Digital Signatures: A Necessity in the Digital Economy

 Advancements in technologies are changing the way we do business. Digitization brings multiple opportunities to build new industries and devise new ways to deliver better services through digital trade. One such innovation that has come to the forefront in recent years in electronic signatures — an essential ally for business survival in this fast-changing and precarious world of the digital economy. Digital signatures are the encryption technology used to implement electronic signatures

The COVID-19 pandemic was an accelerator for digital services and has transformed organizational processes. Electronic signature solutions are helping organizations move towards an efficient and clutter-free paperless future. We say paperless because, even in organizations that are in the heart of the digital economy, signing a contract or an agreement was and is still largely done physically. One can say that the reason for this is the sentimentality and finality attached to signing a paper. Something about signing the dotted line makes people feel that the deal is done, isn’t it?

However, with the arrival of social restrictions for the past couple of years, this age-old traditional formality had to be fully replaced with a digital and convenient alternative.

Electronic signature solutions not only help you conduct business dealings online but also ensure it is done in a much more secure, fast, and sustainable way compared to traditional paper and ink methods.

“According to a recent survey, the global electronic signature market will support the digital economy with an estimate of around $5.5 billion by 2025.”

Electronic signatures can cut down costs associated with traditional signing methods and significantly impact the digital economy. No matter what the trade is, the use of electronic signatures provides multiple benefits to companies and the government. Strong encryption, secure transmission of data, and audit trails mean that electronic signatures boost consumer, buyer, and seller transaction processes in E-commerce. Various government agencies, big organizations, and small businesses have started adopting electronic signature solutions in their existing systems to boost their business, support the digital economy, and streamline their workflows.

Are you a business that has already made the transition? If not, here are some quick reasons you should:

- Electronic signatures simplify your day-to-day workflows.

- E-signature solutions allow you to sign contracts, agreements, and documents from anywhere.

- Digital signature encryption technology allows you to sign documents securely and protects your critical documentation.

- Digital signatures are faster, efficient, and paperless!

- Digital signatures save your business all the costs associated with traditional paper and ink methods.

To many businesses, the implementation of electronic signature solutions may have seemed like an advanced technology that can be looked at in the far future. However, as we stand today, not only the digital economy arena but every business, small and large has felt the need for a better substitute that does not take as much time, money, and human effort.

Still not convinced? Read our blog to know more about the role of electronic signatures in the digital economy!

Exela’s proprietary electronic signature solution DrySign is designed with innovative features that can help you scale-up productivity and maximize your ROIs.