Month: April 2020

Top 10 Reasons to Go Paperless

Going paperless is a new trend in the current digital era. Let’s check out the top reasons to go paperless by adopting e-signature and how it will benefit your business!

Digital transformation has taken almost every industry by storm with many enterprises adopting new and innovative technological alternatives to legacy systems. The advantages of the digital revolution extend across all domains of business operations.

So, if you are searching for reasons to go paperless, then you might have decided to go for digital transformation. However, there are many doubts that are maybe revolving around your mind regarding the adoption of paperless solutions.

Also Read: Cost Benefits of Electronic Signature

Most Common Reasons to Go Paperless

Electronic signatures are the most common and easily available options for turning your business into a paperless one. Other than the advantage of reducing the burden of managing loads of paper-based official documents, there are many reasons to answer the question of “why go paperless”.

The following discussion dives into some of the important reasons for which you should consider shifting to a paperless environment.

1. Better Access to Data

One of the foremost reasons to go paperless is the ability for finding information quickly. Estimates indicate that employees spend roughly 30% of their time scouting for paper documents. On the other hand, documents in the electronic form are very easy for filing, and you can find them easily.

The facility of indexing for electronic documents by leveraging critical data such as document type, user-defined criteria, or date simplifies the search for essential documents. Most important of all, you can also utilize a full-text search mode for quick and straightforward access to business documents.

The adoption of electronic signature can bring so many benefits for businesses such as e-invoicing. Here are the top benefits of e-invoicing for businesses.

2. Faster Execution of Business Processes

The next important reason to go paperless should reflect on the benefits of electronic signature for the speed of business processes. Digital forms can streamline various business processes alongside saving time on document printing, in-person meetings, and storage of hard copies.

Paperless solutions such as electronic invoices can help in saving money as well as time on professional printing of paper forms or sending paper documents. In addition, paperless solutions such as electronic payment and digital checks can help in effective control over cash flow.

3. Simplify the Work for Your Employees

Happy employees also account for one of the important reasons to go paperless. Employees don’t have to spend time in printing documents, waiting for customers to fill the forms, scanning the completed papers, and attaching the files to digital records. With a paperless environment, you can enable your employees to participate in high-value interactions for the business.

Rather than wasting time on menial tasks, employees can commit additional time for customer service and satisfaction. Furthermore, the paperless environment also fosters the prospects for automation of routine tasks, thereby improving the ease of team collaboration.

4. Customer Satisfaction Levels Improve Considerably

When your employees are happy, then you can get additional reasons to focus on the benefits of a paperless environment. The faster execution of business processes and better collaboration between employees prepare your organization for serving customers better.

For example, using electronic signatures with documents delivered to customer inboxes can help your business show to customers that you care about their time. Customers want to feel empowered to make their own choices such as filling out online forms, placing orders, or finding company information. Therefore, the adoption of paperless solutions can help you make your customers feel convenient in using your services.

Businesses can adopt and use electronic signatures in many ways to leverage its benefits. Here are the Top Uses of Electronic Signatures.

5. Considerable Savings on Paper Supplies

Among the many reasons to go paperless, the cost benefits will always have a prominent mention. Just think of the expenses that go into the purchase and maintenance of paper, ink, and printer replacement and maintenance. In addition, you also have to dole out precious dollars for the maintenance of file storage and professional document shredding services.

Even though the individual cost of these supplies appears to be trivial, the total cost can be astoundingly surprising. So, the adoption of electronic signatures can help a business save considerable money that could be redirected towards other essential needs.

6. Accuracy of Information

Not only does a paperless environment show better improvement in organizational performance but it also ensures accuracy. Electronic signatures have become an increasingly prominent explanation of why we go paperless. Now, customers don’t have to hurry to fill up forms.

Therefore, they are more likely to enter information more accurately and carefully according to their convenience. Furthermore, in the case of employees, the digital workflow and documentation limit the requirements for manual input of information. As a result, discrepancies in document management decrease gradually alongside the chances of misfiling documents.

7. Show Your Commitment to the Environment

The US alone consumes almost 12.1 trillion sheets of paper every year in offices. Therefore, the massive impact of paper used in offices on our environment is one of the profound reasons to go paperless. So, businesses can go paperless and exercise their social responsibility towards the environment of our planet. Most important of all, customers can perceive your business as a supporter of a cause for safeguarding the environment.

8. The flexibility of Carrying Business Operations

If you are wondering about the answer to “why use electronic signature”, then think of the flexibility you get. Office operations will no more be limited to the office space only. Transforming to the paperless route can help you reach your customers wherever they are.

You also don’t have to worry about employees not being able to come to the office due to any circumstance. Paperless solutions allow employees to work from their home easily and report in the form of electronic documents, complete purchases, or execute contracts effortlessly.

Also Read: Electronic Signature is the Future of Business Contract Signing

9. Advantages of Security

The adoption of electronic signature also presents one of the vital reasons to go paperless. Electronic signatures add another layer of security for your business documents. For example, the audit trail with electronic signatures can pinpoint the individuals responsible for modifications in a document.

In addition, the facility of authorized access only for electronic documents and backup and recovery systems can present additional safeguards for your data.

10. Customize Your Business Documents Easily

The final mention among reasons to go paperless is the facility of customizing business documents. In addition, businesses can also ensure the document management systems can cater to their unique needs. For example, you can create personalized forms and reports tailored to your unique business processes.

Bottom Line

Now, you can clearly identify the benefits that your enterprise can avail by shifting to a paperless environment. Other than the quick access to documents and improved efficiency of business operations, there are many other benefits of paperless solutions. So, go green, go paperless.

Presently, electronic signatures present the most favorable instrument for transforming into a paperless route. However, you have to be careful in the selection of an ideal electronic signature solution.

Before taking the decision for digital transformation, enterprises should prepare for the initial capital expenditures required. In the long run, enterprises can gain promising returns on their investment in paperless solutions.

So, take the right decision now and prepare a new foundation for the future of your business!

Posted by Brian Felix, 0 comments

Benefits of Electronic Signature for Startups

The use of electronic signature can impart a number of benefits to the growing and grown businesses. But are there any benefits of electronic signature for startups? Let’s check out!

The zeal to start your own business is one of the strong driving forces for redefining your identity. You can explore a wide range of business opportunities alongside credible platforms to give your business idea the much-needed boost. However, startups also have to focus on one of the most critical concerns of getting started with their business idea i.e., money. Capital expenditures serve as the foremost burden on the shoulders of startups.

Therefore, cost-reduction becomes a mandatory priority for startups rather than being just an option. One of the recommended best practices for cost reduction is the adoption of electronic signature for startups. The drive for promoting paperless solutions in modern offices can be a vital opportunity for startups to extract more business benefits than just cost reduction. Let us reflect on the different ways in which electronic signatures can help startups.

Also Read: What is the Future of Electronic Signature?

What Are Electronic Signatures and How Do They Work?

Before reflecting on the benefits of electronic signature for startups, it is essential to understand their definition and how they work. Electronic signatures are data in the electronic form associated with other data in electronic form that signatories can use for signing. Electronic signatures are different from digital signatures, which are actually cryptography mechanisms for the implementation of electronic signatures. Here is an outline of the steps that can help you understand the working of digital signatures.

