and more. The software helps cut down on printing and other paper-based processes. Moreover, a lot of the hidden costs just as fuel, storage, stampage, postage, etc. are also reduced as you can store and send critical documents without any of these traditional methods.

• Sustainability: DrySign helps contribute toward a sustainable future as it automates your entire document lifecycle end-to-end without having to print a single sheet of paper.

• Improved customer experience: Customers today except the world and rightfully so. A highly competitive market has led businesses to find new and innovative ways to improve customer experience and retain clientele. Adopting DrySign in your document workflow processes is so easy because your signatories don’t even need a DrySign account if you have one. Impress your clients and make sure they pick you over competition.

Choosing between online signatures and handwritten signatures is not a debate anymore, if you wish your business grows and keeps up with current times. Adopting an online signature maker like DrySign can realize a lot of goals for your business, no matter the size. DrySign by Exela Technologies is an optimal e-signature solution used by enterprises for modernizing their workflow.

Try DrySign today for Free and enjoy the experience

Sources: financesonline.com |srscomputing.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, the world was witness to a global challenge. COVID-19 forced everyone to work from home. Even before the restrictions, people worldwide were keen to ditch their 9-to-5 jobs to work remotely. However, at the time, only 5% of remote jobs had the facility to work from anywhere, which led to stumbling blocks for companies. Fast forwarding to 2022, we are living the dream – almost half of the employers offer work-from-home facilities, while others have adopted the hybrid work model. Working from the office seems like an anachronism from another era – the age of office-goers is at an end! Perhaps this is the crux of work from anywhere – employers are providing infrastructure that people really want, empowering them to lead their lives the way they want – whether that’s through a hybrid model, at the office, or from halfway around the world. The new frontier of remote work would definitely help hang onto job satisfaction, productivity, and retention rates from stagnating.

On World Tourism Day, celebrated on September 27 since 1980, the spotlight is on Working From Anywhere.

Now that we are on the verge of adapting to a culture where earning while traveling is the new normal, this Day takes on new meaning. Read on to learn how you can successfully survive and thrive in this wave of evolution with the help of digital tools like e-signatures

The next frontier of remote work – Work From Anywhere!

Having a job that not only allows you to work from home but also provides the facility to work from anywhere feels like a dream come true for many professionals. This golden ticket can help you spend more time with family, avoid painful commutes to the office, and travel freely around the world without asking for time off. In fact, research says that the desire to travel is one of the top reasons why people work. The opportunity to travel the world even while working is what makes the term “work from anywhere” most appealing.

Before the term fascinates you more, you need to consider the obstructions that might come along with this privilege. Working a full-time job alongside traveling is a challenging task – it incorporates the need for more accountability and communication. A recent survey says that 75% of the listed work-from-anywhere jobs are full-time ones. If you are serving as a full-time employee while traveling across multiple time zones, you must clear the arrangement with your manager and plan to make things work. Freedom comes with a huge responsibility to maintain productivity and agility. In such a situation, smart technologies can come to your rescue – e-signature software helps you streamline workflows and manage documentation with ease.

eSignatures enable you to have 100% travel flexibility

Before we were struck by the pandemic, most businesses used paper-based processes for agreements, contracts, forms, etc., basically the documentation that every company must maintain. The stringent social-distancing restrictions saw a massive jump in the use of electronic signatures. Online signature platforms like DrySign eliminated the need to print paper to get signatures. Online signatures are recognized in almost every country and enjoy the same legal standing as handwritten signatures. They also protect your documents from tampering and unlawful alteration, safeguarding the authenticity and integrity of the content. This makes it extremely safe to handle your confidential documents even when you are out of the office. Some e-signature laws also allow cross-country transactions. With the help of digital signature solutions like DrySign, you can:

• Sign from anywhere, at any time, and on any device.
• Store documents securely with ease.
• Sign any document with just a click of a button.
• Integrate end-to-end security in your document workflow.
• Protect your documents from tampering and forgery.

Also Read: The ways Electronic Signatures are driving ROI

eSignatures - For the Tourism Industry

Online signatures for those who travel and those who make travel happen!

