Month: January 2020

What are the Cost Saving Benefits of ESignature?

Electronic signature or esignature solutions are one of the major trends in the business world now. Their applications provide numerous benefits to enterprises. However, the primary element that drives the adoption of esignature solutions all over the world is the cost-saving benefits of esignature.

The passing of the Electronic Signatures in Global and National Commerce Act (ESIGN) in 2000 was a notable milestone. After the ESIGN Act, many other legislations in different countries recognized the legal status of esignature solutions. Therefore, the demand for esignature solutions is increasing gradually.

What are the Cost Saving Benefits of ESignature?

What are the ways in which enterprises can get cost-saving benefits of electronic signature? There are many explanations for this question. For example, the costs of paper are no longer a part of the organization’s operational expenses when it uses esignature solutions. The following discussion would dive into additional ways in which esignature reduces business costs.

For your information, the theme of this discussion would focus on benefits from esignature solutions that translate into cost savings in the long-term for enterprises. The discussion would also present the opportunities for businesses with the long-term usage of esignature solutions.

The cost-saving benefits of esignature for businesses are one of the foremost factors for their popularity. However, there is no clear agreement regarding the ways in which businesses can realize cost-saving benefits from esignature solutions. Here is an outline of the different approaches through which esignature ensures considerable savings in operational expenses.

There are a number of reasons to adopt electronic signature. Here are the top 10 reasons why you should adopt Electronic Signature for Your business.

  • The digital process saves time and money

The first benefit through which esignature reduces business costs is the digitization of the document approval process. The preparation of a document and transferring it to all stakeholders in a transaction for signatures is an intensive task. In addition, the process of printing the signed documents for physical storage is a highly time-consuming process.

The estimated cost of the document approval process is over $17 for each record. This estimate is without consideration of the administration costs. Therefore, esignature solutions can help you save a lot of money. Esignature solutions support electronic authentication of documents through smart devices. In addition, esignature software also provides the benefit of secure storage of documents in a safeguarded cloud platform.

  • Better opportunities for overseas trade

The cost-saving benefits of electronic signature solutions for businesses are also evident in the facility for easier overseas trade. Previously, inter-state or international trade involved signing documents in person. In such a case, the presence of a verifying authority and sending documents through courier services were the norms.

You can clearly perceive the amount of time consumed for international trade. With the introduction of esignature solutions, businesses don’t have to depend on these time-consuming processes. In addition, there is no need for businesses to employ people for serving as authorities to verify transactions in international jurisdictions. The travel expenses for going to another state or country for getting a document approved and signed are no longer necessary.

Multiple parties could take part in a transaction from any corner of the world with the help of esignature solutions. All the parties could modify, draft, sign, or edit a document from the convenience of their computer or smartphones. So, the assurance of transparency remains intact alongside delivering prolific cost-saving benefits for all parties involved.

Also Read: Digital Signature vs Electronic Signature

  • Safeguards from unwanted penalties

Speaking of transparency, it is another prominent factor for the cost-saving benefits of esignature solutions for businesses! Business contracts and agreements include a collection of documents that the customer should sign. Manual verification and approval of the stack of documents could lead to higher chances of error.

In addition, you may miss out on the errors that can subsequently lead to the cancellation of the contract or agreement. That surely means a loss for the business, doesn’t it? Esignature platforms track every document throughout its journey in a transaction. As a result, they can provide prompt notifications upon the identification of any error.

So, esignature solutions could definitely help you from unwanted cancellation of contracts and projects, thereby leading to higher profitability in the long-term. Identification of incomplete or inappropriately filed contract documents is also another answer to how to reduce business operational costs with esignature. Businesses could ward off concerns of unwanted fines and penalties for discrepancies in the contract.

Esignature software also helps in tracking the complete authentication history of documents to present better accountability of transaction participants. The tracking of authentication history can provide clear insights regarding the signatory for a document and the time and place of signing. The level of transparency in business transactions improves with esignature solutions, thereby reducing the concerns of unwanted overhead costs.