  • A key generation algorithm develops a random pair of keys for the document signer. The job of the key generation algorithm is to ensure a unique ‘key pair’ for every document to ensure the security of the document.
  • The next algorithm that supports the working of digital signatures is the document signing algorithm. The user can sign the document with an appropriate algorithm alongside ensuring that the user associates the document with a key before sending it to the recipient.
  • The final step in the working of electronic signatures is the key verification algorithm. This step shows one of the major reasons to use the electronic signature for startups. The key verification algorithm helps in verification of the sender’s key at the recipient’s end.

Benefits of Electronic Signature for Startups

Therefore, you can clearly notice that electronic signatures present the benefits of security and data integrity. Now, it is important to dive deeper into the reasons that can answer your questions on why use electronic signature. Here is an outline of the different factors that can help you think about the potential benefits of using electronic signature for startups.

  • Good Case for Businesses

The first and foremost thing to note about electronic signatures is that they present a good business case. Almost 80% of companies implementing electronic signatures achieved ROI within the first year. Interestingly, 25% of the firms witnessed ROI within three months. The example of Salesforce clearly showcases the potential of electronic signature for startups.

Salesforce was able to replace wet ink with electronic signatures and achieve a faster reduction of time required for completion of sales contracts. The faster turnaround can help businesses in improving their versatility for dealing with time-centric situations. Startups could use faster turnaround for finalizing agreements with supply chain partners and financiers with electronic signatures. As a result, startups could leverage electronic signatures as a vital measure for setting up their foundation.

Also Read: Cost Saving Benefits of E-Signature

  • Simple User Interface

The ease of use is also another highlight in the importance of electronic signature for startups. Electronic signature software offers simple and intuitive user interfaces that you can navigate easily. Furthermore, users can easily sign documents with electronic signature and send it to recipients with high reliability and security.

So, electronic signatures take out a lot of man-hours that go into the processing of documents for a startup. Electronic signature for startups not only provides ease of document processing but also resource effectiveness. Rather than wasting precious efforts in identifying and arranging documents, human resources can focus on other critical business tasks.

  • Better Security Posture for the Startup

The most prominent factor validating the response on, why use electronic signatures, is the security. Yes, it is one of the most important ones among so many uses of electronic signature for small or big businesses. Startups have to safeguard their intellectual property that establishes their competitive advantage in the market. Moreover, modern startups rely on e-business more than ever with considerable dependency on electronic media in comparison to conventional paper documents.

The electronic signatures provide the option of verifying the accountability of different parties to transactions involving electronic signatures. A comprehensive audit trail with each electronic signature can help in verifying the identity of the signatory and the time and date of signing. Therefore, startups can be able to ensure the accountability of their workforce for different document-related operations.

  • Streamlining of the HR Process

The advantages of electronic signature for startups also become prominently evident in the streamlining of HR processes. Human resources involve a considerably massive volume of paperwork. Startups have to invest considerable time and effort in preparing documents and tracking and storing the applications of candidates.

Furthermore, the length of the recruitment process also leads to the generation of more paperwork. As compared to paper-based route, electronic signatures can reduce the cost of paperwork. Most important of all, electronic signatures can improve the accuracy, precision, and effectiveness of different HR operations.

For example, startups can send employment contracts to new recruits, irrespective of the location, and chart out the future course of action based on the responses. As a result, the startup won’t have to wait for all the applicants to respond to the hiring notice before moving towards the next step.

Also Read: Benefits of E-Signatures for HR Department

  • Improve Customer Experience

Finally, startups should consider the use of electronic signatures for capitalizing on the benefit of better customer experience. Electronic signature for startups can spell a new era of innovation development in customer service. With the help of electronic signatures, customers can finalize transactions with the startup faster. As a result, customers can easily achieve quote approval and statement of work from the startup. When the customers get what they want, they couldn’t be happier with your startup!

Ready to Adopt Electronic Signatures for Your Startup?

Now, you can clearly find out that electronic signatures have considerable benefits for startups. The startups which recognize the importance of electronic signatures for the benefits in the long term for their growth can adopt new avenues. Most important of all, startups could also streamline the issues of various routine administrative tasks.

Electronic signatures support startups in the development of competitive offerings alongside the promotion of more efficient workspaces. In addition, the development of businesses with the use of digital instruments can help in driving new innovations. Subsequently, startup owners can also navigate the emerging changes in the modern business landscape.

So, capitalize on the positive points of electronic signature for startups and make e-signing a part of your business to reap promising benefits in the long run.

Posted by Brian Felix, 0 comments

Benefits of E-Signature for Financial Industry

Is there any benefit of electronic signature for financial industry? Yes, a number of! Read on this article to know about the benefits of e-signature for financial industry.

The drive towards digital transformation has completely changed the perspective of businesses towards their operations. Enterprises are shifting their workloads to the online platforms and the cloud in large numbers. The primary objective of digital transformation is to ensure the streamlining of costs and increase efficiency. Electronic signatures are one of the promising technological interventions in recent times.

E-Signature is being used by almost all the businesses and industries to get the benefits of e-signature adoption. Financial industry has not remained yet untouched with the impacts of electronic signature. For the financial industry also, e-signature has brought a number of benefits that we’ll focus on in this discussion.

Also Read: Cost-Saving Benefits of E-Signature for Businesses

What are the Benefits of E-Signature for Financial Industry?

The impact of e-signatures on different industries is providing new approaches for improving their business operations. Most important of all, the benefits of e-signature for financial industry are reforming the global business landscape. In the long run, the improvements in the financial industry can contribute to the adoption of e-signatures in other industries.

The following discussion would outline the significance of electronic signatures in the financial industry. The benefits of e-signatures for the financial industry complemented with legal precedents could drive a new transformation. Most important of all, awareness of the potential benefits of e-signature for financial services can help in the efficient adoption of e-signature services.

  • Lots of Savings

The foremost entry among benefits of e-signature for financial industry refers to the reduction of paper-based processes. Utilizing e-signatures and digital documents, financial services could ensure faster processing and management of important tasks. Faster processing would also imply considerable savings in the costs of stationery and costs.

In addition, e-signature platforms also help in easier storage and retrieval for documents. Furthermore, the reduction of paper-based tasks also enables enterprises to focus on critical matters such as core business tasks and exploring new opportunities.

  • Satisfaction of Customers

The most significant impact of electronic signature on financial services is customer satisfaction. The faster processing and completion of transactions with e-signatures in the financial industry help customers in accessing services quickly. In addition, electronic signature services to address the significant pain points of clients.

For example, the use of e-signatures helps clients utilize mobile technology for financial transactions. Furthermore, clients could also get the assurance of transactions occurring in real-time with electronic signatures. The demand for interacting with the bank and designated authorities according to the client’s convenience also drives the popularity of e-signature solutions in the financial industry.

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.

  • Complying with the Standards and Regulations

The most critical benefit of e-signature for financial services is the maintenance of security and compliance standards. E-signature solutions can help financial enterprises have an additional layer of security for financial documents through compliance with industry regulations. The benefits of e-signature for financial industry in terms of security also reflect on the significance of advanced tools for security.