One of the major challenges the tourism industry faced to revive activity in 2021 was digitization: introducing automated tasks to replace activities that were previously manual so that travel could resume safely. Companies in the tourism sector are now focusing on digital transformation and want to improve the experience of their customers, improve their performance, optimize their operations, and access new opportunities. Ideal for hotels, travel agencies, tour operators, and the hospitality industry, an online signing solution simplifies unsystematic paper-based processes. Here are the benefits of adopting eSignature solutions in your office.

• A seamless, secure exchange and signing of essential documents reflect positively on your brand as it creates an experience that your customer will appreciate.
• Save countless hours spent on paperwork, and eliminate costs associated with manual paper handling.
• Enables a secure and private exchange of sensitive documents digitally, avoiding handling by middle persons, thereby reducing the risk of loss, forgery, and fraud.
• Streamlines front desk documents and also makes your front desk paperless!
• Physical storage can be a thing of the past, making way for secure digital storage that keeps workflows at your fingertips.

Documents that can be signed electronically in the tourism industry

• Hotel bookings
• Offer letters
• Internship letters
• Certificates
• Booking confirmations
• Audit reports
• Expense reports
• Consent forms
• Insurance papers
• Travel Policies
• Cash settlements
• Hotel check-in and checkouts
• Vendor Contracts
• Delivery Receipts
• Invoices, etc.

Celebrate World Tourism Day with DrySign

World Tourism Day is around the corner, and our inner tourists can’t just keep calm. As we saw, remote or hybrid work has become a common phenomenon, meaning you dont have to give up on your dream to travel and work as a full-time employee. It is said where there is a Will, there is a Way. So take all the help you can get, and get going on your path to a more fulfilling life. Digital transformation is designed to make life easier and more flexible. If the pandemic taught us anything, it is to live life to its fullest. This Tourism Day, forget your worries about documentation and let DrySign handle it for you. DrySign is a smart eSignature platform with a wide range of features that are easy to use and convenient when you are on the move. Here are the ways DrySign electronic signatures can help you be on top of your documentation from anywhere in the world:

• Sign from anywhere, anytime, and on any device

  With DrySign, you can sign any document in minutes from any internet device, giving you 100% flexibility.

• Save Big

  DrySign allows you to share, sign, and store documents digitally, saving up on the costs of printing, paper, and storage.

• Set reminders

  Ensure you never miss out on important documents by setting reminders.

• Smart Dashboard

  Bird’s eye view and smooth navigation with a Smart Dashboard.

• Real-time mail trails

  Track your document status from anywhere within minutes.

• Invite signatories

  DrySign allows you to invite one or more signatories to sign a document.

• Higher Efficiencies

  DrySign saves you and your team hundreds of man-hours spent on printing, storing, finding, and waiting for signatures and approvals. Create efficient, seamless workflows between colleagues, clients, and vendors with DrySign.

DrySign is the perfect eSignature partner for those who love to travel and those who make travel happen! Start DrySigning now! Try the Free Version.

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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Digitization of business documents such as contracts, agreements, or even forms and letters gave a new lease of life to traditional, time-consuming operational processes during the pandemic. However, even businesses that were digitized pre-pandemic, still face a major bottleneck in their documentation process – chasing signatures!

Attesting your signatures online remains a phenomenon not many organizations have faith in, and not without reason. As always, business documents carry sensitive information that must be protected at all costs. Managing fraud and error rates has become very important for institutions not only because of increased regulatory scrutiny but also due to increased stakeholder expectations and the detrimental effect of the actual fraud loss incurred. Months of planning and strategy can come to a standstill due to a missing or forged signature. Digital signatures have emerged as a novel solution to this problem. A valid digital signature solution can protect your confidential documents with layers of digital security and significantly impact the workflows and functioning of your business.

Notwithstanding the fears of digital scares, the COVID-19 pandemic forced many organizations to embrace digital signature software. The number of organizations utilizing eSignatures has climbed by 50%, while the number of individual users has increased by 13%. Post-pandemic, 69% of business owners prefer eSignature to in-person signing. Thus far, digital signature software statistics project a growing market trend to continue in the next decade. The global eSignature market could witness a 26.6% CAGR during 2022–2030, possibly reaching $12,721.4 million by 2030. The Asia Pacific region is the fastest-growing market, and North America remains the largest market, valued at $440 million in 2019.

