Month: June 2020

22
Jun
2020

Maintain Social Distancing with Electronic Signatures

Since the declaration of the global COVID-19 pandemic, many enterprises have been striving hard to cope with social distancing norms. The majority of the workforce is presently working from home, and enterprises have to come up with reliable solutions for their convenience. One of the prominent concerns that have emerged in the event of the COVID-19 pandemic is the potential of electronic signature in social distancing.

Enterprises relying heavily on paper-based document processing should go paperless with electronic signatures for ensuring the safety of employees alongside presenting better prospects for operational efficiency during COVID-19. The following discussion aims to help you identify the important factors validating the credibility of electronic signatures as a feasible solution for enterprises in present times.

Also Read: Importance of Electronic Signature in Lockdown

Benefits of Using Electronic Signature in Social Distancing Environment

Before we move towards the discussion on the use of electronic signatures during the times of coronavirus, it is important to find out their definition. An electronic signature is any electronic data associated with a digital document as a sign of verification of the intent of a signatory to sign the document.

Based on this definition, an electronic signature could take different forms that enterprises could select according to their requirements. The use of electronic signature in social distancing would provide multiple flexible options for enterprises to execute e-signatures. However, before reflecting on the options for using electronic signatures, let us find out the reasons to do so.

  • Electronic Signatures are Legally Permissible

Among the many doubts that can arise regarding an electronic signature in social distancing environment, the legal validity of electronic signatures is the foremost. The legal validity of e-signatures is at par with wet-ink signatures on paper. In addition, many regulatory precedents also dictate the legality of electronic signatures in different parts of the world.

For example, the ESIGN act clearly outlines the requirements for the legality of electronic signatures in the US. Similarly, in the EU, you can find the eIDAS regulations for proving the legality of e-signatures. However, you have to follow some essential measures to verify the legal nature of electronic signatures.

The electronic signature must be associated with a clear intent of the signatory to sign the document. In addition, the document must also follow the basic legal precedents that are applicable for paper-based signatures. For example, you must have witnesses for the electronic signature process to verify their legality.

However, you don’t have to worry about the verification of signatory’s identity with the use of electronic signatures. Modern e-signature solutions provide effective documentation of all steps in a signature process. Therefore, you can easily assure that the signatory is authentic, thereby strengthening the legal validity of your e-signatures.

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

  • Assurance of Security

Security is a prominent concern for enterprises to consider the use of electronic signature in social distancing. Since workers wouldn’t work in close proximities during the COVID-19 pandemic, it is reasonable to focus on the pitfalls that can arise due to security. Inappropriate placement of documents and tampering or unauthorized compromises in sensitive business information are some of the examples of security threats for enterprises. You have to consider the importance of modern e-signature solutions in this case with the facility of comprehensive audit trails.

You could clearly notice the various attributes for an electronic signature with the help of an audit trail. The audit trail can offer insights on the time, location, and date of signing a document and the identity of signatories. In addition, the audit trail could also present a detailed outline of all modifications in the signature over its lifetime. As a result, you can ensure limited threats for compromises in sensitive business information with electronic signature solutions.

  • Lots of Cost Savings

The next important reason to consider the relationship between social distancing and electronic signatures is cost-effectiveness. Electronic signatures can help you avoid the cost of purchasing paper and printing supplies. In addition, you would also save a lot on the equipment required for the creation and processing of paper-based documents. You should also note that you can save money on the infrastructure for storage and maintenance of paper-based business documents.

The cost savings through the use of electronic signature in social distancing can help organizations cope with financial uncertainty in market trends. Your savings through electronic signatures can prepare the perfect landing pad if you face the distress of the financial recession that would accompany the events following the COVID-19 pandemic.

Also Read: Cost Benefits of Electronic Signature

  • Better Employee Productivity

The importance of electronic signature during lockdown also becomes a prominent highlight due to its potential for improving employee productivity. With the time saved from creation, processing, and sending paper-based business documents can be helpful for focusing on core business operations.