For example, organizations could utilize the audit trail for tracking the changes in their paperwork. Most important of all, e-signatures also help in adapting to regulations of organizations such as The Federal Financial Institutions Examination Council (FFEIC) and The Consumer Financial Protection Bureau (CFCB).

Some of the other notable contributions of e-signature in terms of security also refer to the efficient authentication methods, the security of encryption, and the tamper-evident seal. Furthermore, notable e-signature service providers also ensure compliance with their e-signature solutions with the regulations of UETA and ESIGN act.

  • Customer is at Peace of Mind

Apart from helping customers get quick and secure access to financial services, e-signature solutions also help in reinforcing your brand image. The benefits of e-signature for financial industry also present a financial organization as an epitome of innovation. Early adopters of e-signature solutions in the financial industry can ensure that customers perceive an organization as innovative.

Therefore, customers can assume that the financial organization would focus on customer service and ensure protection against security threats. Customers could be at peace of mind knowing that they would not have to shift to another organization with the adoption of e-signature solutions.

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.

  • Generate Revenue and Continue Operations Effortlessly

The final and most important entry in discussions on how e-signature benefits financial industry refers to the bottom-line of organizations. A financial organization should ensure the satisfaction of its customers in accordance with its bottom-line. In addition to that, a financial organization has to achieve higher efficiency in its sales and operations departments.

E-signature ensures the facility of reduction in turnaround time, thereby allowing ample scope for the sales and operations departments to improve their efficiency. As a result, organizations could ensure gradually improving numbers in sales with the influx of more customers. Furthermore, e-signature solutions also allow the operations team to ensure a stable workflow and effortless management of operations.

Factors Driving the Adoption of E-signature Solutions

So, every financial enterprise should work towards capitalizing on the benefits of e-signature for financial industry. However, it is highly essential to note the important factors driving the shift of financial organizations towards e-signature solutions.

  • First of all, e-signature solutions allow cross-document functionalities. As a result, you can work across different document formats. You can also send the signed documents through any computer, phone, or tablet at any time from any location.
  • The benefits of e-signature for financial industry also reflect prominently on the benefits of privacy. The self-signing feature allows better opportunities for reducing workload while maintaining the privacy of parties involved in a transaction. Furthermore, the remote signing feature also ensures that organizations deal with documents that have a client’s signature.
  • The integration of cloud storage with e-signature services for flexible importing and sharing of documents provides a stable workflow.
  • One of the most important factors driving the popularity of e-signature solutions for financial organizations is the legality of e-signatures. Legislations such as the ESIGN Act and UETA offer legal validity for e-signature solutions. Therefore, transactions accompanied by e-signature solutions are admissible in courts of law.
  • The adoption of e-signature solutions in the financial industry is also gaining momentum due to their benefits for the environment. Reduced consumption of paper helps the financial industry reduce its carbon footprint. Most important of all, e-signature can help financial organizations address one of the key concerns for their community social responsibility.

Also Read: Why should ESigning be a Part of Your Business?

Bottom Line

If you are thinking about adopting an e-signature solution, then you might have made the right decision. Most important of all, you have to cover the benefits of e-signature for financial industry and reliable pointers for their adoption. The first thing you should look for in an e-signature solution should be the fundamental aspects of its functionality.

Enterprises should evaluate all the template options available with the provider and ensure their alignment with the production processes. In addition, financial organizations should also look for possibilities of branding with the e-signature solution.

Finally, the financial organization should evaluate the potential impact of bringing the software into various business processes. In the end, customers should be happy, and the organization should achieve its bottom-line efficiently!

Posted by Brian Felix, 0 comments

Top 10 Benefits of E-Invoicing

Many new interventions have been changing the business landscape as we know it. However, the most prominent advancement related to the modern business environment is the facility of digital transformation. One of the notable events that accompany the digital transformation of an enterprise refers to shifting away from paper-based solutions. So, if you have been searching for benefits of e-invoicing, then you might have been taking the first steps in the transformation of your business.

Don’t worry as you have arrived at just the right place to learn the significance of e-invoicing. Shifting to a completely new approach for a conventional business operation i.e. invoicing can be a challenging task. However, you can overcome the challenge through guidance regarding the definition of e-invoicing to understand it better.

Most important of all, you should learn what exactly an e-invoice is and what it is not! The following discussion will help you find a detailed description of the prominent reasons to use e-invoicing for your business.

Also Read: Cost Saving Benefits of E-Signature

What is E-Invoicing?

Before you think ‘why use e-invoicing’, it is better to ask ‘what is e-invoicing’! Digital transformation has a substantial impact on the performance of different businesses. Therefore, businesses that can adapt effectively to new and emerging technologies could achieve a competitive advantage.

On the contrary, businesses that fail in doing so face the risk of lagging behind. Electronic invoices or e-invoices are also one of the new technologies that enterprises should adapt quickly. Generally, people confuse an e-invoice with a digital invoice because both can be used for electronic processing, starting from creation until the payment.

However, you have to note the difference between both to make the most of e-invoicing benefits. The e-invoicing process starts with the seller’s invoicing system or an online bank or any other similar web-based form. Then, the buyer could download the e-invoice file, or the seller can send it directly to the buyer’s software.

The e-invoicing operator helps in the delivery of the e-invoice, where the operator serves the role of a postal system. On the other hand, you won’t need to access the operator software separately when you are using the invoicing software. Every recipient of the e-invoice gets a unique e-invoicing address.

Identifying an E-Invoice

You can recognize an e-invoice with the presence of structured data in EDI or XML formats. Apart from the creation of the structured invoice data in the invoicing software, you should also note that it is possible to issue an e-invoice only in a web-based form.

In addition, readers should know what does not qualify as an e-invoice before diving into the benefits of electronic invoice processing. Scanned paper-based invoices, unstructured invoice data in formats such as Word, PDF, or Excel and documents that are subject to processing with optical character recognition are not e-invoices.

Remember this, and you will find better opportunities to use e-invoicing for your business.

Also Read: Digital Signature vs Electronic Signature

Top 10 Benefits of E-invoicing Solutions

The basic benefits of e-invoicing arise primarily from the simple functionalities such as removal of unnecessary steps from invoice processing. For example, swapping software, manual data entry, and accuracy check wouldn’t bother you anymore with the use of e-invoicing.

All you have to do is ensure that the format of the invoice aligns effectively with the processing prerequisites of the buyer’s system. Readers should note that e-invoice files are available as structured data in commonly used formats such as EDI and XML.

Now that you know what an e-invoice is and what is not, let us reflect on the main theme of our discussion. Uncovering the benefits of e-invoicing can help you perceive exactly why you need an e-invoicing solution right now.

1. Time-Saving and Improving Productivity

One of the foremost advantages of e-invoicing is the improvement in productivity. E-invoicing takes away the need for many unnecessary steps in the invoicing process. Therefore, you, as well as your customers, can save a considerable amount of time with the use of e-invoicing software.

2. Cost Reduction

Electronic invoicing can also help in reducing costs, especially paper and postal fees. In addition, the time savings with e-invoicing solutions also contribute to economic advantages for a business. Enterprises can focus on other crucial tasks for the business with the additional time they save by using e-invoicing.

