The Benefits of Using Electronic Signing
Life has become easier as technology has advanced. Businesses have gained greater accuracy thanks to technology, but there are still many things that they are doubting; one of which is the electronic signature. Even now, companies prefer handwritten signatures, and businesspeople wonder why they should use electronic signing in the first place.
However, the usage of electronic signatures is a significant advance that has the potential to propel businesses to new heights. Your company will become paperless to some extent if you use electronic signatures and deploy paperless solutions. So, are you ready to move beyond the traditional paper and ink signature and embrace a better manner of signature with electronic signing?
If you’re still not convinced about the use of electronic signing, let’s go through this article where we’ll discuss the main benefits of implementing electronic signing. But first, let’s determine what an electronic signature is.
What is electronic signing?
An electronic signature, often known as an e-signature, is a legal method of obtaining consent or approval on electronic documents or forms. In almost every process, it can take the place of a handwritten signature. At every stage of the contract lifecycle, it can authenticate, track, and record signatures and signer information. E-signatures, like handwritten signatures, are unique to each signer. They can come in many forms such as typewritten, scanned, an electronic representation of a handwritten signature, a unique representation of characters, or even a signature created by cryptographic means.
What are the benefits of using electronic signing?
Electronic signing drastically reduces travel, as the signature can be done remotely at any place in the world, simply by using your computer or mobile phone. It’s no wonder then, that this results in a positive impact on our environment, driving sustainability. Additionally, this method of e-signing considerably reduces the use of paper, as the entire process will be digitised, meaning there will be no need to print, copy, scan, or physically archive your signed contracts. This helps safeguard the earths forests and biodiversity within them, all whilst reducing your company’s CO2 emissions.
2. Boost Efficiency
One of the most valuable resources a company has is time. Implementing electronic signing will save you a substantial amount of time, as it not only increases the speed of contract execution, but also eliminates any unnecessary delays in finalising contracts, regardless of location. This in turn, improves performance. It also helps employees keep their desks uncluttered, as it eliminates the need to store and archive physical paper documents for the future, increasing office productivity and eradicating the frustration of repetitive signing. There is also that added benefit of never having to decode someone’s handwriting again.
Naturally, when you make the switch to electronic signing, you will not only cut down on labour costs, but also material costs. The paperless signing process will ensure you no longer have to worry about the cost of paper, copying, packaging, and shipping. Furthermore, electronic signing software has the capability to reduce human mistakes by employing a monitoring system that sends out notifications about any suspicious records or compliance concerns, foregoing the cost of fixing issues that could have been avoided.
As for the security aspect, e-signatures are much harder to forge in comparison to paper signatures, which could easily be tampered with. The electronic version contains traceable information on who signed the document, where they signed it, and exactly when it was signed. This guarantees both the integrity and authenticity of any document that has been signed electronically, as the majority of electronic signing software provides built in security protocols to send, receive, and store electronic documents securely. The ability to create a digital audit trail makes fraud detection simple and secure.
5. Legal Compliance
As the electronic signature provides the authenticity of the document and the identity of the signatory, it is more difficult to invalidate in court than its handwritten counterpart. By selecting a solution that complies with current standards, you can rest assured that you will meet your legal requirements and therefore be protected to the max. Once you have ensured the signature does meet the specified country’s legal requirements, the legal value of it will depend on the ability to prove the identity of who signed it and that the data has not changed after it was signed.
As we progress further into the digital age, electronic signing becomes the new standard for businesses to implement due to the changing of legislation, convenience, increased productivity, shifting employee and customer expectations, remote work and a rising demand for modern processes. Implementing this into your organisation does not require you to enforce changes to your business’s operations. Many e-signing systems link with commonly used corporate technologies, such as PDF, Google Docs, Dropbox, Microsoft Word, and many others. Clearly, the benefits are immeasurable. Make the shift to electronic signing today and watch how it transforms your business.