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

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
Global E-Signature Market Forecast to 2023

Global E-Signature Market Forecast to 2023

Electronic signature solutions have been one of the key factors in the modernization of business operations and workflow processes. The growth of the e-signature market relies primarily on the value rendered by e-signature solutions to enterprises all over the world. Businesses could avail of a wide assortment of advantages from e-signature solutions other than the convenience of electronic signing. E-signature solutions are helping businesses reach critical decisions faster and reduce capital expenses.

One of the prominent factors that drive the faster growth of the global e-signature market is the role of e-signature solutions in improving the efficiency of businesses. The lack of paperwork bottlenecks is a prominent example of the advantages of e-signature solutions for enterprises. Integrated document management and flexible storage options support the digitization of documents, thereby reducing the need for paper-and-pen methods.

Also Read: Top 10 Uses of Electronic Signatures

Therefore, every business should obtain an overview of the electronic signature market size and trends for capitalizing on a new-generation technology. An overview of the industry forecasts can help a business plan its strategy for the adoption of e-signature solutions.

Most important of all, an organization could compare its position with respect to the future state of the e-signature market. The following discussion can help you find some of the important predictions regarding the global e-signature landscape. In addition, the discussion would also focus on certain essential e-signature statistics for a better understanding of the industry.

Growth in the Global E-signature Industry

According to the recent reports, the total value of the global e-signature market was $879.6 million USD in 2018. Some reports estimate the total value of the worldwide e-signature industry in 2018 at $1.2 billion USD.

Now, various reports present different estimates of growth rates for the global electronic signature market. For example, Fortune Business Insights state that the CAGR of the global e-signature industry during the period from 2019-2026 would be 28.77%. The forecast for Fortune Business Insights indicates that the e-signature industry would reach a total value of $6,128 million USD by 2026.

On the other hand, Technavio reports an estimate for a different forecast period i.e., 2019 to 2023. The report indicates that the global e-signature industry would have a growth of $1.99 billion USD in the forecast period. A closer look at some of the other electronic signature statistics related to market growth can help in obtaining a general impression.

  1. According to the estimates of Globe News Wire, the global e-signature market is likely to reach a total value of $3,410.8 million by 2023.
  2. According to the reports of Business Wire, the worldwide e-signature market could most probably reach a total value of $5.5 billion by 2023. The reports of Business Wire estimate the CAGR in the period from 2018 to 2023 at 36.7%.
  3. According to Business Insider, the growth in the worldwide e-signature industry would be at a CAGR of 34.7%. The forecast period of Business Insider is 2017 to 2023.
  4. P&S Intelligence states that the estimated growth rate of the electronic signature market in 2020 is 39%. In addition, P&S Intelligence also estimates that the global e-signature market would reach a total value of $9.07 billion by 2023.

So, it is clearly evident that the electronic signature industry is growing at a rapid pace. The growth of the e-signature industry is also evident in the massive growth in e-signature transactions in the US. Almost $754 million USD worth of transactions in 5 years definitely proves the large-scale adoption of e-signature solutions.

The major reason behind the above-mentioned electronic signature statistics regarding market growth is the delivery of e-signature solutions through SaaS. The adoption of e-signature solutions for transactions of lower value and with limited complications would be a formidable factor for its growth. The cloud deployment of e-signature solutions alongside regular use in HR, legal, and sales departments of enterprises would drive increased adoption.

One may have many doubts while choosing an e-signature vendor. Here are the questions you should ask the e-signature vendor.

Productivity Due to E-Signature Solutions

Another promising element of the e-signature market forecast is the identification of the potential impact of e-signature solutions on cost savings and workflow effectiveness. The use of an e-signature solution could appear very insignificant, especially in terms of cost savings for each transaction.

However, cost-savings and workflow improvements due to e-signature solutions are the crucial e-signature market trends. The attention to these trends is important for small and medium businesses to understand the advantages of e-signatures. Here are some of the significant statistics related to cost savings and improvement in workflow efficiencies with e-signature solutions.