3. Limitations on Errors

The most favorable entry among benefits of e-invoicing directly refers to the reduction of mistakes. Electronic invoice processing solutions minimize the need for manual inputs and improve automation. As a result, you can find a substantial reduction in typos and mistakes in electronic invoices in comparison to paper-based invoices.

4. Curbing Tax Evasion

The benefits of e-invoicing under GST (Goods and Services Tax) imply the opportunities for addressing tax evasion issues. E-invoicing software provides real-time access to invoice data, thereby reducing the possibilities of manipulating invoices.

Therefore, using e-invoices helps in reducing the possibility of fake GST invoices alongside ensuring genuine ITC (Input Tax Credit) claims. The availability of details about the input tax credit and output tax in the e-invoicing software can help tax officials in the identification of fake input credit.

5. Benefits for Customers

Your customers will be happy with the e-invoicing solution as they can get the advantage of convenience. An e-invoice can save almost up to 90% on processing costs when compared to a paper invoice. Furthermore, shorter delivery times also enable customers to make the most of discounts on early payments.

E-Signatures have many uses for businesses, even an e-invoice is signed with e-signature. Here are the top uses of electronic signature you should know.

6. Ease of Tracking Invoices

Another critical entry among the benefits of e-invoicing refers to the ease of tracking invoices. You can find the time of sending, viewing, and payment for an invoice with the help of e-invoicing software. Therefore, it is easier to verify the delivery and receipt of an invoice. In addition, certain e-invoicing service providers can help you see the time when the customer viewed the invoice.

7. Better Control and Visibility of Invoicing Process

Online invoicing software helps in saving every invoice on a single platform that you can access anytime, anywhere from any device. Most important of all, you can gain an in-depth overview of your invoicing process with the help of automated reports and analytics. For example, you can find real-time insights regarding your cash flow and finances with certain e-invoicing software.

8. Data Integrity

E-invoices take away the concerns of fraudulent bills, thereby automatically validating their authenticity.

9. Customization

The benefits of e-invoicing also include the facility of easy customization opportunities. Users don’t have to invest their time in editing spreadsheet modules.

10. Faster Payments

Businesses can deliver invoices faster and ensure faster payment of invoices. Most important of all, the limited time and effort required to pay an e-invoice to make sure that you get your payments faster.

e-signing and e-invoicing are closely related to each other. Let’s check out the importance of e-signing for business.

Setbacks with E-Invoicing

Other than the benefits, it is also important to reflect on the disadvantages of e-invoicing. Most important of all, readers should note that the setbacks with e-invoicing systems arise mainly in relation to GST. For example, the new GST update includes only B2B invoices. Therefore, B2C invoices left out of the scope of the new GST update can lead to fraud.

In addition, the lack of facility for customers to report non-compliant invoicing creates prominent setbacks in tackling tax evasion. Another prominent disadvantage with electronic invoices is the limit on the capacity for upload on the basis of GSTR-1 data submitted in the last two years. Therefore, you need updated technology for the preparation of GST to facilitate minimum downtime, thereby imposing negative impacts on compliance.

Ready to Grab the Benefits of E-Invoicing?

So, now the decision to choose a suitable e-invoicing solution can become a lot easier for you. Apart from the benefits of e-invoicing, the setbacks associated with the same provide a clear impression of e-invoices. However, we can also notice that the advantages of e-invoicing outweigh their cons by a distinguishable margin.

Most important of all, e-invoicing brings the opportunity for businesses to reduce their carbon footprint. Even though a single e-invoice may seem too small to make an impact on the existing situation of our environment, the long-term impact of adopting e-invoices would be exceptionally favorable.

Take the decision for a better environment, reduced costs, and productive business operations with competent e-invoicing solutions right now!

Posted by Brian Felix, 0 comments

Adopt Electronic Signature: Go Green, Go Paperless

Almost every business aspires to reduce costs and achieve the maximum profits possible. However, the key to cost reduction for a business lies in cutting down on resources. Some of the common cost-cutting methods include expulsion of employees or shifting to telecommuting work routines. However, there is one simple solution that can easily top other methods of cost reduction - go paperless!

Have you been making frequent visits to the bank as you did before every time you needed cash? Most probably, No! You visit the ATM if you want to withdraw cash from your account, thereby saving a lot of paperwork that would normally go in for the same transaction at the bank. So, when you prefer to go with the paperless route, you can find that you save time and it’s convenient too.

Also Read: What is an Electronic Signature?

The following discussion would show you the important benefits that you can get by adopting electronic signatures and following the slogan “go green, go paperless.” Most importantly, small and medium businesses can find helpful insights into reasons for realigning the allocation of their capital expenditures with e-signature solutions.

What does the Slogan “Go Green, Go Paperless” Signify?

“Go Green, Go Paperless” is an old slogan, we all have been listening since our childhood. But what does it signify? There is a simple and straight significance of this quote. As papers are made by cutting trees, and if we stop using papers or limit their usage, it will save trees. Thus, the slogan signifies that if we go paperless, we can save trees, and thus the greenery.

According to a survey, 4 billion trees are cut down each year to make paper.

Setbacks of Using Paper by Businesses

Businesses are the most significant consumers of papers. So, if businesses cut down the usage of papers, more trees can be saved. Even there are several reasons to go paperless that are evident from the setbacks of using paper. Let’s start by having a look at the setbacks that may occur while dealing with papers.

  • Problems with Paper

Even though businesses know that they can save many costs by shifting to paperless solutions, why can’t they do it? Because the paper provides an assurance of familiarity, security, accessibility, convenience, and speed for many people.

However, these positive aspects perceived with paper can turn out to have underlying implications with negative consequences. For example, misplacement of physical documents or misfiling them can result in loss of additional hours for a business.

  • Threats to Document Security

Many people vouch for the security associated with paper as a reason to refrain from a paperless business. On the contrary, the paper is highly vulnerable to physical damages and loss. In addition, filed documents don’t provide the expected level of security because people without authorization could also access the documents.

Even if secure filing cabinets are put in place, human errors such as losing the keys or leaving the cabinet unlocked can result in the loss of valuable data of the organization.

  • Slow Transactions

Another prominent setback that businesses can identify with paper is the slow rate of transactions. In comparison to automated digital systems, paper-based businesses tend to face frequent concerns of inefficiency. Furthermore, it is difficult to capture data from multiple paper-based reports and documents.

In addition, the creation of paper-based reports and documents by leveraging data from different sources involves considerable manual efforts and is extremely slow.

Also Read: Why Your Organization Needs an Electronic Signature?

Reasons to Go Green, Go Paperless

Therefore, businesses should focus on the opportunities to go paperless rather than being held back by the concerns about migrating to paperless solutions. Here are some of the notable reasons that can drive your interest in going paperless for your business.

  • Paperless Improves Productivity

One of the leading reasons to go paperless is the opportunity to improve your productivity. Almost two-thirds of office workers invest an hour every day in search of documents. Therefore, employees tend to waste time as well as money for a business. As a result, you can find a subsequent decline in the productivity of the employees.

Furthermore, the amount of wasted time does not take the amount of time taken for printing and filing the paperwork into consideration. On the other hand, electronic signature solutions or automated document management systems can help in searching for and finding a document quickly.

Therefore, removing paper from the equation directly translates into the exclusion of labor-intensive tasks such as locating misplaced documents. Subsequently, employees can manage their tasks with limited complexities, thereby increasing their satisfaction and allowing them some additional time to focus on their work.

