Personal computing began to gain traction in the corporate world in the 1990s, as companies sought to take advantage of faster processing speeds and better computer capabilities. Anything that reduced the amount of time spent on paperwork and expedited the process was a benefit. As a result, the transformation of business operations towards digitization occurred fairly naturally. Signatures, on the other hand, have continued to stand out as an outlier in this transition from paper to digital workflow, and they continue to do so. Individual professionals and organizations continue to rely on paper when it comes to signing documents, owing to the habit being established in their systems. This has been a repeating “final obstacle” in the transition from a paper-based to an entirely electronic approach. Signatures are a very important component of business procedures, and they bring with them a large number of dependencies. The result is that organizations of all sizes, from sole proprietorships to large corporations, are delayed and significantly less productive due to this interruption in their otherwise seamless, digitalized business processes. Along with this, there are numerous inconveniences associated with paperwork – documents are misplaced or damaged, and teamwork is hampered, among other things.
Documents can now be signed electronically, reducing turnaround time by more than 90 percent. Electronic signatures are becoming increasingly popular. It means that a document can now be signed and sent online even before the ink on the paper has dried, to put it another way. In addition, the signed document has legal validity – it is enforceable under numerous national legislation around the world.
According to Geoffrey Moore, author of the best-selling book Crossing the Chasm, “E-signature technology removes the final barrier between a hybrid paper-to-digital workflow and an all-digital one, drastically speeding closing in any form of transaction that requires a contract.” E-signature technology allows users to move through the workflow without pausing.”
Let us take a look at the advantages that electronic signatures might provide to your company.
Savings on expenses
You might believe that paper is inexpensive. Paperwork, on the other hand, accrues costs, which include the costs of purchasing, printing, copying, scanning, transporting, and storing paper. Consider how much money you could save if you were to digitize this procedure. Based on research conducted by Ombud for businesses that have implemented eSignatures, the average savings per document is $20, and the expected return on investment (ROI) over the next five years could reach $50 million – provided that the technology is integrated with existing internal technologies and business processes.
Getting Things Done Faster
At times, it is remarkable how obsessed we can become with the age-old paperwork ritual of printing, signing, faxing, or scanning, and then sending it — all while fully aware that we are wasting our valuable time. In other situations, you’d wish that everything could be done digitally so that you could devote your time and attention to more vital concerns. The simple truth is that electronic signatures can help firms avoid all of these delays. It is possible to reduce the turnaround time for a document by as much as 90 percent! The mere fact that this statistic exists can serve as a motivation for firms to use eSignatures.
Mobility technology has aided in the development of a workforce that works across various devices and locations. According to Forrester’s 2013 Report on Mobile Workforce Adoption Trends, the number of ‘anytime, anyplace’ workers increased by 15 percent to 29 percent between 2011 and 2012, according to the report. One of the most significant advantages of electronic signatures is that they allow businesses to operate regardless of location or time.
There is a paper trail.
Keeping track of paper can be a time-consuming chore. Electronic signatures can save time and money by eliminating the need to transfer papers, copy them, and save them for future reference. They also eliminate the risk of documents being destroyed, lost, or faked. Electronic signatures are becoming increasingly popular. As a bonus, it is easier to preserve and recover, and a digital log will reveal facts about a document such as email addresses, the time it was signed, an IP address, and the digital fingerprint of the document.
Protection on top of that
Passcodes and biometric authentication methods can both be used to safeguard electronic signatures from being forgeries. Users can only access documents if they have associated signature credentials that have been issued by the solution provider, and the recipient of an emailed document can only access it if he has a protected account that has been created for him. When compared to standard papers, this provides an additional layer of protection.
Did you know that it takes more than 10 liters of water to produce a sheet of A4 paper, or that paper accounts for 50% of all company waste generated? The amount of effort and consciousness being put out to protect the environment through the adoption of environmentally friendly measures is increasing by the day. There is a genuine and valid desire for paper reduction at work as a result of this. Electronic signatures aid in the conservation of paper and trees, the reduction of greenhouse gas emissions, and the lessening of the burden placed on the environment.