  • Businesses can realize around 55% to 78.62% increment in total savings by migrating to e-signature solutions. The estimate takes the cost of material, shipping, subscription, and administration into account.
  • As compared to 5 days required on an average for obtaining signed documents through traditional methods, e-signature solutions help in obtaining signed documents within 37 minutes on an average.
  • Another significant e-signature market forecast is that e-signature solutions help in an 80% average reduction in turnaround time. In addition, the estimates indicate that e-signature solutions help in reducing 80% of errors on average. Reportedly, e-signature solutions also help in achieving an 80% improvement in productivity on average. Reports also indicate the average savings on each document as $20.
  • The impact of e-signature solutions on business efficiency is also a prominent highlight of electronic signature market trends. Reports by the Electronic Signature & Records Association indicate that businesses can achieve an improvement of around 83% in obtaining approvals. The reports also indicate that businesses reported 86% savings in document costs.
  • Salesforce enabled 60% of its services in a mere span of 15 minutes. Furthermore, Salesforce enables almost 90% of its services in the period of a day with the help of e-signature solutions.

In addition, some other estimates regarding the global e-signature market indicate a 70% to 80% improvement in the efficiency. In the case of financial institutions, some e-signature market trends point out the reduction in scanning errors by 92%. Furthermore, financial institutions could also prevent their files from missing by 66%. American businesses spend over $120 billion annually on paper documents. However, the majority of the paper-based methods would soon become obsolete in around three months.

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

Another statistic related to the e-signature market suggests that businesses could reduce their processing errors by 90% on average. The productivity of e-signature solutions in short periods of time is a prominent reason for the growth in the electronic signature market size. Almost 81% of e-signature business users achieved ROI within a single 12-month budget cycle. Interestingly, around 25% of the users achieved ROI in three months or even earlier.

An example of a use case of e-signature such as United Healthcare could help in obtaining further clarification regarding the potential of the e-signature market. United Healthcare executed a provider contract in 2 days as compared to the usual 32.5 days. United Healthcare saved around 3.5 million pages through the implementation of e-signature solutions. The annual admin savings for United Healthcare were $1 million that accounts for the annual salary of almost 31 admins.

Therefore, it is clearly evident that the modern global electronic signature market trends focus largely on the elimination of inefficiencies in traditional “wet” signatures. Small and medium businesses could benefit largely from e-signature solutions for complicated administrative tasks. The implementation of e-signature solutions in financial institutions would increase considerably due to the automation of workflows. Workflow automation could help in improving the speed of payment and general transaction procedures.

Legality and Security of E-Signature Solutions

Another important aspect of a discussion regarding prominent trends for the global e-signature market refers to the legal and security implications.

E-signature solution has legal recognition in the US and Canada as well as other countries in the world since 1999. Legal validity and security are two of the important concerns for businesses in the adoption of e-signature solutions. Some of the interesting stats regarding the legality and security of e-signature solutions are as follows.

  1. The international legal benchmark for e-signature solutions is the 1996 United Nations Commission on International Trade Law Model Law on Electronic Commerce. Almost 60 countries all over the world have adopted the legislation.
  2. However, the landmark in legal aspects related to e-signature solutions is the ESIGN Act. The US Government implemented the Electronic Signatures in Global and National Commerce (ESIGN) Act in 2000 for establishing the legality of e-signatures.
  3. The legal precedent for the e-signature market in the European Union is the eIDAS (electronic Identification, Authentication, and Trust Services) legislation. The EU established eIDAS in 2014 and outlined specific standards for e-signatures, digital identification, and measures for user security.
  4. Generally, the majority of countries all over the world follow the Uniform Electronic Transactions Act (UETA) for governance and security of the use of e-signatures.

In addition, one of the prominent trends in the global e-signature industry is the facility of top-grade security measures. The notable e-signature software solution vendors offer improved safeguards such as password-protected e-signing and audit trails. Furthermore, you can also find the facility of SOC 2 Type II certification for safe storage and management of documents.

Deployment of E-Signature Solutions

Now, we have an impression of the essential e-signature statistics regarding market growth, productivity, and legal and security aspects. The final set of statistics that can help in anticipating the future of e-signature adoption refers to deployment. The statistics and forecasts regarding the deployment of e-signature solutions can help in understanding the different patterns of adoption and barriers for adoption.