Also Read: Why Should ESigning be a Part of Your Business?

  • Economic Benefits of Paperless Solutions

The economic benefits of going paperless are also crucial pointers that can motivate businesses to adopt paperless solutions. As discussed already, paperless solutions improve employee productivity, thereby translating directly into economic benefits for the business. On the other hand, going paperless could also help a business reduce costs in various areas.

One of the helpful outcomes of paperless solutions is the reduction in staff costs. Employees find additional time to focus on their work with paperless solutions. In addition, the facility of automation helps employees in completing tasks quickly. Furthermore, automated systems also take away the need for additional human resources to respond effectively in the event of increased workloads.

Paperless solutions such as automated document management systems and e-signature software also help in the reduction of errors and bottlenecks in business processes. As a result, employees can improve their productivity alongside gaining abilities for completing more tasks on time. Subsequently, the business will have more time to take on new projects while avoiding unwanted costs of overtime.

The economic benefits of paperless solutions are also evident in the reduction of basic costs for paper, copiers, and printing costs. Most importantly, your business would not have to deal with downtime if the supply of paper has run out or the copier machine is down. When you go paperless, it is easy to duplicate and share important documents through electronic media along with proper security credentials.

  • Limitation on Errors

Another promising reason to go paperless with electronic signature software is the substantial reduction in errors. Automated systems take away the issues that come along with human error. Without any manual input, the risk of errors reduces considerably. In addition, the proper filing of documents in electronic signature solutions also takes away the concerns of misplaced files.

  • Security of Documents

One of the promising benefits of paperless solutions is the assurance of additional security. Electronic signature solutions offer exceptional safeguards for private and legal documents. The e-signature solutions used commonly by enterprises don’t provide random unauthorized access to personal records.

Therefore, paperless solutions are a great initiative for the security of legal and private documents. In addition, users can be sure of the fact that anyone else cannot alter or copy your signature. Interestingly, some signature solutions offer the facility of instant alerts if any individual breaks in the security system or check your documents without permission.

Above all, you can always rely on the audit trail of e-signature solutions to see what changes have been made in your documents and the individuals responsible for the changes.

Also Read: E-Signature Security Checklist and Rules

  • E-Signatures are Legal

Many businesses hesitate to go paperless due to doubts regarding the legal value of paperless solutions. Most importantly, the concern of the legal validity of e-signature is a formidable pain point for many enterprises that want to shift to paperless solutions.

However, electronic signature has received legal recognition through various legal precedents in different countries such as the UETA and ESIGN act. Furthermore, the use of e-signature solutions in government offices takes away major apprehensions of enterprises regarding the shift to paperless.

  • The Satisfaction of End Users

When you look closely, all the above benefits of going paperless translate directly into customer satisfaction for your business. If your employees are completing tasks on time, then you are taking over new projects. Subsequently, if your employees face limited issues in carrying out their work, their productivity improves.

Therefore, the customer gets what they want exactly on time. What could be better for a business than a happy customer? The satisfaction of end-users is definitely a reason to start considering about the prospects of going paperless.

Still confused about adopting electronic signatures? Check out these top reasons to adopt electronic signature for your business.

Final Words

In the end, the decision is up to you! When you go paperless, you not only open the gates of promising returns for your business but also for the environment. The saving paper has a substantial impact on the environment, especially in terms of reducing the number of trees felled every year for making paper. In addition, going paperless also takes away the need for investing resources in waste management.

With lesser clutter, the environment can definitely get better, wouldn’t it? However, choosing an e-signature vendor for your business is a very complicated task without the right guidance. The best practice for finding the ideal e-signature solution would be to plan out your requirements and then look for the solution that fits well.

Adopt the electronic signature for your business and start getting benefits of electronic signatures for your business. Get ready to make a difference for your business and the environment!

Posted by Brian Felix, 0 comments

Why Should eSigning be a Part of Your Business?

In the technology-driven era, businesses are digitalizing various processes and elements. Their primary objective is to adapt to the digitalized setting in the best way possible. One of the trends that have caught up for a few years relates to E-Signature. If you are not familiar with the concept of eSigning for business, it is high time to understand it.

eSigns refers to electronic signatures where data exists in the electronic form. These technology-based signatures have brought about a revolutionary change in the digital business platform. eSigns accelerate the overall business process and eliminate the risks that could arise due to manual signatures.

Also Read: Top 10 Uses of E-Signature for Small Business

If you have not implemented an electronic signature for business, it is high time to adopt it. You will be surprised to know that processes revolving around contracts, offer letters, and account opening is simplified.

Importance of eSigning for Business

Today, adopting eSigning is not a luxury but a basic necessity for your business. It can give you an edge in the competitive business landscape. While your competitors with manual signatures will be struggling, you can conduct your business operations efficiently and effectively. This can be possible if you make eSigning an integral part of your business.

Your business can enjoy a number of benefits of electronic signature that have been listed below:

  • A Faster Way of Doing Business

In the competitive business climate, time is considered to be equivalent to money. Most of the businesses are adopting new strategies so that processes and activities can be made more efficient. If you also want to conduct faster business, then eSigning for business will come to your aid.

For instance, you can send as well as sign agreements with your electronic signature within a matter of minutes. Your reliance on the manual signature on agreements will reduce. You no longer have to depend on hardcopy to start working on a new project. In case you are thinking that the fast nature of the business will compromise the process, you are mistaken. In fact, the electronic signature will remove the risk relating to manual signatures.

  • Better Efficiency of Business

The implementation of eSign technology gives power to organizations to operate efficiently and productively. Adopting eSigning will ensure that you can save time and use it productively to focus on important business operations. Furthermore, the automation of the entire document flow can eliminate repetitive processes.

For example, if your organization uses the same documents daily, the electronic signature will definitely come in handy. Instead of sending across the documents for a manual signature, an electronic signature can smoothen the entire process. So, at the end of the day, the productivity and efficiency of your business can get better.

If your business enters into numerous contracts on a regular basis, the contract speed will surely increase. This will be possible as electronic signatures prevent unnecessary delays that arise while finalizing a project.

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

  • Cost-saving Advantage

Managing paper-based documents is not just clumsy, but it is costly as well. In case any document is destroyed, the matters can further worsen for the entire organization. But this is not the case when it comes to eSigns. The implementation of electronic signature for business can reduce or entirely eliminate manual documentation challenges.

As you can sign the necessary document electronically, you can avoid unnecessary costs relating to the paper-based model like storage. eSigning for business will also help you to save costs relating to the printing of paper, packaging, and mailing costs.

You do not have to worry about transaction costs if you implement the electronic signing process. eSigns will reduce unnecessary costs that arise due to human error, such as signing in the wrong place.

  • Better Security of Business Documents

The documents that are used in the business setting contain confidential and sensitive data and information. Thus their safety and security should be the top-most priority. eSigning for business will act as the perfect approach that can strengthen the level of security of the document flow.

You can avoid the risks relating to high fragility and subject to destruction. These are common security issues that you might face if you use paper documents in your organization. Electronic signs will ensure that you can easily get rid of such risks.

