Signatures play a vital role in any business transaction. Even after endless rounds of negotiations and agreements, these agreements have no legal standing if they are not confirmed by the signatures of all the parties involved in the transaction. Without a signature, even the most complex business transactions collapse. This is especially true for financial transactions that make up a majority of business deals. The traditional way of handling these complex business transactions has been to print legal agreements on paper, send them out to the concerned parties for signatures, and store these paper documents in file cabinets for later retrieval and production, as and when necessary.
Such a process is complex and often requires multiple resources in terms of paper, ink, transportation, and physical infrastructure for storage. It also requires the intervention of human resources at multiple levels, who often carry out the most mundane tasks such as the delivery of papers from one location to another, and physically search for stored documents when they have to be reproduced for any purpose.
Instead of using disparate and often discrete resources to manage essentially the end product of a single business transaction, organizations would do well to use a single solution to manage all of the same processes effectively from one single location. That one solution is the online signature or eSignature software platform, the one-stop shop that allows for the closure of business transactions after all the necessary negotiations have been completed.
The eSignature platform is not just a solution for sending documents and gathering signatures but a complete ecosystem within itself, which includes aspects such as the creation of complex business documents, implementation of flexible workflows for approvals, both internal and external, document storage and retrieval, and compliance with all the regulatory demands. The best part is that all of this is completely legally-binding, thanks to the passage of numerous laws governing the same in regions such as Europe, the Americas, and Asia.
Within the eSignature platform ecosystem, the process starts with the creation of the agreement using the pre-defined templates. Though different organizations have different kinds of agreements, these agreements tend to be of a similar language, and minimal customization can convert the template into a usable agreement that suits their purposes. Once the agreement has been prepared, it will be sent out for the necessary approvals from the relevant authorities, and once the approvals have been obtained, the document is then sent out to the counter-party for signature. In case there are some terms or conditions that need to be changed, they can be changed during the approval stage.
The recipient of the agreement receives the document via email, and will have a chance to go over the agreement. If any discrepancies are found, these can be noted down and sent back to the original party for correction, and once all the terms are agreed upon, the counter-party then signs the document. This concludes the business transaction, and both parties receive copies of the agreement for safe-keeping. The documents are stored in a centralized storage system, and can be accessed by the parties with the right clearances. All of this is done from within the solution, and no other integration required.
The additional benefit of completing the transaction through the eSignature platform is the in-built automation, which ensures that the transactions are completed in time. The software keeps both parties informed of the status, and nudges the parties in the form of automated notifications to complete their transactions in time.
Rounding up the ecosystem nicely is the embedded reporting and analytics suite, which allows users to understand how the signature process, and by extension, the transactions, are progressing. Apart from the analytics that are a part of the solution, users can develop their own analytics that are pertinent to their businesses and make sure that their transacting processes are efficient and the stakeholders are productive.
Being a SaaS product, the eSignature platform can be integrated with different applications so as to ensure a smooth and seamless workflow. So, go ahead, stop wasting time and resources and give the eSignature platform a try. You will never need to go back to the hassle of paper and ink again.