Employees can use their additional time to innovate new solutions for existing pain points of the business. In addition, employees would find substantial time to focus on their roles and responsibilities in the job. As a result, employee satisfaction would improve considerably as they would not have to do redundant tasks.

  • Effective Data Recovery

The final and yet most significant reason to consider the use of electronic signature in social distancing for COVID-19 is the assurance of effective recovery. In the case of physical disasters such as fire and water damage, it can be difficult to recover paper-based documents.

On the other hand, cloud-based storage of electronic signature solutions can provide the assurance of reliable disaster recovery. In the event of a disaster, electronic signature solutions can provide a safe recovery of your important business documents. The promise of higher availability of business documents and seamless accessibility are enough reasons to use electronic signatures right now.

Still confused about whether you should adopt electronic signature or now? Check out the top reasons to adopt electronic signature for your business.

Best Practices for Leveraging Most of Electronic Signatures

The above-mentioned reasons for using electronic signature in social distancing are proof of their potential. However, you should also notice the important factors for ensuring the effective adoption of electronic signatures. It is essential to understand that the transition to electronic signatures would be a profound technology change for employees. Therefore, the recommended best practice to start using electronic signatures is to consider it as a change management project.

  • Limit the Signing Authorities

The next step for any enterprise in using electronic signatures must be aligned with a detailed evaluation of the signing authorities in the organization. The enterprise should aim to reduce the number of authorities, who are legally obliged for signing on behalf of the organization. This step is an important requirement for organizations to reduce the inappropriate use of electronic signatures.

  • Focus on Training of Employees

Organizational policy changes and education of employees in the use of electronic signature solutions are mandatory processes for leveraging the maximum potential of electronic signatures. Employees should understand the benefits of electronic signatures and the approaches followed by the e-signature platform adopted by the organization.

  • Review the Compliance of E-signature Solutions

Finally, enterprises should also review the compliance of the e-signature solution they select. Legally abiding e-signature solutions offer an additional level of security and assurance of document integrity.

Thinking to adopt an electronic signature for your business? Here are the 10 things you should know before using electronic signature.

Maintain Your Competitiveness with Electronic Signatures

Therefore, you can clearly notice the various important reasons to pursue the use of electronic signature in social distancing. The times are really uncertain now, and there is no sign of businesses opening their workplaces soon. So, electronic signatures are a reliable option for continuing business operations unhindered during the lockdown.

Many crucial benefits of electronic signatures for employee productivity and cost savings of a business can support an enterprise in these uncertain times. In the long run, enterprises can expect the adoption of electronic signatures as a viable business tool. It is essential to think about getting the advantage right now when you need it the most.

Choose the best e-signature solution according to your requirement and steer your business through tough times due to COVID-19!

Posted by Brian Felix, 0 comments
17
Jun
2020

Importance of Electronic Signature during Lockdown

The global COVID-19 pandemic has created massive disruptions across the world in various sectors. Most important of all, the pandemic has had a prominent influence on our daily lives and the way we work. The significance of electronic signature during lockdown has turned into a prominent topic of debate for many reasons.

As a precautionary measure against coronavirus, many organizations have implemented reformed work policies emphasizing on social distancing. So, it is obvious that you would find a large share of the world’s workforce is presently working from home.

Also Read: Need for Electronic Signature Solution for you Organization

While connectivity and seamless technology integration offer comprehensive work experience for employees, the pitfalls in signing and processing of various documents, contracts, and legal agreements continue to be prominent challenges for enterprises worldwide. Therefore, electronic signatures can serve as a very promising alternative in the times of COVID-19 for signing and processing business documents.

However, there are many doubts regarding the use of electronic signatures during and after COVID-19. The enterprises are uncertain about the duration for which COVID-19 would prevail over the world. Therefore, enterprises could not compromise with their business operations owing to restrictions on physical document signatures. The following discussion attempts to solve the general doubts arising regarding the significance of electronic signature during COVID-19.

Is It Necessary to Use Electronic Signatures during Lockdown?

