When the lockdown started, organizations were in a dilemma on getting the documentation and the paperwork completed. With the every passing minute, things were getting out of control, and some businesses had begun replacing paper with the online documentation and eSigning process. But, still many are printing, scanning, and faxing proposals for the approval process.
Accepting the digital method was simple with electronic signature software in the business workflow. But the hesitation to adopt to the modern means of conducting business comes from the uncertainty around whether the eSignatures are legal, secure, and tamper evident.
Some people think that these systems are expensive and will be a hassle for their business and employees. They are still unaware of the fact that e-signatures are easy to use, safe, and authentic in their daily working styles.
Cloud-based electronic signatures have measurable benefits for a business regardless of its types and sizes.
Key Benefits That E-sign Offers
Here we present some of the cost-effective advantages that organizations can receive when implementing online electronic signature platform in their business processes.
a. Paper, Printing, and Transportation Expenses
Electronic signatures have enabled companies to take their processes online that can save them from printing and scanning contracts. You can save expenses on the paper documentation, ink, printers, and overall maintenance.
Whenever you print contracts, they must be sent to the signer via fax or through post that incurs a lot of time and money as you do not have a single document to sign but plenty of them throughout the year.
You can easily save the time and money by receiving these agreements signed online with electronic signatures. Finally, even the storage and discarding of the paper contracts is expensive, it can be prevented once you utilize the electronic documents and files.
b. Effective Methods and Faster Transactions
Collecting the signatures on the physical contracts and sending them out to the correct person takes a lot of valuable time. Electronic signatures enable you to sign as many contracts as you want with a single click and transfer these contracts directly to the receivers, thus saving time and effort.
c. No More Human Effort Needed
Productive hours, money, and effort are wasted whenever you process the physical contracts. Plus, humans put a lot of effort by printing, signing, transferring, and storing all these critical business contracts. So, if the companies want, they can easily automate the processes by implementing electronic signatures solution. This saves your costs and ensures that the work gets done quickly and without the contracts being tampered or lost.
d. High-Level Security
It becomes easy to forge the handwritten signatures and one can simply damage the physical contracts. It has several time led to massive loses as the fraudulent activities that later leads to legal fees.
When compared to the wet-ink signatures, electronic signatures are built on the unique algorithms thus making it daunting to get forged. With the help of these algorithms it becomes easy to detect if the contract has been tampered after signing, and in case of any evidence found this invalidates the signature.
e. Simple Storage and Recovery
It is critical to file the paper contracts to keep them secure and safe and get it retrieved easily. Plus, it needs a lot of space and maintenance. These include huge cost for storing multiple documents/files.
With the help of electronic documents, there isn’t a hassle at all, simple to store, does not required efforts, and easily retrieved anytime in the long run. So, even if you forget to remember where you have stored, you can search for them in just a few minutes.
Now, in this business world, no one has the patience to wait and want to get the things completed immediately. Electronic signing is a blessing for businesses as it enables quick exchange of the contracts without any delays and there is no need to wait for the external aspects, such as courier. An effective online workflow improves client satisfaction.
To Sum Up
Businesses can spend less on the physical contracts and documentation methods by embracing the modern electronic signature technology. With the all the standard processes of validating documents, the advanced ways to prove a signer’s identity, the contracts receive the protection they deserve.
So, investing in the best electronic signature software solution is available with these capabilities that can provide protection to your business and also your valuable customers from any kind of fraud and data tampering.