use of electronic signatures

22
Jun
2020

Maintain Social Distancing with Electronic Signatures

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

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

Also Read: Importance of Electronic Signature in Lockdown

Benefits of Using Electronic Signature in Social Distancing Environment

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

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

  • Electronic Signatures are Legally Permissible

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

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

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

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

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

  • Assurance of Security

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

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

  • Lots of Cost Savings

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

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

Also Read: Cost Benefits of Electronic Signature

  • Better Employee Productivity

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

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

  • Effective Data Recovery

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

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

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

Best Practices for Leveraging Most of Electronic Signatures

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

  • Limit the Signing Authorities

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

  • Focus on Training of Employees

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

  • Review the Compliance of E-signature Solutions

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

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

Maintain Your Competitiveness with Electronic Signatures

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

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

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

Posted by Brian Felix, 0 comments
17
Jun
2020

Importance of Electronic Signature during Lockdown

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

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

Also Read: Need for Electronic Signature Solution for you Organization

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

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

Is It Necessary to Use Electronic Signatures during Lockdown?

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

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

What are Electronic Signatures?

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

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

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

Legal Validity of Electronic Signatures

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

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

Also Read: What Makes Electronic Signature Legal

Security Concerns with Electronic Signatures

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

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

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

Read Now: E-Signature Security Checklist and Rules

Other Critical Benefits of Electronic Signatures

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

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

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

Also Read: Cost Saving Benefits of E-Signature

Adoption of Electronic Signatures in the Present Situation

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

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

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

Are You Ready to Use Electronic Signatures?

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

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

Posted by Brian Felix, 0 comments
02
Apr
2020

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
07
Sep
2019

Top 10 Uses of Electronic Signatures for Small Business

There is no doubt that the manual and traditional process of signing a document can be a time taking and hassle for businesses. Just imagine, you have to contract which needs to be signed, and you found that the person is not available. Besides, the third party wants to peruse the document at leisure before signing. All these processes take a massive amount of time.

Another option that you can consider is to fax the papers and inform the client about the same. Then you have to wait for the party to sign it and send it back that to you. However, if the party is busy in some works, this can take a few days, even some weeks. It will affect your business. That’s why most of the companies are now using electronic signatures.

In detail, an electronic signature enables one to sign the documents electronically. It saves a lot of time and makes the process faster. Here, in this article, we will discuss the use of electronic signatures. But before that, it will be useful to have detailed knowledge about the electronic signature, their benefits, and electronic signature example. So, let’s get started with it.

What is an electronic signature?

In short, the electronic signatures are the digital form of a traditional or manual signature. It enables users to enjoy a seamless and secure signing transaction. Besides, it offers better user authentication.

The documents which are signed digitally are tamper-proof and more secure. The signatures are recognized under different laws in different countries such as UETA and ESIGN Act in the US, eIDAS regulation in the European Union, and Information Technology Act, 2000 in India. These acts and regulations make the usage of electronic signatures legal.

However, remember that the electronic signatures are different from the digital signatures. A digital signature is a cryptographic mechanism that is generally used to do electronic signatures. For a clear idea, you can check the electronic signature example available online.

By using electronic signatures, you can:

  • Save time: It’s time to stop chasing paper. Go digitally for a faster process. Within just a minute, you can now sign the document.
  • Keep control: You will get to know who signed the documents, and also about the time.
  • Stay mobile: No need to create cabinets in your office to store documents. You can now save your documents in the cloud and enjoy better access.

Talking about the primary objective of such a signature is to faster the process of document authentication with an identifiable mark. Even though they are not 100 percent secure, these signatures are used in different industries. You can use it in legal dealing, private affairs, business transaction and more. Now let’s have a look into some benefits of using electronic signatures.