  • Limited errors lead to higher savings

The next important pointer that explains how to reduce business operational costs with esignature solutions refers to a lack of errors. Research has shown that over 30% of business documents have certain errors. These errors are responsible for causing many other issues that lead to inconvenience and, most dangerous of all, delays.

Time is a crucial asset for every business, and losing even a second could mean losing a business opportunity. Sometimes, certain errors can demand the re-establishment of a whole process for addressing the errors. As a result, the business would turn up consuming additional resources, thereby piling on the operational expense burden.

On the other hand, an electronic signature solution helps a business maintain comprehensive control over the document’s approval and signing process. The outcome of this benefit of esignature solutions is the immediate identification of errors as soon as they occur. Managers could address the errors proactively with the help of esignature solutions, thereby saving considerable money for a business.

It is important to look into the security factors while choosing an electronic signature solution for your business. Here are the top points you should consider while choosing an e-signature vendor.

  • Savings on the costs of procuring physical materials

The cost of procuring paper and other tools for document printing and signing is very high in the conventional signature process. Cost-saving benefits of esignature solutions emerge primarily from the lack of any need for paper or printing and photocopying. Esignature software does not demand any additional resources other than smart devices for using the software. If we look at a one-time transaction, the savings may seem quite meager. However, when you look at one year of savings in the cost of paper and printing and photocopying materials, the difference is quite huge!

  • Saving time means saving money!

The cost-saving benefits of esignature solutions also emerge from the time saved for business transactions. Faster approval and signing of documents with esignature solutions enable businesses to complete their transactions at a better rate. Subsequently, businesses could move from one project to another project seamlessly without worrying excessively about the signature formalities, which generally consume a major share of a business’s working time.

The savings in time translate into profits from multiple projects in a specific timeframe as compared to the previous scenario. Time-consuming tasks such as drafting documents and document approval don’t take too much time with esignature solutions. Therefore, businesses could be able to realize improvement in their productivity by using esignature solutions. According to a recent survey, esignature software helps in reducing the turnaround time of the document approval process by around 80%. It seems like a favorable proposition for businesses, doesn’t it?

  • Faster payments

The faster contract turnaround time is an explicit benefit of esignature solutions. However, how does this benefit turn into cost-saving benefits of esignature solutions for businesses? Quick execution of contracts with multiple signers helps in faster payments. Faster payments from contracts indicate prominent restrictions on the overhead costs that a business has to bear before receiving payments. Businesses across a wide range of industries claim an almost 400% increase in the speed of their sales cycles with esignature solutions.

  • Assurance of data security

Security mechanisms of esignature solutions are definitely a welcome feature. However, security is also responsible for the cost-saving benefits of esignature software for businesses. The security of documents stored on esignature solutions takes away the need for storage space for business documents.

In addition, businesses would not have to spend on maintenance of the business documents they store in esignature solutions. The assurance of security combined with the cost-saving benefits are clearly evident reasons for businesses to adopt esignature solutions. Furthermore, the in-built disaster recovery mechanisms and reliable storage of esignature software solutions take away concerns for additional costs in the recovery of lost data.

Also Read: Top 10 Uses of Electronic Signatures

  • Productivity leads to profitability

Finally, we can note that the cost-saving benefits of esignature primarily arise from their impact on the productivity of a business. Productive enterprises would substantially generate better profits, thereby compensating for the operational expenses by the business. In addition, esignature solutions also help in a better experience for clients of a business that leads to the development of strong bonds between business and client. Therefore, businesses could also gain long-term cost-saving benefits through the reduction of customer complaints and issues with document signing.

Final Words

On a concluding note, the cost-saving benefits of esignature definitely present a valid proposition for businesses in present times. The competitiveness in the existing business arena alongside the rise of digital transformation as the key to business success present adequate reasons for adopting esignature solutions. Most important of all, esignature solutions are legal and highly secure. Almost every business could leverage these features for accumulating savings over the long-term.

It is essential to note that adopting an esignature solution would not show immediate results in operational expense savings. Businesses have to understand that esignature solutions simplify the complexities existing in paper-signing processes. The benefits in cost savings from esignature solutions would become evident over a particular period of time. So, if you want to save operational expenses, then learn more about esignature solutions right now!