Apart from this, eSigning for business is necessary as it guarantees better control over the organizational workflow. As you can keep a complete track of the document and its changes, the level of safety will improve.

The use of electronic signing software will ensure that you receive alerts about any threats. Thus the overall risk on the online business setting will significantly change. The innovative eSigning model will make sure that everything relating to the documentation process is in order.

Also Read: E-Signature Security Checklist and Rules

  • Better Client and Customer Experience

If you think that eSigning for business will not have any impact on your customers, you need to think again. As digital signatures will make your business more efficient, and thus your clients and customers will be happy. eSigns will save precious time of clients as compared to the time-consuming paper-based process.

Since the process will be more streamlined in nature, your clients will be content with the signing process. Better satisfaction of your clients and customers would mean that your business can sustainably exist in the dynamic market.

  • Electronic Signatures can be Defended Legally

In the legal backdrop, electronic signatures are much more powerful than paper-based signatures. You need to implement eSigning in your business as it enjoys legal status, which is similar to the wet-ink signature. So if you employ the innovative signature model, you can easily defend it in the court of law.

Thus your business will have complete assurance if you employ eSigning for business. The approach will combine better efficiency and robust security. The icing on the cake is that the electronic forms of signs are given due recognition in the court of law. So you do not have to worry about the authentication and reliability of the process.

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.

  • Better Compliance

One of the major disadvantages of maintaining paper documents is a high level of complexity in tracking them. Due to this issue, compliance issues might arise that could have serious repercussions on the entire organization. For instance, you could be asked to pay hefty fines or get dragged in endless lawsuits. But that is not a concern if you make eSigning an integral part of your business. It is really simple and easy to keep a track of digital signatures.

Electronic signatures are a safe option that helps in complying with requisite rules and laws. You can carry out your business safely. As all the appropriate compliance elements will be in place, you can conduct business without worrying about compliance concerns.

  • Showcase Your Organization’s Inclination towards Innovation

Due to the rising intensity of competition, more business entities are embracing automated processes. They are trying to replace paper-based processes with a better and more efficient model. In order to get ahead of your competitors, you must take the necessary step to replace your paper-based office.

If you implement an electronic signature in the business setting, it will highlight your intention to move towards innovation. Thus the customers will understand that you are changing with times to strengthen your processes. The electronic signatures that you ultimately employ for your business will act as an asset r your business. eSigns will help you to carry out your business activities smoothly and efficiently.

Thus in the prevalent business landscape, electronic signatures can help businesses in numerous ways. The eSigns streamline various processes and thus accelerate the overall performance of an organization. They eliminate repetitive signings while ensuring that robust security is in place throughout the documentation process.

The issues related to location differences can easily be taken care of thanks to electronic signing. Companies can carry out business operations without any kind of delays and obstructions. In order to enjoy the benefits of the signature model, firms must make eSigning a key part of their business. This decision can simplify your business processes and procedures to a substantial degree. The benefits that will arise will also influence your performance, efficiency, and the ultimate customer experience.

Also Read: Digital Signature vs Electronic Signature

Bottom Line

eSigning for business act as powerful tools in the prevalent times. It is the very step that you need to take in order to move towards a paperless office. The electronic signature will enable you to sign important business-related documents digitally. Thus the business processes will get simpler and more efficient in nature. Due to the numerous benefits of electronic signature, many online marketers are adopting this innovative approach.

eSigning will help your business in numerous ways as you can make the optimum use of the digital platform. Moreover, you can practically digitally sign from any part of the globe without any hassles. In the dynamic and unpredictable business arena, electronic signatures can give you the boost that you have been looking for.

By making eSigning a part of your business, you will have a better understanding of the document-flow and workflow. So, adopt electronic signature and change your business experience for the better!

Posted by Brian Felix, 0 comments

Top Trends for Contract Management

Contract management plays an important role in improving the efficiency of businesses. Let’s have a look at the top contract management trends in 2020.

No matter what type of business you have, one aspect that plays a great role in your organization’s function contracts. It is a contract that forms the backbone of all the relationships that a business has with its customers, partners, and suppliers.

It has been said that a contract management process that guides the contract lifecycle can break or make an organization. So, it is quite essential to have a sound contract management system.

In this discussion, you will get to know about top contract management trends. But before that, let’s know the contract management definition.

Also Read: Electronic Signature is the Future of Business Contract Signing

What is Contract Management?

Contract management is the process of managing the creation, execution, and analysis of the contract. A business always looks for a way to lower the risk and enhance the efficiency of the operation. This is where contract management comes to play. Effective contract management can greatly take your business performance to the next level.

To understand how it works, you should know about the types of contract management. Here are the different types of widely used contracts:

  • Fixed Price Contract

Under this, the service provider offers a particular service for a fixed time period. The receiver will pay a certain amount of money.

  • Unit Price Contract

This form of contract is food when multiple contracts require different expertise for initiation.

  • Cost Reimbursable Contract

It includes cost reimbursement for the expenses that happened during the contracts. However, here the service provider must provide detailed information about the allocation of resources in the project.

  • Incentive Contract

Such contracts are quite standards for contracts that cover pilot programs or harness the latest technologies.

No matter what the contract type is, all the contracts go through certain stages. All these contracts follow some common stages of contract management.

Stages of Contract Management

Contract management can result in significant improvements in terms of cost savings and efficiency. Effective contract management is achieved by following different stages of contract management. Followings are the stages of contract management:

Stage 1: Initial Requests

The process starts with the identification of the contracts. Besides, it covers the verification of documents that can support the sole purpose of the contract. This step is also called drafting an agreement.

Stage 2: Writing Contracts

All the terms and conditions need to be written very carefully and clearly. If you go for a manual writing process, then it can take a lot of time. But by using the best contract management system, you can do it quite easily.

Stage 3: Contract Negotiation

After the draft, the negotiation process between the involved parties starts. The negotiation can cover factors like pricing structure, rights, terms & condition, renewal & termination of the contract, and more. While negating, there should be transparent communication between the parties.

Stage 4: Approval of the Contract

This is the stage where most issues will occur, and it is quite natural. However, every organization needs to have the best workflow for contract approval. Besides, one also can follow a tailored contract approval process, like serial or parallel approval.

Stage 5: Contract Execution

After all the stages, the execution of the contract by all the involved stakeholders begins. Here the participants need to sign the contract to show their consent. To faster the process, one can utilize an electronic signature to sign the documents.

Stage 6: Obligation Management and Auditing

Remember that contract management doesn’t end after the execution of the contract. There are some post-execution formalities that need to be followed. It is quite vital to make sure that the parties are meeting their required obligation related to their payments, timelines, and performance.

Besides, the contracts need to be audited periodically. This helps to detect the possible risks. Experts suggest that regular auditing helps in implementing an effective risk mitigation system.

Stage 7: Contract Renewals and Termination Management

As the contract duration reaches its end date, you need to keep track of the contract’s renewals or termination. Remember that if you miss the contract renewal date, then it can lead to a considerable loss. Besides, it can affect the relationship with stakeholders. Furthermore, it also implies you will have to initiate a new process based on the requirements of the same contract.

The best contract management system can help you with that. However, with time contract management has gone through a massive revolution. Thanks to the rapid advancement in technology, contract management tools have gone to a whole new level.

