Economic Impact of Digital Signatures | DrySign by Exela

 

Digitization of business documents such as contracts, agreements, or even forms and letters gave a new lease of life to traditional, time-consuming operational processes during the pandemic. However, even businesses that were digitized pre-pandemic, still face a major bottleneck in their documentation process – chasing signatures!

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Attesting your signatures online remains a phenomenon not many organizations have faith in, and not without reason. As always, business documents carry sensitive information that must be protected at all costs. Managing fraud and error rates has become very important for institutions not only because of increased regulatory scrutiny but also due to increased stakeholder expectations and the detrimental effect of the actual fraud loss incurred. Months of planning and strategy can come to a standstill due to a missing or forged signature. Digital signatures have emerged as a novel solution to this problem. A valid digital signature solution can protect your confidential documents with layers of digital security and significantly impact the workflows and functioning of your business.

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Notwithstanding the fears of digital scares, the COVID-19 pandemic forced many organizations to embrace digital signature software. The number of organizations utilizing eSignatures has climbed by 50%, while the number of individual users has increased by 13%. Post-pandemic, 69% of business owners prefer eSignature to in-person signing. Thus far, digital signature software statistics project a growing market trend to continue in the next decade. The global eSignature market could witness a 26.6% CAGR during 2022–2030, possibly reaching $12,721.4 million by 2030. The Asia Pacific region is the fastest-growing market, and North America remains the largest market, valued at $440 million in 2019.

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With the impact of the pandemic and upgrades to systems costing companies a penny too many, there is still hesitancy to invest in modern solutions. In this blog, we attempt to throw light on the real economic impact of eSignatures and their importance in a modern paperless environment.

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Also Read: eSignatures: Positively Transforming Customer Experience in the Hospitality Sector

Workflow Challenges Faced by Business Today

• Long and time-consuming – Most paper-based processes, even if partially digital, tend to eat into hours of productive time. According to Gartner, employees waste 20% to 30% of their work-week managing documents or document-based information.
• Security and Compliance – The fear of new technologies leads to hesitancy among enterprises which is understandable. However, the traditional ways of signing and authenticating documents are not safe anymore. Fraud, theft, and forgery are all real risks that businesses face.
• High Costs – A manual workflow reflects the usual costs of paper, stationery, printers, scanners, etc. Businesses tend to overlook the hidden costs that come with a manual documentation process. Postage, handling charges, fuel charges, other logistics, storage, infrastructure, etc., are just some of the costs that may not pop up directly in connection with manual workflows but are undoubtedly piling up in the background.

How eSignatures impact a business?

Integrating an eSignature solution into an existing digital workflow makes the process entirely seamless, without the need for printing a single sheet of paper. In addition, eSignatures also make your workflow 100% digital and secure. Here are some more esign benefits detailed:

• Mitigate Risks by Complying to Standards
• Decrease Overhead Costs & Increase ROI
• Get Better Security
• Employee Productivity & Efficiency
• Faster TATs
• Go Green

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Mitigate Risks by Complying to Standards

eSignatures are legally binding in major countries worldwide, including in the U.S, Canada, the U.K., the Philippines, India, Germany, and France. Enterprises operating in countries where e-signatures are recognized can benefit from the security and efficiency digital signatures offer. Some notable legislations passed for electronic signatures are:

• U.K. and European Union (EU) – Electronic Communications Act 2000 and the Electronic Identification Authentication and trust Services (eIDAS)
• U.S. – The Electronic Signatures in Global and National Commerce Act (ESIGN)
• The Philippines – Electronic Commerce Act of 2000
• India – Information Technology Act, 2000

Compliance with these laws reduces the risks of fraud and provides a record of all actions taken on a document. It is always advised to refer to laws in your jurisdiction regarding your specific e-signature use case.

Decrease Overhead Costs & Increase ROI

Printing, faxing, and storage of business contracts, agreements, and other essential documents costs can be reduced by adopting digital signatures. Reprinting documents due to any errors spotted in contracts could result in multiple do-overs. Using digital documents and a centralized document management system can reduce the probability of errors. According to a report, companies can save almost USD 8 billion in annual expenses by switching to eSignature solutions.

 

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