The first aspect that we have to consider in this discussion is the feasibility of using electronic signature during lockdown. An organization generally deals with many documents, varying in lengths from one page to 500 pages, in a single day. In addition, employees have to ensure that after creating the documents, they should be printed, signed, and then scanned alongside sending their hard copy to all the involves parties through the mail.

Without the ability to move outside the house or access to a home printer or scanner, workers can face many notable setbacks in processing important documents. Electronic signatures can serve as a promising solution in these circumstances by helping process transactions outside the office environment. You don’t need any printers or scanning, and you can stay at home for your safety with the use of electronic signatures. That is a formidable proposition in times of COVID-19.

What are Electronic Signatures?

The foremost factor that you should understand to obtain clarity regarding the importance of electronic signature is understanding what is electronic signature. There are various ambiguous definitions of e-signatures, depending on the legal precedents in concerned jurisdictions. However, the most basic definition of an electronic signature is that it is any type of electronic data that can be associated with a digital document, showcasing the intent of the signer to sign the document.

You can find different examples of e-signatures, such as an individual typing their name into a specific contract. An electronic signature could also be a scanned image of the physical signature of an individual which is associated with an electronic document. The signatures created through e-signature platforms also qualify as electronic signatures if they fulfill all the necessary criteria for legal validity.

There are a number of myths associated with the use of electronic signatures. Let’s understand the top 10 Electronic Signature Myths and Facts.

Legal Validity of Electronic Signatures

Legal validity is one of the first questions that arise regarding the use of electronic signature during lockdown for COVID-19. However, an electronic signature bears the same legal validity as wet-ink signatures, given that it fulfills certain criteria. The person signing the document should express their intent to sign the document electronically through an explicit method in the signing process.

For example, clicking on an “I Agree” button could be an expression of intent to sign the document. The next important condition for the legal validity of an e-signature is its alignment with the formalities of the law. You should follow all legal procedures for signing electronically just like you would have for paper-based signatures. For example, abiding by the legal precedents of witnesses for attesting a signature is one of the important requirements with an electronic signature also.

Also Read: What Makes Electronic Signature Legal

Security Concerns with Electronic Signatures

The next important consideration for enterprises to adopt electronic signature in social distancing environment is security. Transferring crucial business documents through digital platforms and the verification of the identity of signatories are prominent doubts regarding e-signatures. However, you need to reflect on the capability of e-signatures to provide detailed audit trails.

The audit trail for every electronic signature can showcase the date, time, and location of signing. In addition, it can also present important information regarding the modifications made in it precisely. You can use the audit trail as an effective instrument for verifying the credibility of every electronic signature. In addition, you should also note the use of advanced authentication and verification processes by major e-signature platforms as a reliable instrument for security.

These instruments can help you considerably in finding out the best solution for document signing and processing. For example, e-signature solutions with requirements for multi-factor authentication can help you ensure restrictions on unauthorized access to important business documents.

Read Now: E-Signature Security Checklist and Rules

Other Critical Benefits of Electronic Signatures

Now, you must have obtained a clear impression of the critical factors to support your decision of using electronic signature during lockdown. Electronic signatures are legally valid and also provide effective security mechanisms to safeguard business information. In addition to these benefits, you can also gain better advantages in terms of cost and productivity.

First of all, the reduction of dependence on paper-based documents can strengthen the productivity of employees in an enterprise. The time spent in creating, signing, processing, and sending paper-based documents could be utilized perfectly for core business objectives. The next important reason for which every enterprise should think of shifting to e-signature is cost reduction. Just imagine the amount of savings you would make by avoiding the cost of purchasing paper, printing supplies, and mailing costs.

In addition, you don’t have to invest in facilities for storage and maintenance of your business documents with e-signature solutions. Above all, electronic signatures ensure the safety of your business documents from physical damage or natural disasters. The cloud-based storage systems of modern e-signature solutions provide the assurance of higher availability and promising disaster recovery. Therefore, you can recover your documents safely at any time with electronic signature solutions.

Also Read: Cost Saving Benefits of E-Signature

Adoption of Electronic Signatures in the Present Situation

The adoption of electronic signature during lockdown can be a very critical decision for every enterprise. The sheer responsibility of overseeing a transition from paper-based to electronic signatures is overwhelming. Therefore, the best practice recommended for enterprises aspiring to leverage the flexibility and power of electronic signatures during this lockdown would be to explore their options.