With the impact of the pandemic and upgrades to systems costing companies a penny too many, there is still hesitancy to invest in modern solutions. In this blog, we attempt to throw light on the real economic impact of eSignatures and their importance in a modern paperless environment.

A leading global business process automation company has saved over $4.3M in just the last 3 years after adopting digital signatures.

Workflow Challenges Faced by Business Today

• Long and time-consuming – Most paper-based processes, even if partially digital, tend to eat into hours of productive time. According to Gartner, employees waste 20% to 30% of their work-week managing documents or document-based information.
• Security and Compliance – The fear of new technologies leads to hesitancy among enterprises which is understandable. However, the traditional ways of signing and authenticating documents are not safe anymore. Fraud, theft, and forgery are all real risks that businesses face.
• High Costs – A manual workflow reflects the usual costs of paper, stationery, printers, scanners, etc. Businesses tend to overlook the hidden costs that come with a manual documentation process. Postage, handling charges, fuel charges, other logistics, storage, infrastructure, etc., are just some of the costs that may not pop up directly in connection with manual workflows but are undoubtedly piling up in the background.

How eSignatures impact a business?

Integrating an eSignature solution into an existing digital workflow makes the process entirely seamless, without the need for printing a single sheet of paper. In addition, eSignatures also make your workflow 100% digital and secure. Here are some more esign benefits detailed:

• Mitigate Risks by Complying to Standards

  eSignatures are legally binding in major countries worldwide, including in the U.S, Canada, the U.K., the Philippines, India, Germany, and France. Enterprises operating in countries where e-signatures are recognized can benefit from the security and efficiency digital signatures offer. Some notable legislations passed for electronic signatures are:

  • U.K. and European Union (EU) – Electronic Communications Act 2000 and the Electronic Identification Authentication and trust Services (eIDAS)
  • U.S. – The Electronic Signatures in Global and National Commerce Act (ESIGN)
  • The Philippines – Electronic Commerce Act of 2000
  • India – Information Technology Act, 2000

Compliance with these laws reduces the risks of fraud and provides a record of all actions taken on a document. It is always advised to refer to laws in your jurisdiction regarding your specific e-signature use case.

• Decrease Overhead Costs & Increase ROI

  Printing, faxing, and storage of business contracts, agreements, and other essential documents costs can be reduced by adopting digital signatures. Reprinting documents due to any errors spotted in contracts could result in multiple do-overs. Using digital documents and a centralized document management system can reduce the probability of errors. According to a report, companies can save almost USD 8 billion in annual expenses by switching to eSignature solutions.

• Get Better Security

  Even today, companies primarily use e-mail as a medium to send and sign contracts. This has increased the probability of data breaches and unprecedented risks. As per the latest report, 73% of employees still send contracts through this method. eSignature solutions, on the other hand, protect your documents with multiple layers of security, such as multi-factor authentication, password-protected documents, secure cloud storage, etc.

• Employee Productivity & Efficiency

  Documents like agreements, contracts, offer letters, and other documents are essential to the smooth running of a business. However, there is no justification for the amount of time wasted on printing, scanning, filing, storing, etc., when it comes to employee efficiency and productivity.

• Faster TATs

  By eliminating a long, tedious process of printing, manually signing, stamping, scanning, sending, and finally storing, eSignature solutions cut your document workflow from 5-6 days to just 30 minutes.

• Go Green

  Companies still stuck in their traditional ways of getting contracts signed using paper continue to impact the environment negatively. Using eSignatures automates the physical process and eliminates the need for printing documents, reducing your consumption of paper and fuel as well as reducing waste.

Also Read: Why eSignatures are Essential to Succeeding in Business

The Economic Impact of eSignatures on Major Industries

eSignatures have been embraced by all major industries to reduce their reliance on paper. Decision makers are choosing lean strategies to curb their expenses, and online signing solutions like DrySign eSignatures fit right in.