There are different ways in which electronic signatures are changing how contracts are signed. Read on our previous article to understand the importance of Electronic Signature for Contracts.

Top Contract Management Trends

If you want to get the best out of it, then it is quite essential to have sufficient knowledge about contract management trends. So, let’s discuss some trends in contract management in detail. Here are some major contract management trends you should know about:

1. Smart Contracts

This is one of the most critical contract management trends. Speaking about this trend, here, and the intelligent codes automate the performance of the agreement’s crucial aspects. It works based on the provided data. To understand this, you can take some instances like applying discounts for buying from major suppliers, to periodically confirming eligibility for contractors or employees and more. The best thing about the smart contract is it doesn’t require blockchain technology and can also be used with a traditional deal.

2. Smarter AI

AI and machine learning are considered as the major factors that bring revolution in contract management. Smarter AI leads to effective search results. Besides, it lets the system to consume lower bandwidth without compromising the performance. It creates a perfect place where one can easily draft custom contracts.

3. Data Privacy

One of the most significant contract management trends that will remain for years is data privacy. All most all the organizations have understood that compliance is not a one-time effort; it needs to be carried out continuously.

The advanced contract management software can detect what is there in the existing contracts and with whom you are sharing information. It delivers required notifications, collecting consent, and more. All these will help to develop a robust trust among the customers.

4. Easier Collaboration

Contracts can’t be made one-sided. In 2020, more companies will find that collaborating different contracts will be much easier and comfortable than ever. There is no need to have a huge-sized network folder with a lot of iterations of a particular contract. An advanced contract management software will ensure that all are working on the updated version of the contracts.

5. Climate-aware Contracting

In 2019 CDP published a report which shows that around 215 largest organizations of the world are now considering climate change as a major threat to their business operation. So, there is a huge popularity of climate- aware of contracting. Digital contracts mechanism can streamline different processes related to climate-aware contracting.

Those processes can be re-negotiating, updating, and carrying out of supplier agreements. The modern contract management system can effectively reduce the climate impact on contracts. There are different types of contract management available for this.

6. Engagement of Stakeholder

Stakeholders are a significant part of contract management. They can be external and internal. Ensuring effective communication and ideal cooperation between the stakeholders will be one of the important types of contract management trends.

An effective stakeholder engagement brings out perfect solutions to resolve conflicts. Besides, with this, the contract management team will feel more empowered to act efficiently.

7. Digital Identification

For all the major contracts, industry regulation may ask for from the verification, may be in-person ID verification. For effective ID verification, different US states are now planning to come with digital driver licenses pilots.

In 2020, people will witness the introduction of eID programs. So, it is expected that most of the contract management technologies will leverage these standards for identity verification. It will greatly simplify the process for consumers as well as for businesses.

8. Faster Workflows

The technological advancement in this field has made contract management systems more effective to automate the process. Now, one can use electronic signature for the faster workflow in contract management. Once done, the contract management system will immediately send a reminder to the higher authority to sign the contract. Furthermore, the cloud-based software makes it quite easier to check the current status of the contract.

Also Read: Top 10 Uses of Electronic Signature

9. Risk Analysis

Effective risk analysis will be emerged as one of the crucial contract management trends to follow in 2020. The modern contract management systems are now becoming a full-fledged contract system. They are capable enough to perform an effective risk analysis of different contracts. With this, the organizations can now prevent accidental breaches.

10. Employee and Customer Experience

There is no doubt that experiences will emerge as a vital factor that can drive both employees and customers’ satisfaction. So, in the year 2020, we can expect to witness more efforts to experience personalization.

Besides, some systems may come equipped with a feature to anticipate customers’ requirements in advance. In the world of contract management, this means completing all the required paperwork on a different device. This will be one of the major contract management trends in the coming years.

Why is Contract Management Important?

Before going deep into the contract management trends, let’s understand why is contract management important. For this, you can consider understanding the benefits of contract management. So, let’s have a look at some major benefits of contract management.

  • Helps to Keep the Business Functioning

It has been proved that efficient contract management can significantly assist in simplifying how a company operates. It gives a perfect shape to the company’s expectation and evaluates the required mechanism to fulfill the expectation.

Besides, it lets the business owner understand how they can meet the objectives. The information obtained from the contract management can help you in identifying the areas which can be optimized to generate more revenue by reducing the cost.

  • Enhances Functional Efficiency

Some contract management trends are based on this benefit of contract management. If you go for the best contract management techniques, it utilizes advanced level software and tools. These tools completely automate the process of contract management.

By lowering the amount of manual effort, this dramatically enhances the efficiency of the business. As a business owner, you can now focus on strategic factors of contract management. For example, detecting and working on the areas for improvement, analyzing the performance of the contract, and more.

  • Reduces Maverick Spending and Enhances the Spend Visibility

Different studies have proved that contract management can greatly simplify performance and transactional tracking. You might be thinking how? Contract management structures the engagement of a business with its suppliers and other stakeholders. This effectively enhances spend visibility and transparency. You will be able to know where your investments are going.

One of the most common issues that every business deal with is “Maverick spend.” When you have better spend visibility, that can help you to an agreement with undocumented expenditure. Besides, contract management also helps you in identifying various cost savings opportunities.

  • Enhances the Supplier’s Visibility

Suppliers play a major role in every business. Most of the companies involve suppliers to deal with products and services. This positively affects performance. With proper contract management, a business can track its suppliers, access their performance based on certain criteria given in the contracts. Besides, contract management acts as an ideal mechanism to build a long-term relationship with the business’s suppliers.

  • Helps in Improving and Enforcing Compliances

A contract management system which can recite procedures, terms, and conditions can help in implementing and enhancing compliance level among the stakeholders. With this, an organization can lower the chances of some serious risks.

There are a number of benefits that an electronic signature can bring to your business. Here are the top reasons to adopt Electronic Signature for Your business.

Other Significant Elements of Successful Contract Management

If you think it is enough to have a professional to handle the contract management, then you are wrong. All the employees need to be aware of the process and software to satisfy growing compliance requirements. By successfully implementing a contract management strategy, a business can expect the following things:

  1. Realization of projected organizational benefits and ROI
  2. Supplier’s cooperation and responsiveness toward business requirements
  3. Effective elimination of different contract disputes

More companies now realize the real importance of using a contract management system. With the successful integration of such software, you can quickly free up countless manual works and automate all the contract management process. However, don’t forget to consider these contract management trends.

Keep in mind these contract management trends and choose a contract management system to attain competitive advantages!

Posted by Brian Felix in Featured, 0 comments

What is the Future of Electronic Signatures?

Have queries or doubts about the future of electronic signatures? Read on this article and clear all your doubts regarding the adoption and future of e-signature.

Electronic signatures have started being acknowledged globally. Contracts made digitally are very much acceptable legally, and soon going to be mainstream among the small businesses as well. One may follow the UETA and ESIGN Act, which confirm things better on this matter.

The future of electronic signatures is quite evident through the growing acceptance of the same among modern-day businesses. However, it’s true that the traditional pen-and-paper based approach is still very much on.

What Makes E-Signature Significant?