The foremost concern for enterprises before the adoption of electronic signatures should be an internal review of organizational policies. Enterprises have to single out their legal obligations in different aspects of their company policy. In addition, they have to attempt at reducing the number of individuals with authority for legal obligations on behalf of the organization. As you advance gradually, you can explore the different options among e-signature solutions that come your way.

Still confused if you should choose an electronic signature for your business? Check out the top reasons to use electronic signature and get ahead.

Are You Ready to Use Electronic Signatures?

So, you can clearly notice that using electronic signature during lockdown is not only safe and legal but also cost-effective. The different benefits of electronic signatures are enough reasons to drive the decision of a company to use them. However, the journey of adopting electronic signatures can be a difficult one for enterprises.

Therefore, they have to follow the recommended best practices in change management for ensuring effective adaptability for new technology. In the long run, electronic signature solutions would be a crucial tool for every enterprise. There couldn’t be a better time to start using electronic signatures now and gain the most out of them!

Posted by Brian Felix, 0 comments
12
Jun
2020

Why do I Need Electronic Signature?

Modern technological advancements have had a prominent influence on the way of conducting business worldwide. The intervention of technology has helped in bringing about many critical changes in enterprises worldwide. So, if you are still wondering ‘why electronic signature’, then there are many things which are missing out on!

The arrival of electronic signatures has provided paperless solutions to one of the most intensive tasks of an enterprise i.e. paperwork. The cost and time factor involved in the creation, formatting, processing, storage, and maintenance of paper documents is a formidable negative aspect for the productivity of an organization.

Also Read: Cost Saving Benefits of Electronic Signature

Therefore, it is important to reflect on all the other potential reasons for using e-signature. The following discussion would present a basic impression of electronic signatures and the important reasons to use e-signature solutions.

What is an Electronic Signature?

Before we move forward in our search for answers to ‘why electronic signature’, it is important to reflect on the definition of electronic signature. Basically, you just need to know that an electronic signature is data in any form (sound, text, or symbol) associated or attached logically to a document and an individual uses it for signing a document electronically. It could be a token, a smart card, or an electronically typed signature that you can use for secure identification.

In addition, it also provides a cost-effective and efficient method for signing documents digitally. You need to know that the benefits of e-signature enable the transformation of hard copy of a document into digital form. Then, you can use the digital document for signing it in a way to preserve the integrity of the original document and the signer’s identity. There are literally thousands of definitions for electronic signatures, depending on the context.

Check out our previous article to know more about Electronic Signature.

So, it is reasonable for you to encounter confusion regarding the differences between e-signatures and digital signatures. As a matter of fact, digital signatures are a type of electronic signature and have distinct traits in terms of legal status. In the case of e-signatures, you have to provide additional evidence for proving their legal status.

Answering “Why Electronic Signature”

However, digital signatures do not need any such requirements for proving legal status. So, are these factors enough to drive your interest in electronic signatures? Most likely, No! So, let us focus on the following pointers that showcase the importance of electronic signature.

  • Better Security

One of the first claims made by enterprises against the proposition of ‘why use electronic signature for your business’ relates to security. Enterprises, small or big, have to transfer confidential and sensitive information for signing and receiving back.

As compared to conventional methods such as postal service, fax system, or internal mailing within an organization, e-signatures are secure. Electronic signatures involve the use of encryption for sensitive documents, thereby safeguarding them from any unauthorized modifications.

  • Comprehensive and Detailed Audit Trail

The next important factor for considering the need for electronic signature is the availability of a clear audit trail. You can access an in-depth audit trail for e-signatures that can provide complete transparency regarding the modifications in the document. Therefore, you can clearly perceive the signatories of the document and the time and location from which they sign.

The audit trail is a prominent benefit that provides a definitive answer to ‘why use electronic signature’. It is also important to note that awareness and recording of the signing process could help in safeguarding an organization in terms of legal and compliance perspectives.

