Since the declaration of the global COVID-19 pandemic, many enterprises have been striving hard to cope with social distancing norms. The majority of the workforce is presently working from home, and enterprises have to come up with reliable solutions for their convenience. One of the prominent concerns that have emerged in the event of the COVID-19 pandemic is the potential of electronic signature in social distancing.
Enterprises relying heavily on paper-based document processing should go paperless with electronic signatures for ensuring the safety of employees alongside presenting better prospects for operational efficiency during COVID-19. The following discussion aims to help you identify the important factors validating the credibility of electronic signatures as a feasible solution for enterprises in present times.
Benefits of Using Electronic Signature in Social Distancing Environment
Before we move towards the discussion on the use of electronic signatures during the times of coronavirus, it is important to find out their definition. An electronic signature is any electronic data associated with a digital document as a sign of verification of the intent of a signatory to sign the document.
Based on this definition, an electronic signature could take different forms that enterprises could select according to their requirements. The use of electronic signature in social distancing would provide multiple flexible options for enterprises to execute e-signatures. However, before reflecting on the options for using electronic signatures, let us find out the reasons to do so.
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Electronic Signatures are Legally Permissible
Among the many doubts that can arise regarding an electronic signature in social distancing environment, the legal validity of electronic signatures is the foremost. The legal validity of e-signatures is at par with wet-ink signatures on paper. In addition, many regulatory precedents also dictate the legality of electronic signatures in different parts of the world.
For example, the ESIGN act clearly outlines the requirements for the legality of electronic signatures in the US. Similarly, in the EU, you can find the eIDAS regulations for proving the legality of e-signatures. However, you have to follow some essential measures to verify the legal nature of electronic signatures.
The electronic signature must be associated with a clear intent of the signatory to sign the document. In addition, the document must also follow the basic legal precedents that are applicable for paper-based signatures. For example, you must have witnesses for the electronic signature process to verify their legality.
However, you don’t have to worry about the verification of signatory’s identity with the use of electronic signatures. Modern e-signature solutions provide effective documentation of all steps in a signature process. Therefore, you can easily assure that the signatory is authentic, thereby strengthening the legal validity of your e-signatures.
Businesses can adopt and use electronic signatures in many ways to leverage its benefits. Here are the Top Uses of Electronic Signatures.
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Assurance of Security
Security is a prominent concern for enterprises to consider the use of electronic signature in social distancing. Since workers wouldn’t work in close proximities during the COVID-19 pandemic, it is reasonable to focus on the pitfalls that can arise due to security. Inappropriate placement of documents and tampering or unauthorized compromises in sensitive business information are some of the examples of security threats for enterprises. You have to consider the importance of modern e-signature solutions in this case with the facility of comprehensive audit trails.
You could clearly notice the various attributes for an electronic signature with the help of an audit trail. The audit trail can offer insights on the time, location, and date of signing a document and the identity of signatories. In addition, the audit trail could also present a detailed outline of all modifications in the signature over its lifetime. As a result, you can ensure limited threats for compromises in sensitive business information with electronic signature solutions.
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Lots of Cost Savings
The next important reason to consider the relationship between social distancing and electronic signatures is cost-effectiveness. Electronic signatures can help you avoid the cost of purchasing paper and printing supplies. In addition, you would also save a lot on the equipment required for the creation and processing of paper-based documents. You should also note that you can save money on the infrastructure for storage and maintenance of paper-based business documents.
The cost savings through the use of electronic signature in social distancing can help organizations cope with financial uncertainty in market trends. Your savings through electronic signatures can prepare the perfect landing pad if you face the distress of the financial recession that would accompany the events following the COVID-19 pandemic.
Also Read: Cost Benefits of Electronic Signature
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Better Employee Productivity
The importance of electronic signature during lockdown also becomes a prominent highlight due to its potential for improving employee productivity. With the time saved from creation, processing, and sending paper-based business documents can be helpful for focusing on core business operations.
Employees can use their additional time to innovate new solutions for existing pain points of the business. In addition, employees would find substantial time to focus on their roles and responsibilities in the job. As a result, employee satisfaction would improve considerably as they would not have to do redundant tasks.
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Effective Data Recovery
The final and yet most significant reason to consider the use of electronic signature in social distancing for COVID-19 is the assurance of effective recovery. In the case of physical disasters such as fire and water damage, it can be difficult to recover paper-based documents.
On the other hand, cloud-based storage of electronic signature solutions can provide the assurance of reliable disaster recovery. In the event of a disaster, electronic signature solutions can provide a safe recovery of your important business documents. The promise of higher availability of business documents and seamless accessibility are enough reasons to use electronic signatures right now.
Still confused about whether you should adopt electronic signature or now? Check out the top reasons to adopt electronic signature for your business.
Best Practices for Leveraging Most of Electronic Signatures
The above-mentioned reasons for using electronic signature in social distancing are proof of their potential. However, you should also notice the important factors for ensuring the effective adoption of electronic signatures. It is essential to understand that the transition to electronic signatures would be a profound technology change for employees. Therefore, the recommended best practice to start using electronic signatures is to consider it as a change management project.
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Limit the Signing Authorities
The next step for any enterprise in using electronic signatures must be aligned with a detailed evaluation of the signing authorities in the organization. The enterprise should aim to reduce the number of authorities, who are legally obliged for signing on behalf of the organization. This step is an important requirement for organizations to reduce the inappropriate use of electronic signatures.
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Focus on Training of Employees
Organizational policy changes and education of employees in the use of electronic signature solutions are mandatory processes for leveraging the maximum potential of electronic signatures. Employees should understand the benefits of electronic signatures and the approaches followed by the e-signature platform adopted by the organization.
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Review the Compliance of E-signature Solutions
Finally, enterprises should also review the compliance of the e-signature solution they select. Legally abiding e-signature solutions offer an additional level of security and assurance of document integrity.
Thinking to adopt an electronic signature for your business? Here are the 10 things you should know before using electronic signature.
Maintain Your Competitiveness with Electronic Signatures
Therefore, you can clearly notice the various important reasons to pursue the use of electronic signature in social distancing. The times are really uncertain now, and there is no sign of businesses opening their workplaces soon. So, electronic signatures are a reliable option for continuing business operations unhindered during the lockdown.
Many crucial benefits of electronic signatures for employee productivity and cost savings of a business can support an enterprise in these uncertain times. In the long run, enterprises can expect the adoption of electronic signatures as a viable business tool. It is essential to think about getting the advantage right now when you need it the most.
Choose the best e-signature solution according to your requirement and steer your business through tough times due to COVID-19!