• Manufacturing

  The manufacturing industry runs on tight deadlines, with even slight delays causing losses that can run into millions. Adopting digital signatures provides a convenient and legally binding method for invoices, proposals, billing statements, sales orders, and other documents. DrySign can improve the TATs for documentation processes by 70% in the manufacturing sector, helping clients expedite the processes and deliver time-sensitive documents in minutes.

• Legal

  The legal sector looks at agreements and contracts on a daily basis to protect the interests of their client, contributing to high handling and management costs. DrySign can reduce document handling expenses by 85% in the legal industry.

• Real Estate

  The real estate industry is employing digital solutions to modernize its workflow and close deals quickly. Real estate leaders have begun leveraging digital signatures to help clients sign documents from any location. As a result, businesses can save up to USD 20,000 annually in printing and storage costs.

• Human Resources

  Since paperwork dictates the majority of the work in the HR sector, digital documents can save significant time and resources. Electronic signatures have been instrumental in simplifying HR documentation, such as offer letters, resignations, approvals, appraisal letters, onboarding documents, etc. HR Departments can save upwards of 78% by migrating to e-signature apps, taking into account material, administration, and shipping costs.

• Healthcare

  The healthcare sector was burdened recently due to the COVID-19 pandemic. Digitization of healthcare documents, such as prescriptions, reports, approvals, discharge forms, etc., has helped healthcare staff and doctors, and relieved them of cumbersome paperwork. Furthermore, digital signatures have reduced overhead costs and manual work and improved patient experience.

Conclusion

The economic impact is usually measured using earnings, economic output, and value gained by the investment. Digital signatures can be the first step for companies looking to digitally transform their internal and external processes. Businesses can improve ROI by eliminating laborious processes, and the recognition eSignatures enjoy in various countries will eventually lead to complete digital transformation.

Try DrySign today to maximize your ROIs and earn bigger savings!

Sources: financesonline.com |srscomputing.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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Electronic signatures or e-signatures are in high demand among enterprises. Furthermore, the COVID-19 pandemic has been a catalyst in bringing about changes in internal operational processes. As companies have begun adapting electronic documentation to sort and manage files, e-signatures are being embraced to reach deals and agreements remotely. Small and medium enterprises are leveraging technology to streamline various verticals such as marketing and sales and improve overall business efficiency.

Although online signatures have countless benefits, they create a sentiment of apprehension owing to the sensitive nature of exchange. In order to ensure documents signed electronically stand up in court, just like their manual counterparts, laws have been passed and enforced by governments. If you are a business that has decided to integrate eSignatures into your workflows, read on to learn more about the international laws about using eSignatures.

Types of Laws

• Prescriptive Laws – Prescriptive laws dictate the method used for electronically signing documents. It also dictates the types of e-signatures that are acceptable.
• Minimalist Laws – Minimalist laws allow broad enforceability of e-signatures with minimum restriction. They grant all users across industries access and provide the highest security to information in electronic documents. These laws do not explicitly state technical requirements for e-signatures to be legally enforceable.
• Two-tiered Laws – Two-tiered laws have strict requirements for e-signatures to be legally enforceable. They are enacted by many countries in the EU and Asia. Electronic signatures themselves are divided into standard electronic signatures (SES), advanced electronic signatures (AES), and qualified electronic signatures (QES).

Countries have made their laws or amended laws to ensure the protection of citizens and enterprises. Given below is a list of countries that recognize online signatures.

