Top Digital Trends to watch out for in Business!

2021 has been another year of remote work, paranoia, and even more uncertainty than what we observed at the beginning of this pandemic. With social distancing a way of life now, our days are littered with video calls, chats, and Insta Reels! It’s not surprising, then, that this age will also be known as the year people said goodbye to the age-old practice of signing documents by hand. Electronic signatures, take a bow!

Even though e-signatures have been around for decades, their popularity has only shot up a couple of years before the pandemic hit. Undoubtedly, the coronavirus, the subsequent norms regarding remote work, and the need to reduce in-person interactions catapulted this digital trend which has almost completely replaced traditional handwritten signatures.

Consider the Benefits of E-Signing

Are you not tuned in yet? Here’s how it goes: Once all the recipients digitally sign a contract, the document is sealed through cryptography, making tampering impossible. It then gets saved on a secure cloud, making it possible for you to access it from anywhere, at any time. This way, you eliminate the need to store any physical documents, reducing your storage and suitable administrative needs. It is incredibly cost-effective when considering the amount saved from printing-and-mailing or travel-and-accommodation, paper, and stationery. It is also an excellent environment-friendly alternative. What’s more is, digital signatures are legally binding because they provide the highest levels of assurance about the signers’ identity and the authenticity of the documents signed.

Your Safety is Priority!

Switching to electronic signatures mitigates much of the risks associated with conventional signing methods. Digitally signed documents enjoy the highest security, making malpractices occurring through authorized documentation a thing of the past. Digital signatures contain digital certificates which act as encryption. When you affix a digital signature to a file, the digital certificate records all essential data such as the signatory’s identity, timestamps, IP address, and these basics along with the signature. But, the digital certificate also records all changes that may occur in the document. So if an unintended external source attempts to sabotage the contract, you can easily trace them while maintaining all the legal privileges attached to the original document.

Performance of the Electronic Signature industry

If you’re still skeptical, consider this: A study conducted in 2021 revealed that the digital signatures market registered a CAGR of 28.1% during the forecast period 2021–2026. This boost is because of the increased preference of companies towards cloud-based services that are expected to propel the growth of digital solutions. Much of these statistics skyrocketed due to the increased use of e-commerce, logistics, online banking, and online services. With younger consumers tilting towards e-retail and online services, the preference for location-agnostic, expedited processes has boosted the electronic signature market. And since the onset of COVID, digital workflows are no longer just a preference but the need of the hour. Almost all businesses shifted to digital and automated processes, and documentation and authorization have not been left behind. Although this technology has been around for a few decades, it has gained popularity only in recent years. From relying on paper-based documentation to the digitalization of the entire transaction, all industries are partnering with electronic signature vendors to sustain in the current phase and ensure business continues like before.

Companies are consciously shifting from traditional signatures to digital signatures from every industry because it reduces the risk of legal disputes and provides robust evidence. It’s time to move away from unreliable and inefficient processes. Partner with an established player in the market like Exela’s DrySign. Exela is a business process automation (BPA) and digital transformation market leader. DrySign is already ahead in this game and is constantly developing upgrades to elevate the customer experience and reinforce safety standards.

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Statistical Data Source: https://www.mordorintelligence.com/industry-reports/digital-signatures-market

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