  1. The time required for the adoption of e-signature solutions in large enterprises is nine months. In the case of medium-size enterprises, the time for adoption is 5.5 months. The adoption time for small businesses is around 2.3 months.
  2. A mobile web browser is a preferred device for opening almost 30% of all agreements. Therefore, the growth of the e-signature market would largely rest in the delivery of e-signature solutions on mobile platforms.
  3. The integration of security measures is one of the noticeable factors that drive the adoption of e-signature solutions. New e-signature solutions include biometric authentication as well as rhythm and handwriting pressure verification methods for security. Almost 45% of organizations all over the world implement the two-factor authentication method for verifying e-signatures.
  4. The growth in the e-signature market is obviously dependent on the large-scale adoption of e-signature solutions. And, the flexibility for integrating e-signature solutions with other business tools and third-party apps is a reliable driver of adoption. Contemporary e-signature solutions integrate effectively with popular third-party apps and business tools in HR, accounting, ERP, and workflow management solutions. Furthermore, the improvements in features of e-signature solutions also aim at the facility of electronically signing documents through SMS text messaging.

Another important trend related to the deployment of e-signature solutions refers to the business developments that promote the adoption of e-signature technology. The developments refer directly to customer expectations for digital interaction and awareness regarding the legality of e-signatures. In addition, the desire to sustain competitive advantage and better focus on compliance and security also drive the adoption of e-signature solutions. Enterprises also aim at coping with the increasing use of mobile devices through the adoption of e-signature solutions.

Obstacles for the Adoption of E-Signature Solutions

As the trends in the global e-signature market indicate promising opportunities, the challenges are also inevitable. For example, the lack of uniformity in electronic signature regulations in different regions poses formidable setbacks for the adoption of e-signature solutions. In the case of Peruvian laws, an e-signature is valid only if it accompanies a digital certificate.

In the UAE, you would need an official consent from the government to validate electronic transactions. Another prominent challenge for the adoption of e-signature solutions is the formidable initial investment. Furthermore, the period for achieving ROI can vary according to the size of the organization. The adoption of e-signature solutions would also face the barrier of highly engrained conventional business practices and workflows.

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

Final Words

As evident from the above-mentioned discussion, the global e-signature market is growing at a staggering pace. The better speed of conducting business operations and cost savings are prominent drivers of the adoption of e-signature solutions. However, challenges are also an important part of your journey in adopting e-signature solutions.

Apart from the information in this discussion, you can also look at the promising potential for the e-signature industry in different markets. For example, North America is presently the largest market for e-signature, with over 40% of the global market size. However, the Asia-Pacific market is also catching up, and the facility of innovative developments in e-signature implementation indicates long-term promises for growth.

Posted by Brian Felix, 0 comments

What are the Cost Saving Benefits of ESignature?

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

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

What are the Cost Saving Benefits of ESignature?

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

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

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

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

  • The digital process saves time and money

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

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

  • Better opportunities for overseas trade

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

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

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

Also Read: Digital Signature vs Electronic Signature

  • Safeguards from unwanted penalties

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

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

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

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

  • Limited errors lead to higher savings

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

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

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

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

  • Savings on the costs of procuring physical materials

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

  • Saving time means saving money!

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

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

  • Faster payments

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

  • Assurance of data security

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

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

Also Read: Top 10 Uses of Electronic Signatures

  • Productivity leads to profitability

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

Final Words

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

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

Posted by Brian Felix, 0 comments

Questions Every Buyer Should Ask Their E-Signature Vendors

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

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

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

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

Top Questions to Ask Prior to Hiring E-signature Vendors

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

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

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

2. Does it highlight illegal modifications attempted?

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

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

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

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

Regarding the acknowledgment of the signer.

Regarding termination.

Regarding the IP of everyone who signs.

The specific time when every signature was put.

Details of the digital certificate issue.

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

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

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

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

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

5. Can you guarantee about meeting industry-standard?

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

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

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

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

Explicitly email-based authentication

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

Personal questions

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

Authentication based on knowledge

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

Also Read: An Overview of UETA and ESIGN Act

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

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

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

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

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

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

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

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

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

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

Also Read: Top 10 Uses of Electronic Signatures

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

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

Final Words

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

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

Posted by Brian Felix, 0 comments