Electronic Signature Laws Globally

• Argentina – The Digital Signature Law of 2001, also known as the Law on Digital Signature Nº 25.506, has been valid since 2012. It was used for signing HR documents and documents by public bodies. However, amendments such as Law 27,446 have made digital signatures legally binding in all private sectors using time stamping.
• Australia – The Electronic Transactions Act 1999 passed by the Australian government recognizes all types of electronic signatures at federal and regional levels. Electronic signatures are eligible in the life sciences, technology, HR, healthcare, education, insurance, software licensing, and procurement sectors.
• Canada – The Personal Information Protection and Electronic Documents Act passed in 2000 has been recognized by the federal government to be used for the provision of certain statutes. The provinces of Ontario, British Columbia, and Alberta have modeled their eSignature laws on The Uniform Electronic Act (UECA) passed in 2000.
• China – The Electronic Signature Law of the People’s Republic of China (“ESL”) was enacted in 2004, with significant revisions in 2015 and 2019 to recognize the validity of electronic signatures.
• European Union – The European Directive 199/93/EC, or electronic IDentification, Authentication and trust Services (eIDAS), has made it mandatory for all states within the union to recognize e-signatures. This has made it easier to conduct online transactions between customers and businesses.
• Hong Kong – The Electronic Transactions Ordinance (ETO) provides a framework for addressing the validity of electronic signatures, records, and contracts. Sections 5, 6, 7, 8, and 17 further expand on the authenticity and validity of electronic and digital signatures.
• Japan – The Act on Electronic Signatures and Certification Business (“Act”) validates electronic signatures to be employed in business-to-business (B2B) transactions and general business contracts.
• India – The Information Technology Act 2000 (“ITA”), the Indian Contract Act of 1872 (“ICA”), and the Electronic Signature or Electronic Authentication Technique and Procedure Rules, 2015 (“ESEATPR”) are relevant laws and policies used in regulating e-signatures in the country.
• Mexico – The Federal Commerce Code and the Federal Civil Code are laws enforcing electronic signatures and electronic commerce in the country for private transactions.
• Moldova - Law 124/2022 was passed by the Moldovan government in 2022, adhering to European norms. It governs electronic signatures and electronic identification and trust services for transactions within internal processes. The law is used for regulating advanced and qualified electronic signatures and excludes simple e-signatures.
• New Zealand – The Electronic Transactions Act has recognized e-signatures in the country since 2002. The Contracts and Commercial Law Act 2017 protects businesses and validates the use of e-signatures.
• Norway – The provisions of the EU Regulation No 910/2014 of the European Parliament and of the Council of 23 July 2014 on electronic identification and trust services for electronic transactions in the internal market (the eIDAS Regulation) are accountable for regulating and governing the use of e-signatures. It is currently applicable for documents such as chattel paper, banking, procurement, HR, insurance, education, life sciences, real estate, government filings, and others.
• Russia – The Federal 63-FZ legally recognizes electronic signatures and their utility in transactions, provision of state and municipal services, and legal agreements.
• Singapore – The Electronic Transactions Act of Singapore (ETA) governs the use of electronic signatures in the region. Electronic signatures are used to provide acknowledgments to signing parties. Documents accepting e-signatures include government filings, non-disclosure agreements (NDAs), commercial agreements, resolutions, transferable documents, board meeting minutes, and others.
• South Korea – The Digital Signature Act and The Korean Electronic Signature Act validate e-signatures and permit their use in any contract.
• Thailand – Electronic signatures are governed under the Electronic Transactions Act (“ETA”). Licensing software, NDAs, consumer transactions, and recorded documents accept e-signatures.
• The Philippines – The Electronic Commerce Act of 2000 (E-Commerce Act) recognizes all electronic signatures as legally binding on electronic documents. The law validates the authenticity of electronic transactions between the government and the public as well as transactions, contracts, and international and domestic deals.
• The US. – Electronic signatures are legally recognized by the ESIGN Act and state and territory versions of the Uniform Electronic Transactions Act (“UETA”).
• The UK – Laws such as Electronic Communications Act 2000, Electronic Signatures Regulation (“UK eIDAS Regulation”), and eIDAS are used in regulating the use of e-signatures.

Other countries that have adopted a form of esignature legislation are Austria, Belgium, Brazil, Bulgaria, Chile, Colombia, Costa Rica, Croatia, Cyprus, Denmark, Dominican Republic, Ecuador, Estonia, Finland, France, Germany, Greece, Guatemala, Hungary, Ireland, Italy, Jamaica, Latvia, Liechtenstein, Lithuania, Luxembourg, Malaysia, Malta, Mauritius, Montenegro, the Czech Republic, the Netherlands, Pakistan, Panama, Peru, Poland, Portugal, Republika Srpska, Romania, Scotland, Spain, Sweden, Switzerland, Slovakia, South Africa, South Korea, Turkey, Ukraine, Uruguay, Venezuela, and Wales.