Posted by Brian Felix, 0 comments

Questions Every Buyer Should Ask Their E-Signature Vendors

It is required to clear all your doubts before you choose an e-signature vendor for your business. Check out these common questions that you should ask e-signature vendor before choosing that!

With technology keeping up the transformation process, the effort is towards making tings entirely digital. E-signature is one of the prominent steps towards the same. This is helpful in terms of maintaining the workflow over the digital platform. Naturally, it can be helpful in terms of improving the efficacy of the process, as well as safety. Most importantly, it maintains the details of the clients and their privacy level. It is true, though, that not every e-signature platform is equally efficient.

The effectiveness of an e-signature is actually dependent upon the needs. Hence, it is highly important to thoroughly ask e-signature vendor the questions that you feel essential prior to hiring. However, most people don’t even have an idea of what to ask. This is quite obvious as not everyone belongs to a technology background or having knowledge of the platform. To help on this matter, provided below is a guide about the things to ask e-signature vendors prior to hiring.

Thinking to adopt electronic signature for your business? Here are the points you need to consider while choosing an e-signature vendor.

Top Questions to Ask Prior to Hiring E-signature Vendors

Hiring an e-signature vendor can be taken like hiring any other vendor. Hence, one can ask the e-signature vendor pretty much the same way as they would do for others. It’s all about being focused around the needs. However, there are some fundamental details that everyone is essential to know. Discussed below are a few of the very fundamental questions that one definitely needs to ask e-signature vendors.

1. Can it be ensured that documents are not modified post every signature?

There are certain e-signature solutions that come up with a spec known as the tamper evidence. This enables the user to know whether an e-signed document has been modified. However, different technologies deal with this aspect in different methods. In this context, the first thing that needs to be checked is the security level of the concerned service provider is optimal or not. Don’t forget to ask e-signature vendor whether the technology makes use of tracks everything from the initiation phase of the transaction. Those do this only at the end of the signing process should not be taken in to account.

2. Does it highlight illegal modifications attempted?

It is important to ask e-signature vendor whether it has highlighted the illicit alterations attempted. Crucial here is to understand that the authenticity of the document can be saved, proving the first signer didn’t change. Moreover, it is important to ensure that the first signer didn’t change prior to being sent to the other. Some vendors come up with extra options to keep the documents safe from tampering. This restricts any of the changes once the process is finished.

3. What is the level of audit trail it goes for?

Variations are obvious with the level of details kept by different e-signature platform. One may ask e-signature vendor about the kind of trail it goes for. In this context, the most secured is considered the one is coming with a granular audit trail. It keeps track of each element of the whole method. Here the following aspects are kept track of.

Details on when and which date the document was put for submission.

Regarding the acknowledgment of the signer.

Regarding termination.

Regarding the IP of everyone who signs.

The specific time when every signature was put.

Details of the digital certificate issue.

A complete trail like this makes sure that the documents are backed by the legally acknowledged proof to confront any claim.

Electronic signature laws play an important role in the implementation of e-signatures. Let’s elaborate the role of ESign act in electronic signatures.

4. Can I depend upon you regarding the authentication of the signature?

It is important to ask e-signature vendor regarding the dependency on the provider regarding the authenticity of the signature. Complete details through the trails are useful when it comes to confronting the legal aspects. But, it is more important to ensure that the documents are accessible.

One should ask e-signature vendor whether it lets the user for authenticating signatures distinctively. It, in other words, is about seeking proof of the digital signature to be thoroughly integrated into the documents signed. An explicit e-signature setup comes with technicality making use of the public key infrastructure of PKI, as well as the published norms. This is essential to ensure that the documents are authentic and unaltered. The point is that you hold the right of the proof. This ensures about having access at any time wished. In this way, one can have access to even many years of post-transaction.

5. Can you guarantee about meeting industry-standard?

It’s one of the most fundamental questions to ask e-signature vendor whether the concerned platform meets industry standards. In this context, it is crucial to meet the norms of ESIGN and UETA e-signature. Additionally, it is crucial to ensure that the e-signature platform meets the industry-specific norms.

