E-signatures in Global and National Commerce Act (ESIGN) in 2000 gave e-signatures the same legal standing as that of handwritten signatures. In today’s digital era, there are many organizations which are still stuck with paper signatures. It is true that investing in new things can be quite challenging at times, but once implemented, a digital signature will prove to be more efficient and beneficial for the business.
Here are four reasons on why you must switch from the traditional paper-based system to an online electronic signature solution.
Your printed documents can reside on your desk, inside your drawer, in your car, in snail mail or somewhere else. E-signature software minimizes the risk of documents getting misplaced, dirty read, copied, destroyed, or altered. The software also maintains a list of records containing the information of all the edits and alterations made to the document before or during the signing process, for tracking purpose.
It provides you a granular insight on the document’s complete life cycle and enables you to monitor and keep track of the documents, which is impossible to achieve through the paper. Features such as multi-factor authentication make sure that signatures can be verified and qualified while coming from the right person.
Difficulty in tracking paper documents can lead to compliance problems at the time of the audit. If a paper document is found to have tampered in any way, then it can lead to fines and HIPAA violation. The feature which makes electronic signature safe and secure also enables the solution to stay compliant with the federal laws and state.
The immediate and most common benefit of using electronic signatures is the speed of the process execution. Just imagine the time taken to print out a document, sign it, and then scan it back. At least it will take 5 to 7 mins on an average. But to e-sign a document it only takes five seconds. So, now consider the countless positive implications of a quick signing process.
- Bills get paid quickly.
- Purchase orders (PO) are sent and filled quickly.
- Invoices are sent quickly.
- Contract, agreements, or documents are signed quickly thus leading to quick on boarding.
One of the major advantages of using an e-signature software solution is cost savings. Processing paper documents come with overhead costs which add up to a pretty hefty monthly and annual bill. There will be a lot of spending on paper, ink, printer, scan, and printer maintenance. This is in addition to the indirect costs of time spent tracking down paper documents or verifying the signer or the date. It all adds up, and all contribute to your bottom line.
Eliminate Paper Trail
Managing paper copies is a daunting task. Time taken in sending documents, copying and storing it in a file cabinet add to the possibility of the documents being lost, forged, or damaged. E-signature solution can address these pain points. It makes it easier to archive and retrieve documents, and a digital log will provide the details of a document such as signing time of the document, email address, digital fingerprint of the document.
Something more annoying than waiting for a signed document is to realize that the recipient has forgotten to fill out a piece of important information. Electronic signature software enables you to specify all the mandatory fields that require the recipient to complete all the fields before the document can be signed off.
Better Customer Experience
E-signatures make the signing process easier for the customers, partners, or suppliers. Think how tedious it would be for your customers to keep on signing a stack of document one after the other. You can face customer drop-off, leaving them frustrated with such a complicated workflow.
Your clients prefer electronic signature software because it brings several advantages such as simplifying internal processes, enhancing operational efficiency, fast on boarding, and more. Automate the entire process and give them a better experience. It can help you by digitizing the essential paperwork and enables people to sign a document in a transparent, secure and orderly manner.
The Bottom Line
A new technology or process is going to need a minimum time to adapt. But when it comes to adopting electronic signature software, it becomes harder to find some sound reasons not to use it. E-sign software solution makes business easier by saving company money and time and eliminating unnecessary overheads.
Author Bio:Kevin Peterson is a content marketing enthusiast, freelance writer, specializing in Business, ERP, Technology and Cloud/SaaS trends.