The Benefits of Electronic Signatures

Before going deep into the use of electronic signatures, you need to understand some of the benefits of it. So, let’s have a look into this. Here are some notable ones:

1. It is intuitive and simple

One of the most significant benefits of using an electronic signature is that it is quite easy to use. You will find a lot of such online solutions. With an electronic signature software, you can easily upload your document, sign it, and send a highly secure link to the recipient. Then the recipient will sign the document, and the process will be over. Isn’t it quite easy! You can use the signatures by opening the link and with a few clicks. So, there is no need to waste your time doing manual signing.

2. Offers a maximum level of security

Some incidents prove that an electronic signature is entirely secure and safer than paper documents. It doesn’t just contain a signature; it also includes other information. For example, who signed the paper, the time and place of signing and more. You can keep track of the process. This is something not possible with traditional paper signatures.

3. Convenient

In this geographically extend the business world, a business deals with a lot of customers, partners, and suppliers. In such a case, if you go for manual signing and documentation, it can take a lot of time. But the electronic signatures facilitate remote authentication. Just a few clicks and you can sign the document. Forget about the printing and scanning of the documents.

4. Quick Turnaround

Another best thing about an electronic signature is that it offers a faster turnaround. Just think about the process of sending a document, print, sign, and scan the document. Then you need to send it to the third party. This process is very lengthy and takes time. But using electronic signatures, one can sign the document in just a few seconds. The use of electronic signatures in this modern business world opens up different opportunities. It works excellent in time-sensitive conditions.

5. Lower Cost

Electronic signatures are quite cost-effective than pen and paper signing method. The reason is that you will save money spent on paper, postage, and printing. All you need the best electronic signature software and working internet connection. Save your time as well as money and concentrate more on your business.

These are some of the significant benefits of electronic signatures as you have got a clear idea about E-signature and its benefits.

Top 10 Uses of Electronic Signatures

Now that you have been familiar with the basics of electronic signature and its benefits, it’s time to move into the critical section of this article. Let’s explore the uses of the electronic signature that has broadened its adoption over the world.

1. Sales Contracts

Almost all businesses are dealing with sales contracts. These are documents that are signed quite frequently. Besides, sales contracts are also crucial to the companies. Delay in signing such agreements can affect your business’s profit. You need to complete the process faster and in a secure way. This is where you can consider the use of electronic signatures. The sales contract can include business to business sales, residential business, real estate transactions, and more.

Business examples that come under this are real estate contracts, B2B sales, and service businesses.

2. Supplier and vendor agreements

A small-scale business often faces issues while negotiating with vendors. So, it is better to lock down the agreement, price, terms, and conditions as soon as possible. If you go for manual signing, you may face a delay in this process. By using electronic signatures, with just one click, you can obtain the sign and finalize the deal. It is quite easy to use and quicker than traditional methods. You don’t need to wait for the moment to sign a document, but you can do it when you want.

Some of the business examples that involve supplier and vendor agreements are consumer/business services and retail services.

Read: Top 10 Factors You Should Consider While Choosing an E-Signature Vendor

3. New customer forms

Do your customers want to fill out some forms or some other documents to carry out business with you? If yes, you can take advantage of the use of electronic signatures. There is no need to go for the lengthy process of printing the documents and get them signed. Besides, by using e-signatures, you can effectively prevent rekeying the data. It also leads to zero virtual errors.

The business examples that involve new customer forms are clinics, salons, spas and more.

4. Change in orders

Those who are running the project-focused business; for them, changes are quite common. However, you can face a surprise in the middle of the project, and your client may change the mind. They can increase or decrease their orders. During such a condition, you can face project holdups. The use of electronic signatures can significantly avoid holdups. You can approve the change in orders with the signatures quickly. Besides, you can easily maintain all your documents in the cloud and review them anytime you want.

Some common business examples which may get benefits of electronic signatures are construction business, architects, and web designers.

5. Customer approvals

Getting final approval before starting the manufacturing or production process is quite essential for the company dealing with custom-made products and services. When it comes to getting approvals, you can use electronic signatures to make it fast. It gives you enough time to focus on the order, instead of spending your time for obtaining the approvals. There is no need to visit the customers and get their signs on the approval documents.

