The 7 Pros and Cons of Digital Signature Software

Weighing the Pros and Cons of Digital Signature Technology

The late Sigmund Freud was an Austrian neurologist. His work, although controversial, is renowned across the psychological community worldwide and is taught to students to this date. The world-renowned founder of psychoanalysis once imparted this nugget of wisdom, "When making a decision of minor importance, I have always found it advantageous to consider all the pros and cons." If Freud believed even trivial dilemmas required a thorough evaluation, how much more should one review decisions of a significant magnitude with probable cascading and cumulative effects? If you've been contemplating the incorporation of digital signatures in your online workflows, you deserve to know every little thing! And that’s exactly what this blog shall do – educate you about all the pros and cons of digital signatures so you can make a well-informed decision.

Getting Familiar with the Process

Let's delve into the process before tapping into the pros and cons. This will give us a better understanding. There are many types of electronic signature software available today. Let's consider DrySign, the most budget-friendly and easy-to-use of all the options. With DrySign, the process is quite straightforward. You first upload the document that needs attestation. Then, create a digital signature by typing, drawing, or uploading an image of your handwritten signature. You then send it to the other parties for attestation, inviting them with just an email, and as they respond, you receive your digitally signed documents accessible on a cloud. An effortless contract or agreement workflow 

How Safe Is It?

Digital signatures use Public Key Infrastructure technology (PKI) to validate a signer's authenticity, ensuring the document is not tampered with. PKI is a safety feature that enables users to create, store, and exchange data without the fear of it being altered. A digital certificate, which is one of the main components of PKI, allows users to encrypt, sign, and authenticate documents and contracts by recognizing, registering, and establishing an individual's digital identity using end-to-end encryption. PKI relies on two related keys, a public key and a private key. These two form an intrinsic pair that encrypt and decrypt a message using complex cryptographic algorithms. The private key is activated during the signing process, while the public key is used to verify signatures, creating a sort of digital fingerprint. If the receiver attempts to alter the document after it is digitally signed, there are traceable alterations in the hash values of the file. Hence, the hash value difference reveals that the file is altered and the digital signature appears tampered with, so the verification fails. 

The Scope of Error       

The technology backing digital signature software is rock-solid. But, as is the case with using any new technology, you may err while adapting to it. So, it is essential to discuss the probability of errors, the various types of mistakes, and how you can avoid or rectify them. Since fraudsters cannot easily breach the inbuilt safety features of reputed service providers of digital signature technology, the only possibility of error lies before or after the act of e-signing. Mistakes could happen if you partner with a substandard vendor. There may also be amateur-level mistakes caused by unfamiliarity, unclear intent, refutable consent, and similar problems that may arise due to failure to comprehend your digital signature platform. But, the procedure of acquiring, documenting, and storing electronically signed documents must be highly structured, reinforced with multiple safety features, and must have a robust source & audit trail. 

Can These Mistakes be Avoided?

Just as you are careful and alert while signing the traditional way, you must be equally vigilant while using digital signatures online. Your signature carries enormous value, and the risks are proportional irrespective of your chosen method. Of course, digital signatures make tracing and verifying possible hence they are actually safer. But, you must be alert and verify every document you intend to sign. Also, always team up with a respected brand that provides security. It is a lot more cost-effective than the old meet-in-person or mail-and-wait methods. Besides, it promotes contactless workflows, an essential criterion for many businesses since the pandemic began. They are also paperless and the most environment-friendly way to conduct your business responsibly. If you can avoid these common mistakes, digital signatures can offer a whole lot of solutions to your business.

