Top Digital Trends to watch out for in Business | DrySign By Exela

 

The future is completely open, and we are writing it from moment to moment. These words by Pema Chodron imply that the best way to transform your future is by designing it – today! A good business leader can recognize patterns and foresee trends before they are set, steering their team into a productive and secure future. Of course, no one can predict situations like COVID. But, the prowess of good leadership does not necessarily lie in anticipating specific conditions but in the preparedness for situational control, even in contingencies. And more importantly, their ability to make good decisions that impact the future of the business and growth, no matter the situation.

                       So, how equipped are you to handle contingencies?

This theory has become even more pertinent since the pandemic began. With businesses crumbling under the weight of an imminent economic crisis, adaptation has become crucial, especially to contactless digital workflows. Within this scope of digital transformation, the introduction of electronic signatures has revamped the way businesses conduct transactions, agreements, and contracts. From offer letters and non-disclosure agreements to sales and purchase transactions involving humungous sums of money, e-signing is a welcome solution that enables companies and individuals alike to send & receive attestations that relevant parties can store & access easily without initiating any physical contact.

Also Read: Why eSignatures are Essential to Succeeding in Business

Yesterday’s Delight Becomes Today’s Need!

If we go by the patterns of technological advancements throughout history, people initially view a newly introduced gadget or system as a luxury. It gradually makes its way to the ‘convenient-and-efficient' category, finally settling at the 'can't-do-without' station. Take the instance of telephones. Their journey has been quite fascinating, from the birth of the first wired telephone in 1876 to rotary dials, followed by push buttons. Later, cordless phones stormed the market. Then heavy mobile phones were introduced, which were replaced by lighter ones. From buttons, we moved to touchpads, and soon even those became passé. Today, smartphones dominate the market. They are an essential integral part of every household and every professional. A vast majority cannot imagine their life without this piece of convenience anymore. If people had to spend a day without their phones, it would be far too complex, if not impossible, to conduct business or even maintain their routine.

Such is the case with electronic signatures, although it has been around for a few decades now. Visionary and futuristic companies absorbed this advancement into their workflows and adapted, leaving them with fewer things to worry about when the pandemic hit. And soon, others followed suit. With the potential to optimize documentation and authorization without the need of being physically present, e-signing is now moving towards being a necessity.

Understanding the Process

In case you aren't clued in yet, this is how digital signatures work:

•  The sender uploads a document and sends it to the intended recipients through a web-enabled device.
• A unique encrypted hash value is generated using the sender’s private key.
• This cryptographic file is delivered to the receiver using the sender’s public key certificate.
• On receipt, once the receiver digitally signs, the document is sealed with a cryptographic hash for the same file.
• Both hash values from the sender and the receiver must match to verify authenticity.

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​What’s the Difference and how is it better?

Digital Signatures are the encryption technology that supports electronic signatures. They are entirely different from wet-inked signatures that are merely scanned and pasted on documents. Digital signatures are embedded with multiple security and tamper-proof features. It uses Public Key Infrastructure (PKI) technology that authenticates, verifies, and secures all participating persons. Hence, nobody can alter a signed document once it is sealed.

Reinforced security features that protect users against all kinds of crimes related to signatures, digital signatures are rapidly changing how corporates authenticate, attest, and authorize documents. With technologically advanced e-signing solutions, businesses now have the opportunity to secure themselves against theft, forgery, cybercrimes, and data leaks in an effective manner elevating the documentation and signing process.

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