Some common business examples that require customer approvals are custom furniture businesses, custom art businesses and print shops.

6. Employee onboarding

The process of hiring a new employee involves a lot of paperwork. For example, contract forms, enrolment benefits, automatic paycheck deposit, and more. If you sign all those documents manually, it can take a lot of time. However, you can save your time with the use of electronic signatures. Just click on the button, and you are done with the signature work.

Here the business examples that may require employee onboarding are the businesses with more than one employee.

7. Licensing of intellectual property and other legal agreements

As per law, the legal documents should contain valid signatures of the involved parties. Otherwise, the material will not be considered as accurate. So, here, you can consider the use of electronic signatures. The reason is most of the e-signatures are bound with rules and regulations, which are accepted by the court. They are perfect for signing legal documents. All you need is to make sure that the local authority approves the E-signature software.

Business examples in which licensing of intellectual property and other legal agreements is involved are technology companies, real estate companies, franchise businesses, and more.

8. Non-disclosure agreements

In general, the non-disclosure agreements offer you better security. Besides, it lets you conduct your business freely. When it comes to signing such an agreement, manual signing can lead to being inconvenient. Moreover, the manual sign is not safe, and one can use it for the different types of criminal activities. The most secure way to sign the non-disclosure agreement is the use of electronic signatures. With this, you can sign the documents through your mobile, and you can handle all the process with confidence.

Some business examples where the use of non-disclosure agreements is very common are outsourcing companies, investigation companies, and other private companies.

9. Distributor agreements

If you are doing business with distributors, dealers, and other such channels, then you can enjoy a better company with the use of electronic signatures. When there are lots of partners who are involved in getting signatures and managing the agreements, it can create a lot of confusion. But with e-signature, it is now quite easy to handle such a task. You can obtain signatures and manage the documents through the cloud services.

The primary business examples where distributor or dealer agreements are used includes wholesalers, distributors, and technology companies.

10. Parental consent and age verification

No matter what are your requirements, whether you want to verify your employee’s age or work with kids, you can use E-signature. Besides, you can integrate with their ID to simplify the process of verification.

Business examples where parental consent and age verification documents are required include kids’ school, school field trips and more.

Apart from this, we collect some other businesses which may use electronic signatures. These are:

Retail Sales

  • Signing the sales and purchase orders as well as invoices.
  • Licensing agreements signing.
  • Company and end-user agreements.

Human Resources

  • Employees hiring.
  • Acknowledgment statements.
  • The signing of timesheets.
  • Tax forms.

Legal Services

  • Signing the contracts of retention and fee.
  • Acknowledging confidential transactions.
  • Acknowledging documents of power of attorney.

Insurance

  • Verifying policy agreements.
  • Signing the documents related to claim to process.
  • Renewals of policy and service.

Finance

  • Taxation documents.
  • Accepting loan applications.
  • Disclosures.

In detail, the use of electronic signatures can help you in managing your business in a better way. This is quite easy and cost-effective. But always remember to choose the best e-signature software to enjoy maximum benefits and security.

Just imagine, a document’s management process where there is no need to do any print and fax. No need to remember the person who signed the documents. Remember that by understanding the use of electronic signatures, you can enjoy a world of fantastic opportunities.

Conclusion

Whether be a small-scale or large-scale business, to enjoy the maximum profits, you need to utilize every second. If you waste your time in dealing with document signatures and management, it can affect your business. So, to avoid all such conditions, you should always use electronic signatures when it comes to signing various business-related documents.

The above discussion has pointed out the benefits and uses of electronic signatures. Besides, you learned the uses of E-signature for small scale businesses. No matter what types of paperwork you are involved in, you can save your money and time through the use of electronic signatures.

So, adopt electronic signature now and get ready to witness a better business growth. Forget manual signing with electronic signatures!

Posted by Brian Felix, 0 comments