Let’s consider some of the many benefits of adopting digital signature workflows

Businesses can vastly benefit from introducing digital signature options to both their external as well as internal customers. Some of these include:

  • Digital signatures save a significant amount of time.
  • They save substantial money directly through unutilized resources.
  • These solutions indirectly save considerable money caused by productivity loss and a client's change of intent due to delays.
  • You do not have to worry about maintaining a document storage facility and associated administrative functions and costs.
  • You eliminate paper clutter.
  • You have instant and easy access to all your e-signed files and documents.
  • Going digital is paperless and environment-friendly.
  • You gain increased mobility, and workflows are location-agnostic.
  • Businesses have greater flexibility and convenience.
  • It elevates the customer experience through hassle-free operations.
  • Better customer experience leads to customer loyalty and repeat business.
  • Internal players also enjoy the benefits of flexible workflows, thus lowering attrition rates.
  • When multiple signatures are required, you can simultaneously send the document to all recipients, and you will instantly receive visibility on their actions in real time.
  • You may apply additional hierarchical preferences in cases of multiple signatures. 
  • Participants display increased compliance because system prompts and reminders decrease the probability of incomplete documentation.
  • Productivity is enhanced due to increased accountability.
  • A robust audit trail is maintained, backed by solid timestamps, verification, source trail, location history, and traceable workflows.
  • Digital signatures have enhanced security features and lower risks than handwritten signatures.
  • Your documents are not subject to being over-processed, i.e., scanning and photocopying several times. So, the integrity of your files is maintained.
  • You maintain user and document privacy without intermediaries such as clerks and assistants gaining access to sensitive information.
  • Electronic signatures are legally accepted in most use cases and locations, with very few exceptions.
  • These applications integrate with widely-accepted business tools, including PDF, Google Docs, Dropbox, and MS Word.  

Let’s summarize the PROS

Digital Signatures are a better alternative compared to traditional handwritten signatures as they are:

  •  The Safest method:

Digital signatures are encrypted with superior technology. As a result, digitally signed documents cannot be altered, duplicated, or tampered with because of Public Key Infrastructure (PKI) technology.

  • The Quickest Method:

When a professional is logistically unavailable to sign urgent documents in person, digital signatures allow corporates to execute processes instantly and flexibly.

  • The Cheapest Method:

Imagine the amount you'd save by leaving out unwarranted stationery, shipping & handling, arranging meetings, travel & accommodation, and finally, commercial rent spent on storage facilities. With digital workflows, all of these can be eliminated.

  • The Most Efficient Method: 

With digital workflows, tracking, accessing, and managing documents are easier. Features that allow for notifications, reminders, and status tracking hasten receipt and completion of documentation. None of this is possible with conventional workflows.


Now, let’s review the CONS

  • Storage:

Depending on your vendor and plan, you will have specific storage capacity allocations to save your attested documents. Choose an appropriate plan as per your requirements. Also, ensure you partner up with an electronic signature software provider that respects your privacy and security.

  • Security:

Not all e-signatures are the same. Electronic signatures using digital signature technology are the safest bet. But, it would be in your best interest to choose a reputable vendor for the cryptographic protection of your documents.

  • Propriety:

Depending on your choice of e-signature software, you may be restricted with regard to the usage of this platform. This happens when the brand you partner with expects every participant to purchase their digital signature software. Apart from this inconvenience, tactful vendors may not allow you to access or manage your attested documents if you switch between plans or users. This sales strategy will trap you into a vicious renewal cycle irrespective of your displeasure with the service.


If you observe carefully, you’ll realize most of the cons are vendor-related issues that can easily be negated by choosing a no-fuss, easy-to-use, e-signature software.

Bring in the Scales

Knowledge is power. And now that you are armed with this power, you can decide whether digital signatures are the right fit for your company. With limited knowledge of the subject, digital signatures might seem intimidating initially. So, innocent minds shy away from reaping the benefits of digital transformation. But, if there’s anything to learn from this pandemic, it’s this: good fortune favors those that adapt in resilience and embrace change.

Business is no longer conducted the same way. The ability to attest or authorize documents and seal deals flexibly by being location-agnostic and contactless is well-appreciated across industries. All you need is an internet connection, and the possibilities with digital signature technology are endless. With technologically advanced e-signature solutions like DrySign, you now have the opportunity to secure your business against theft, forgery, cybercrimes, and data leaks, revolutionizing the documentation and signing experience.

DISCLAIMER: The information on this site is for general information purposes only and is not intended to serve as legal advice. Laws governing the subject matter may change quickly, and Exela cannot guarantee that all the information on this site is current or correct. Should you have specific legal questions about any of the information on this site, you should consult with a licensed attorney in your area.

     

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