Why e-Signatures Should Be a Part of Your Digital Transformation

Do you know that the global spending on digital transformation will exceed 2.4 Trillion USD by 2024, making it the number one priority for a company’s IT initiatives in the world?

Companies’ efforts to transform digitally have begun, and by 2023 the digitally transformed organizations are expected to contribute to more than half of global GDP.

But important research shows that only 8% of the global companies have achieved their targeted business outcomes from their investment in digital technology. It means over 90% of companies still struggle to live up to the promise of a technological business model.

So, why is it that a large number of companies are failing to transform digitally?

Incorrect goals, lack of clear strategy, and failure to adapt to new changes are crucial reasons for its failure.

What is Digital Transformation?

Is this only about getting rid of physical paperwork and documentation?

Digital Transformation is the process of integrating digital technology into crucial business areas to optimize its speed, security, and reliability, thereby completely changing the way you do business and deliver values to the customer.

A digital transformation strategy is a key to help a company grow and provides an excellent opportunity for core business functions like marketing, human resource, and finance to move away from traditional processes, automate these areas, enabling leaders to focus on broader business opportunities.

One of the critical elements that must be part of the transformation is eSignatures.

However, in 2021, still, esignatures are not widely used in different industrial sectors despite numerous benefits like cost savings, time savings, productivity boost, and overall customer experience.

One good news for you, the current pandemic is forcing small, medium, and extensive business organizations to digitize their process and maintain an online business presence in the market.

These are the top reasons why eSignatures should be a part of your digital transformation:

• Improves User Experience:

The pandemic led to the unexpected closure of a large number of private and public companies. Collaborations, agreements, signatures, and multiple manual processes came to a grinding halt. After a hiatus of more than a year, businesses had tons of pending paperwork, unclosed requests, and incomplete processes.

eSignature removes the excess load from your work by transforming physical processes (Print-Sign-Scan-Mail) into digital processes (Create-eSign-Email) without any dependency on manual paperwork.

Digital processes followed by eSignature do not depend on the physical availability of a person to print, sign and mail the documents. You can electronically sign online documents on secure cloud storage solutions on your own trusted device from anywhere. Organizations adopting eSignature in their daily business processes have complete peace of mind as there are no chances of pending paperwork getting stuck in the absence of office closure. It has helped improve the user experience as it allows businesses to continue operations with ease and gives a competitive edge over other players in the market.

• Empowers people to work in new ways

Employees using eSignature applications do not need an office presence to execute crucial business processes. It keeps moving your business forward regardless of your company in any part of the world.

Here are the examples of how professionals in different industries have left old ways and adopted new working habits using eSignature solutions.

Digital Transformation in Healthcare: Doctors don’t have to depend on physical documents to hand over prescriptions and sign patient records and other documents. Increased use of electronic signatures has helped doctors prepare and share prescriptions digitally, reducing huge paper loss, theft, and tampering. Now healthcare can be speedily delivered to patients with faster document approvals, faster document sending, and faster document receiving.

Digital Transformation in Insurance: Customers can sign the necessary documents, anytime and anywhere in seconds, to get insurance policies. After customers choose to buy a policy, they can use an electronic signature to complete the process quickly. The procedure can be done with any digital device almost immediately from home or anywhere else.

Digital Transformation in Banking: With e-signatures, employees and consultants spend more time developing customer connections and less time doing business. Earlier, it took so much time printing & filling KYC forms, entering information, copying, and then scanning the image or documents back into digital format. Electronic signatures have freed bankers and employees to talk with customers and give them the needed value.

• Complete User Control

No technology in the world gives the customer more power to check

• Who VIEWS the document?
• Who EDITS the document?
• Who SIGNS the document?

There are numerous policy guidelines for the use of eSignatures.

• The organization must provide a detailed and up-to-date statement of all requirements to the user.
• The second rule is to inform the user that they have the right to withdraw their consent at any time.
• The third one is that the consumer will face no legal or financial consequences.

These guidelines provide the user with more control and protect them against coercion. The use of eSignatures helps your users to know that they care about their best interests. It promotes excellent communication and interaction between the company and the customers, which is an important way of gaining feedback.

• Saves time

By using the LunarPen platform, organizations can complete approvals and agreements in hours instead of days. It helps avoid all the time wastage and the manual work done to prepare, approve, print, and sign the documents as they can be created, edited, and stored online securely on cloud applications accessible only by authorized users.

Companies using LunarPen can track the status of signed documents putting an end to these questions:

• Where are the documents?
• Who has not signed the documents?
• Why have they not signed the documents?

So, no more wastage of valuable business hours if

• Your office is closed
• Signer is absent due to leave
• Printing/Scanning machines not working
• Desktops/Laptops have crashed

Professionally, this is what organizations want – save significant time in daily business operations and serves clients quickly without any delay as time is money.

The most significant benefit of digital transformation is helping companies meet their business deadlines and serve their customers at lightning speed.

• Improvement in Employee productivity

E-signatures boost productivity by empowering sales and simplifying operations. According to the Forrester study, signing onboarding documents online would save a typical organization 49,000 worker hours over three years and 2.5 hours per new hire.

Now an employee can work peacefully on a project without distractions as there are little chances of him leaving the current work and searching old project documents from a massive pile of paper.

Here is how eSignatures improve employee productivity:

• Employees don’t lose time due to document collaboration issues
• Helps in streamlining workflows to execute processes quickly
• Uses new age storage methods to optimize productivity levels
• Get eSignatures from the right parties on time
• It helps achieve your aim of a paperless office
• Improves online collaboration of employees
• Ensures working on a project with complete focus

• Top Security

According to a recent study, the digital signature market is expected to grow by USD 2.77 Billion between 2020-2024, at a CAGR of 27 percent during the forecast period. It means that in a few years, a large number of professionals will use esignatures for online business transactions questioning digital signature security.

Security is the biggest barrier in adopting digital signatures as businesses are increasingly worried about document forgery, data leakage, and increased risks of fraud.

Compared to traditional paper documents that are easy to forge and copy, esignatures provide a way to sign documents digitally and officially, thereby making them suitable for safer online transactions.

Not all electronic signatures are built with the same level of security. But these are what distinguishes a safer eSignature solution from the riskier ones:

Certificate Authority (CA): eSignature is associated with a third-party certificate authority (CA) to verify that a valid signature has been added to the document.

Audit Trail: Uses audit trail to store the record about the users who have viewed, edited, and accessed the document. It ensures information integrity at all times and can be used as valid legal evidence in any court of law.

User Authentication: Instantly verifies and authenticates your customer identity from any location, anytime.

Compliance: Complies with regulations like ISO 27001, HIPAA, PCI DSS (SP) Level 1, UETA & the ESIGN Act.

Conclusion

eSignature is a boon for organizations trying to provide efficiency, transparency, and security in the digital process not found in traditional signatures. eSignature offers many benefits in the digital transformation journey of an organization, like improving employee productivity, safety, enhancing customer experience, maintaining compliance, and a lot more. Companies adopting electronic signatures will find themselves one step closer to the digital future.

Click here to learn more about eSignatures and how you can quickly adopt this technology without any further delay.