  • Improved Time Management

Electronic signatures are not preferred only for security and legal validity aspects but also for their contribution to time management. Many areas of business operations require exceptional speeds and electronic signatures are capable of providing this benefit. How? By cutting out on the use of paperwork and ensuring faster processing of documents, electronic signatures can save a lot of time.

The most important factor is that you don’t have to wait longer for receiving signed documents. Some readers might be wondering about the possibility of errors due to such rapid pace of transactions with electronic signatures. On the contrary, importance of electronic signatures becomes more prominent with the facility of better accuracy.

Signatories would have to fill up the required fields in a document carefully before signing it electronically. If there are any missing fields, then you can notify the signatories for filling up the required fields. As a result, electronic signatures can reduce the probabilities of errors considerably thereby contributing positively to time management.

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

  • Seamless Integration with Existing Systems and Processes

Among the many answers to ‘why use electronic signature’, the ease of doing business is probably a striking one. The efficient integration of electronic signature processes into the business can help in streamlining the payment and invoicing process.

In addition, electronic signatures can transform the approaches for communication between your business and other organizations, customers and employees. Furthermore, electronic signature solutions also help in streamlining many other business operations. Therefore, you can enhance customer experience considerably with the use of electronic signature.

Most important of all, the easy and flexible integration of e-signature solutions with existing systems prevents any concerns of downtime. You can use e-signature solutions for creating documents in various formats followed by uploading to a wide range of file sharing sites, thereby improving their accessibility.

  • More Convenience

The final, yet most crucial aspect about electronic signatures that showcases their efficiency is convenience. Sending documents for electronic signature in multiple languages and device-agnostic operation flexibility with e-signatures are prominent benefits you can’t ignore. Therefore, you can overcome the conventional barriers for conducting various business operations with electronic signatures.

Final Words

Now, it is clearly evident that the conventional paper-based signature process does not cope well with the modern business landscape. As you can see above, the answers to ‘why use electronic signature’ are quite straightforward. E-signatures provide a promising boost to the growth of businesses in this era of digital transformation.

Most important of all, you have the benefits of security, cost-effectiveness, and seamless compatibility with existing systems. So, if you want to capitalize on these benefits of electronic signatures and drive the competitive advantage of your business further, then now might be the right time. Find out reliable e-signature solution providers with a proven track record and experience in the industry.

Posted by Brian Felix, 0 comments
10
Jun
2020

Understanding Electronic Signing of Documents

The wave of digital transformation has enabled enterprises to achieve many benefits in terms of cost reduction and resource effectiveness. The digitalization of the workplace, along with the introduction of solutions to replace legacy infrastructures, creating a new milestone. One of the prominent solutions that have been prominent highlights in the digital transformation of businesses worldwide is electronic signing.

The definition of electronic signatures, according to the ESIGN act, implies that it could be any sound, process, or symbol logically associated or attached to a contract or any other record and is executed or adopted by an individual with the intent for signing the record. Well, the definition may seem very vague, and it is not much you can picture about electronic signatures from the above-mentioned definition.

However, the definition clearly shows that electronic signatures are legally valid. It basically implies that signing electronically also holds the same legal weight as wet-ink signatures. So, with a prominent doubt regarding electronic signatures out of the way, let us gain a basic understanding of electronic signatures in the following discussion.

Also Read: What Makes an Electronic Signature Legal

What are Electronic Signatures?

An introduction to electronic signatures would focus on their definition. However, you have to understand that when you sign electronically, it is nothing like a paper-based signature. Electronic signing implies that you have to follow certain process requirements to ensure that an electronically signed document is valid.

Therefore, the electronic signature is not the sole determinant of the legal validity of a document with which it is associated. Therefore, you need to understand the components of an electronic signature to gain a clear idea of the benefits of esigning.

Components of Electronic Signature

The four primary components of electronic signatures include the following,

  • Consent

The individual signing an electronic document should explicitly provide consent for signing the document. If the individual does not choose to sign an electronic document, then a non-electronic option should be made available.