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

The DrySign Experience

DrySign is an eSignature solution designed for organizations of all sizes to streamline their documentation workflows and signing processes. It complies with eSignature laws of major countries, namely the USA, the UK, India, the Philippines, France, and Germany, and provides a seamless signing experience for users. Using DrySign, you can effortlessly upload, sign, send, and receive signatures, and store documents on the cloud. Easy-to-use features like Group Sign, Bulk Upload, Customizable templates offer convenience to users. In addition, with two-factor authentication, password-protected documents, and SSL Certification to protect data, DrySign offers a formidable moat against online threats.

Conclusion

The electronic signature landscape will be highly regulated due to scores of users being dependent on technology and growing digitization. As companies transition to a paperless era, eSignature laws make it convenient and easy for businesses to prosper, at a fraction of the cost. At the same time, the onus also lies with modern businesses to embrace new technology, experiment, and re-innovate with digital tools like eSignature platforms to make informed choices for the future of their business.

Pick a DrySign Plan that suits you and transform your business!

Sources: mondaq.com | financesonline.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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Hospitality is a broad industry consisting of sales of accommodation, food services, and related goods by organizations, sole traders, or partnerships that provide customers with lodging and/or meals, snacks, and beverages for immediate consumption. No matter the direction you choose for your business in the hospitality industry, one thing is of the essence, the customer comes first. The hospitality sector has always prioritized its customers. This is evident with the customer service they provide and the various efforts they make to ensure their guests are comfortable.

Globally, one of the hardest working sectors, hospitality, is also known to be an expensive business. Hence, the COVID-19 pandemic turned an already competitive business into a dreadful nightmare for business owners and employees. Flight and hotel cancellations gave way to complete lockdowns overnight, with the hospitality industry coming to an absolute standstill. Fortunately, once the percentage of vaccinations rose, travel cautiously began rising again for various reasons. People were looking forward to step out of their homes for work, to meet families and loved ones, to travel, etc. However, studies show that consumer spending on discretionary items like travel, eating out, entertainment, etc., would stay low, and the focus would remain on the basics like groceries, internet, mobile services, etc. This indicates that there is still a way to go for the hospitality industry to reach the same glory as in pre-pandemic times.

Outlook of the Hospitality Industry

The global hospitality industry is expected to regain its growth after being restricted by social distancing measures, remote working, and the closure of commercial activities caused by the COVID-19 pandemic. But the industry has turned the challenge into an opportunity by investing in the digital transformation of processes.

In 2020, the smart hospitality sector reached approximately six billion U.S. dollars and was forecast to grow to 58.1 billion U.S. dollars in 2027 at a compound annual growth rate (CAGR) of 22.6 percent. - statista.com

The increasing speed of technological innovation in all industries has also been a catalyst for the digitalization of the hospitality industry. In early 2021, hoteliers in Asia, Europe, and North America were surveyed by Statista on which aspects of the guest journey they were looking to digitize. The majority of respondents, 70%, stated that they were looking to digitize hotel information for their guests. Meanwhile, 57%of respondents indicated that they were looking to digitize the check-in and check-out process. Meanwhile, hotels have also prioritized contactless technology to enhance customer experiences through mobile applications and websites to book rooms and even experiences. This has helped them increase customer visits to their premises and fuel tourism. The seamless check-in and check-out process have helped alleviate the stress of customers, enabling them to enjoy a hassle-free trip. Other automation technologies that have been leveraged by the hospitality industry are keyless entry and mobile payments to run hotels efficiently, digital documentation, and the most essential – online signatures. Using these technologies has helped the industry go paperless and rid their staff of excessively complicated documentation workflows, and curb expenses.

Hospitality Going Paperless?

The hospitality industry is laden with heavy paperwork – printing a lot of paper receipts, contracts, forms, invoices, etc. According to Statista, restaurants in the UK print nearly 811,000,000 bills and receipts annually. With more than 86,627 restaurants in the UK. and 55,000 bills printed by felling one tree, the restaurant industry alone cuts approximately 14,437 trees annually.