6. Can I stay assured that only the acknowledge people get, have a view of, and get signed with the documents?

One of the most important questions to ask e-signature vendor is regarding who receives the documents. Basically, it has to be ensured that only the allowed groups of people get, see, and go for signing the documents. To avoid illicit access, it is important to ensure that the concerned vendor makes use of a dual authentication process. There should be one fundamental edition or stage asking the basic details, and the other about the details like password, phone number, etc.

There are certain documents that are more sensitive than others. A here greater level of authentication is quite obvious. Hence, it is crucial to take these aspects in to account when it comes to choosing e-signature vendor. For advanced level assurance, the following aspects should be ensured.

Explicitly email-based authentication

Here a user has to tap on a link within the mailbox to get into the transaction process.

Personal questions

Here the user is asked secret questions, mostly the personal questions.

Authentication based on knowledge

Here the user is asked to provide the birth date and the final four numbers of the SSN. Upon correctly answering, various MCQs are put forward; those have to be answered perfectly to have the transaction.

Also Read: An Overview of UETA and ESIGN Act

7. Is it possible for the e-signature to get integrated with the available document platforms?

It is important to ask before you choose e-signature vendor whether the e-signature can be combined with an available document. There are many e-signature providers that are capable of addressing these issues. However, here the extent of integration has to be checked out. It is advised to connect users through a single application. It would be even better to find a vendor capable of ensuring complete integration. It means that the e-signature solution is thoroughly personalized to meet the outlook and experience of the present technology. This is to ensure that the smooth signing experience is provided for you/the customer.

Apart from the tricky technical questions, there are certain very fundamental questions that have to be asked as well. These questions are very basic but absolutely important at the same time, as discussed below.

Digital Signatures and Electronic Signatures are two similar looking terms but are different from each other. Check out the difference between the two i.e. Digital Signature vs Electronic Signature

8. What is the number of customers that the concerned e-signature vendor is having in the industry?

This is one of the simplest questions every buyer should ask their e-signature vendors. There is nothing complex or technical about asking the question. All that needs to be ensured is whether the service provider is established in this arena. These services are quite technical and knowledge-based.

On the other hand, not too many people remain aware of the affairs dealt with in this segment. It means the most reliable way to enquire is to know about the vendor through the client base it possesses. If possible, one may also connect with concerned clients. This provides the much-needed peace of mind for the user. Obviously, a vendor or service provider with more number of established client bases is more trustworthy.

9. How many clients has it dealt with those having similar requirements as you?

This is another fundamental question every buyer should ask their e-signature vendors. As discussed above, e-signature requirements and the associated constraints often vary from one case to the other. Naturally, the associated vendor is essential to be well versed in the kind of issues you deal with.

It should be experienced enough in dealing with the kind of legal aspects your case is associated with. And, the best recommendation for this would be to enquire about the number of similar cases it has handled before. Moreover, the success rate on similar occasions is one of the important things to look into an e-signature vendor. Only if the vendor is proven enough in dealing with such requirements should it be hired.

Also Read: Top 10 Uses of Electronic Signatures

10. How many projects have they handled those who have gone live and can be referred to?

Be it about e-signature or anything else; success is always measured through the proven statistics. Coming to e-signature being particular, the number of projects it has handled has already gone live is a must to enquire about. It makes things easier for an enquirer or hirer to have the reference of the kind of project that the concerned user has handled. It talks a lot about their efficacy as well.

Final Words

No doubt, e-signature has now become an integral part of every organization. To avail its benefits, most of the businesses whether small or large, are now adopting e-signatures. So, the above-mentioned ones are some of the most important and fundamental things to look at in an e-signature vendor prior to choosing that.

Here we have covered the ten most common questions that an organization should ask their electronic signature solution provider. One may enquire and list out some other questions as per his/her needs. So, ask how many questions you want to your vendor, clear your doubts, and get ready to implement e-signature to your business!

Posted by Brian Felix, 0 comments