  • Intent

The intent of signing implies that the signer clearly recognizes and understands their intent to sign the document. The intent of electronic signing clearly implies that the process through which an individual signed the document was clear to the signer.

  • Verification

The next important requirement for the legal validity of an electronic signature is verification. Verification implies checking for whether the same person whose signature is on the dotted line has signed the document or not. Many e-signature solutions have in-built verification and authentication mechanisms such as two-factor authentication or OTP verification.

  • Auditability

The final aspect of validating the process of electronic signing refers to the audit trail. The audit trail is basically the representation of the paper trail of a wet-ink signature. The audit trail allows every party involved in the electronic agreement or any legal entity to access every step of the e-signature process at any time. As a result, users can have transparency regarding the modifications made in a particular electronic document.

Difference between E-Signatures and Digital Signatures

The next important concern before understanding the benefits of esigning of documents is the difference between e-signatures and digital signatures. This is one of the prominent issues that new audience of electronic signatures faces. However, you can clarify the doubt by reflecting back on the definition of e-signature presented forward by ESIGN Act.

The definition vaguely translates into the fact that there are many types of electronic signatures. And, digital signatures are one of the particular types of electronic signatures. Digital signatures have their own set of legal standards, governances and rules.

Also Read: Benefits of E-Invoicing

Working of an Electronic Signature Solution

Now, let us reflect on how electronic signing actually works! For this purpose, we shall outline the basic steps in the working of an e-signature solution. Even if the steps in the process could differ according to the design of the software solution, the workflow would basically remain the same.

  • Upload a document to the website or app of the third-party e-signature software
  • The second step involves tagging of the document for pinpointing the exact location for the signature
  • Now, the solution emails the document to all participants required to sign the document.
  • Signers have to complete all required fields in the electronic document and then sign the document electronically.
  • Then the e-signature solution automatically emails back the completed document after electronic signing to the original sender.
  • In the final step, the e-signature software stores the document automatically for easier, safer, and secure access.

Benefits of Electronic Signatures

The final aspect of understanding e-signatures refers directly to the benefits of esigning. Electronic signatures have a promising potential for improving organizational productivity and could also provide the following important advantages.

  • Simpler Learning Curve

As you can see clearly from the workflow to sign electronically, you can use e-signature solutions easily. Even complete beginners could learn to use electronic signing software, thereby reducing the barriers in the adoption of electronic signatures.

  • Time Savings

The time invested in printing, scanning, and copying paper documents would not exist anymore with electronic signature solutions. As a result, enterprises can focus on productive tasks with reduced turnaround times by almost 90%.

  • Cost Savings

The most crucial advantage of electronic signing is evident in the cost savings due to reduced dependence on paper. Enterprises can do away with the costs of purchasing, processing, storage, and maintenance of the paper documents with e-signature solutions.

Also Read: Cost Saving with Electronic Signatures

  • Easier Storage and Organization of Documents

The storage and organization of paperwork is also another prominent setback for organizational productivity. However, electronic signature solutions ensure easier and secure storage along with flexible sorting and filing functionalities. Therefore, you would not have to struggle with the storage and retrieval of significant documents.

  • Additional Security

Furthermore, the most important factor that validates the use of electronic signatures is the additional layer of security. The protection of electronic documents through various methods such as biometric authentication, passcode, and encryption provides the assurance of safety to electronic signature users.

The use of electronic signature helps businesses to cut the business costs to an extent. Check out the cost-saving benefits of electronic signature if you are thinking to adopt.

Conclusion

Therefore, you can clearly notice the various functionalities electronic signing has and how easy it is to learn and use. Electronic signatures have the potential of transforming many sectors, and proper awareness about them can foster their adoption. The basic business benefits of cost savings and increased productivity alongside end-user satisfaction further strengthen the case for electronic signatures.

So, you need to start exploring more about e-signatures right now and find new opportunities for the digital transformation of businesses. The choice of an electronic signature solution can be very difficult. However, with the right amount of research and a proper eye for reviews and testimonials, you can find a competent e-signature solution.

Posted by Brian Felix, 0 comments