It is estimated that around 90% of hotel operations are managed with pen and paper – hospitalitytech

The global hospitality industry can benefit greatly by going paperless. Let's have a quick look at how going digital can serve the sector:

• Cut costs on ink, paper, and toner, as well as the costs associated with running and maintaining printers, scanners, photocopiers, etc.

• Streamline processes using an electronic signature to speed up the entire check-in and check-out, invoicing, payments, and contracts processes.

• Going paperless by switching to electronic invoices, notices, and statements free up the time used for printing, mailing, and filling out documents, thereby increasing productivity.

• Allow your clients to check in from the comfort of their hotel room or a calmer, less crowded environment such as a lounge area – this will give them more time to peruse your offering, giving you opportunities to upsell extra amenities, packages or upgrades.

eSignatures for the Hospitality Industry

With so much talk about going digital and paperless, let us focus on a solution that paves the way for seamless online digital documentation, eSignatures, or digital signatures. Any symbol or data logically associated with a digital document verifying the sender’s intent to sign the document is known as an electronic or eSignature. With the rapid use and adoption of this technology throughout global businesses even before the pandemic struck, global governments have bestowed upon online signatures the same legal standing as their handwritten counterparts.

E-Signatures are a seamless way of automating the document management cycle in the hospitality sector. It builds unifying workflows, minimizes the wastage of resources, and encourages collaboration within departments. eSignatures are a vital integration to hotel processes and offer an optimal solution for hospitality providers looking for smarter, more cost-effective ways of doing business. Here are the massive benefits of online signature workflows for the hospitality industry:

• Elevate Customer Experience – The hospitality industry will substantially enhance customer relations. Whether it is a no-contact seamless check-in and check-out process or end-to-end guest contracts, customers can experience a smooth, hassle-free documentation workflow.

• Reduce Overhead Expenses – Automation of processes can curb overhead expenses and save money. All documentation can be automated, and signing can be a seamless experience.

• Centralized Database – E-signatures facilitate the digitization of documents and information. It can encourage the hospitality sector to centralize its information on guests and know for a fact that the more information you have, the better your business decisions.

• Improved Vendor Experience – Vendors and wholesalers are a big part of the hospitality network. No more waiting around in trucks at delivery points for approval signatures. Faster deliveries and instant documentation mean smoothly running functions and, ultimately, happy customers.

• Distinct Brand Image – Hospitality providers can distinguish themselves from their competition and improve their brand image in the eyes of customers by investing in technology-forward innovations like digital signatures. This shows your customers that you have the means and the technology to fulfill the ever-increasing demands for immaculate service.

Also Read: eSignatures - For those who travel and make travel happen!

What can you sign with an online signature solution?

• Event contracts
• Catering contracts
• Event orders
• Invoicing and Payments
• Work Orders
• Hiring of Contractors
• Purchase orders
• Lease and Acquisition Agreements
• Health and Safety Compliance Forms
• Electronic Waivers
• Loyalty Program Agreements

Right Time to Adopt eSignatures

With almost 70% of hoteliers from all over the world stating their key reason for going down the digitization path is to increase profitability, a digital signature solution could prove to be a game-changer. Even establishments worried about legality can rest easy as some of the most trusted electronic signature solutions like DrySign, are legally binding and recognized by governments worldwide.

The DrySign Experience

DrySign is a digital signature solution used to upload, eSign, send, and receive signatures and store any document online in any format, from virtually anywhere. In addition, DrySign allows users to create templates of recurring documents, such as customer service agreements, bills, vendor contracts, invoices, and others, to send to customers, vendors, or internal stakeholders for approval.

Conclusion

Exemplary customer service is pivotal in the hospitality sector. Provision of customer services and catering to customer expectations are the main factors driving the integration of e-signatures by service providers in their processes. Given that technology-savvy customers are on the rise, businesses should be ready to adapt to the latest digital technologies, taking into consideration the changing needs.

Electronic signatures offer a simple and convenient way of meeting customer needs and providing reliable service. In addition, they reduce errors within the system and help in delivering customized services.

Trust DrySign to gain an edge over competitors and provide an efficient tool in digital document management.

Sources: thebusinessresearchcompany.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.

Contact us