Electronic Signatures have changed the way businesses operate in recent years. Paperless solutions and end-to-end digital workflows are increasing in popularity, and for good reason. Wet-ink signatures carry with them several disadvantages and organisations are taking notice of the potential benefits of switching over to e-signatures.
Signing paper documents is more tedious, time consuming, unsafe and costly. It requires the physical presence of the signer which results in commuting time or courier expenses. Printing out documents for all the parties involved in a transaction also adds to overheads while also presenting a security risk if your company deals with sensitive information. Manually keeping track of document versions and determining the master document increases vulnerability to human error and may negatively impact a business.
However, despite the drawbacks of physical signatures, there can be some hesitation when deciding to make the switch away from wet-ink signatures. To help you make the decision, here are some signs your business should consider implementing e-signatures.
1. Your Business Handles Sensitive and Confidential Information
Sensitive information such as financial information and medical records are at risk of being stolen and/or misused if you rely solely on paper document signing. Businesses in high-trust sectors like government, financial services and healthcare, should consider switching to e-signatures, or more secure digital signatures, to safeguard their signed documents while increasing productivity.
Built-in document residency features, can ensure that sensitive information can only be accessed by authorised personnel. Other features like tamper-proof document integrity, identity verification, and encryption add layers of security to the signing process and overall makes it safer and more convenient for transactional approval. Another important capability is the generation of immutable and comprehensive audit trails that track and record every step of the process for liability reasons and regulatory compliance.
2. Manual Processes Hinder Your Workplace Productivity
Cutting down on printing costs and miscellaneous expenses are some of the immediate benefits of switching over to e-signing. By digitising your contracts and signing workflow, this reduces inefficiencies and increases workplace productivity as you no longer have to go through multiple rounds of revision, exponentially increasing the amount of paper being printed and costs and man hours involved.
Electronic signatures means documents can be viewed, tracked and shared with authorised personnel without using a single sheet of paper. Document tracking is made simple as all parties involved in the signing process - whether as a signer, observer or approver are always kept updated with the status of the document. Features like versioning history also ensures signers are looking at the correct document making the process more transparent and less confusing for all involved. Moreover, users can instantly verify documents and retrieve complete document history to support audits.
3. Demand For Better Customer Experience and Convenience
From signing corporate to personal agreements, numerous transactions are increasingly taking place online as consumers become more accustomed to digital experiences. Younger generations have fully embraced the technological revolution and may turn away from businesses that do not have or adopt e-signing capabilities.
For many industries, the writing is already on the wall. Electronic signing is accelerating in adoption and it’s only a matter of time before it becomes the accepted business practice for most organisations.
Future-proof your business today and switch to e-signing with the Dedoco App Suite. Decentralised, scalable, and tamper-proof, the next-generation of document solutions can ease the transition into fully-digital workflows for your entire organisation. Contact us today and find out how Dedoco can transform your business.