As far as the future of electronic signatures is concerned, its meticulous application is important to be understood. It’s said that things are certainly going to be more advanced in the future through biometrics. Specifically, these advancements are meant for enriching safety aspects technologically. Transactions can be much more assured and powered by high-end chips. In short, the future of electronic signatures, from technology perspectives, looks quite bright. In terms of acceptance or market growth, there are still varieties of things to be studied.

The good news is that the electronic signature market is speculated to grow at a significant rate in the coming future. According to the global e-signature market research, the market worth is anticipated to cross 3410.8 dollars by 2023. Moreover, it predicts a four times bigger market in only coming three years. The growth rate of such is indeed massive.

One can certainly thus claim that the future of electronic signatures is indeed promising. Discussed below are some of the key factors regarding the e-signature market future!

  • Soon to be a 4 trillion dollars market!

This is the era of digitization. The number of businesses explicitly launching over the web platform has immensely increased in the past few years. It is obvious that a growing number of online ventures is always good for the future of electronic signatures. With businesses shifting over digital platforms, the amount of legal documents for their administration also has to grow. E-signature is absolutely handy for such business groups. In fact, it can be claimed that the signature is very much a necessity for them. This is going to take the market of signature business ahead of 4 trillion dollars mark very soon.

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

  • Usage to assure no threats of frauds

Needless is to say, that the internet as a technology has eased modern-day life greatly. Starting from studies to business, people are much dependent upon it. With growing internet usage, threats of fraud have also increased. Naturally, the level of security requirement has also increased. From this perspective, the future of electronic signatures looks quite bright, though.

E-signature has been absolutely accomplishing for business groups from a safety point of view. It provides them a greater level of security assurance for their key documents. At the same time, it assures the user regarding the safety of his/her private details as well. Through the perfect usage of private keys, threats of fraud can be greatly reduced. With greater safety assurance, an adaptation of E-signature is obvious to grow. Ultimately, it adds to the establishment of the future of electronic signatures.

  • Getting more advanced by reducing operational cost significantly

An electronic signature is safe and cost-effective at the same time. Specifically, its ability to reduce the operational expenses makes it incredibly budget-friendly. When the operational expenses reduce, the profit percentage is quite obvious to grow. According to studies, business groups in the United States spend around 8 billion dollars annually simply for paper works. In fact, paper works are quite time consuming as well.

On the other hand, the paperless mode of business operation makes things swift, smooth, safe, and inexpensive as well. Seeing all these benefits of electronic signatures, businesses are adopting e-signatures open-handedly. Keeping all these points in mind, the growing adoption of electronic signature for business looks quite obvious. This concretes the future electronic signatures, increasing its user base.

Moreover, e-signature is useful and affordable for all types of businesses, irrespective of their budget. It cuts out the inexplicable things, enabling businesses to focus on strategy building or quality development. In fact, it is quite user-friendly as well that can be suitable for all levels of users.

  • Meeting modern-day approach of business operation

One of the prime reasons that make the future of electronic signatures bright is because it fits the contemporary business practices perfectly. Modern-day business is much more technology-oriented, in comparison to what it used to be a few years past. Things like emails, online payments, etc., are pretty mainstream things. In fact, with so many benefits of e-signature, business owners these days can control the entire affair through a smartphone itself.

Ease of internet availability and growing speed are also among other prominent reasons. All these factors encourage usage of electronic signature and thus promising future of e-signatures. The most inspiring part about the whole story is that the e-signature businesses are speculated to grow significantly in the retail domain. With more advanced tools being available for customer service and communication, concepts like e-signature can be even more convincing.

  • Ease of adaptation

The best part about the e-signature is that any business can easily adapt to it. Upgrading from conventional paper-based documents to e-signature is absolutely hassle-free, for even someone with the least technical knowledge. Rather, it cuts off various unwanted affairs and wastage of paper. Through the process, business operations can be super-fast and easy as well. Keeping all these factors in mind, one can certainly bank on with the future of e-signatures.

  • Safety and Security

Through high-end data encryption and authentication, e-signature assures about greater safety. It is quite accomplishing from a security point of view of the servers as well. Above all, it represents one of the smartest modes of digital storage. All these factors are responsible for the significant electronic signature trends that are witnessed. Most business owners feel it the safest way currently to keep vital contracts.

In fact, it enables the owners to keep track of the recent viewers of the contract section. Naturally, the concerned owners remain assured about greater transparency. For intellectual property details, the measures of such are felt highly required these days. Specifically, it is felt essential for modern-day business groups to avoid legal affairs. One can thus claim that such legal assurance is among the foremost reasons helping electronic signature trends remain high.

Also Read: E-Signature Security Checklist and Rules

  • Turning things into a transparent concept ever

As discussed above, transparency is very much assured with e-signature. No identity can remain concealed through this technology. Needless is to say; this is a great advantage and assurance for the business owner. Moreover, it ensures that the person is signing the contract signs with complete consent. It naturally avoids the threats of any legal dispute.

In comparison with the paper-based approach, it indeed saves the budget significantly. Upon taking a close look, it can be evident that the cost is not just about the paper. Starting from storage to printing equipment, a range of other aspects are associated with the same as well. In addition, there remains the fee of the concerned person handling all such affairs.

If you don’t spend on these, there remains the threat of penalties as well. Summing up all such expenses, the total amount goes much bigger than assumed. In comparison, the electronic signature mode is much more soothing and practicable. Moreover, it is way lot cost-effective in nature. One doesn’t even need to worry about the usage; it is very much a one-time investment thing.

  • Find your file in no time

The use of electronic signatures is growing for the flexibility it provides. One doesn’t absolutely need to worry about mistakes; doing needful edits is not a complex affair here. Rather, e-signature is much intuitive in nature for the user. Being a thoroughly developed digital concept, it doesn’t demand much effort to find requisite files.

Most importantly, enabling the user to keep everything almost in one place, it makes things simpler to access. The smoothness of such ultimately provides greater safety. There remains no fear of paper getting damaged or inks fading; digital mode is absolutely accomplishing from these perspectives.

  • Meeting the state regulations well

An electronic signature is growing in terms of adaptation rate. Specifically, for businesses dealing with financial products, it is quite a necessity in modern times. Similar is the case about small businesses as well. In short, it is getting useful for almost all types and sizes of ventures. The foremost reason that makes it such essential is due to the least security threats associated with the e-signatures. There is no complexity in using these concepts or technologies.

All that needs to be ensured is that the technology must meet well with the terms of Dodd-Frank acts. One can get the utmost clarity regarding the norms of consents about e-signature from the concerned party. Apart from this, there is absolutely no reason to worry about its usage. Yes, certain state norms are there, which vary from states to states. However, this certainly should not be a concern.

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

The Future of Electronic Signatures is Promising!

One of the prime reasons behind the growing uses of electronic signature is due to its all-inclusive characteristic. Starting from very basic deals to wills, it can be befitting for all, meeting well with the state regulations. Even if any editing or dual check is required, one doesn’t need to bother with e-signature. Instead, it has been developed in such a way that it ensures the least confusion about state regulations.

Ultimately, electronic signature has every reason for its popularity. The most interesting part about the concept is that it can go thoroughly in concurrence with the traditional paper and ink-based approach. So, what are you still thinking? Take a step ahead, adopt the electronic signature and make the right decision for your business!

Posted by Brian Felix, 0 comments