Why eSignatures are Essential to Succeeding in Business | DrySign by Exela

 

The eSignature Debate

Signatures have always been an important means of approval in all business and personal documentation. The signature is an anchor of trust and evidence. An agreement without a signature is open, floating, ambiguous and hard to enforce. A signature anchors an agreement to a legally binding, enforceable, actionable reality.

Today, electronic signatures play the same role, just online. eSignatures are easy to use and consume far less time than their traditional counterparts. According to the eSignature laws worldwide they have the same legal standing as handwritten signatures. Electronic signatures are a legal concept and are separate from digital signatures, a cryptographic mechanism often used to implement the electronic signature. While an e-signature can be as simple as a name or a cropped image entered in as a sign on a Word or PDF online, digital signatures are being used in business worldwide to implement signatures in a cryptographically protected way. Hence, an eSignature alone cannot be used to verify the identity of the signatory. The major underlying issue with eSignatures use remains trust. There is also a dubiousness about how to use them. All these arguments sometimes overshadow the facts and figures that make online signature solutions the heros that they are.

Electronic signatures can achieve nearly 80% audit efficiency in institutions – FinancesOnline

Also Read: 8 ways e-signatures can transform your business!

​Aspects of E-signatures causing a Debate among Enterprises

Identification & Authentication

Identification of the user is of prime importance in legal documents such as agreements, contracts, tax forms, proposals, etc. Today, eSignature solutions have measures in place to track your documents and notify you of changes made to the document online. With security measures in place that a signatory must comply with for example multi-factor authentication, you can ensure that your document is viewed only by the signatory. Moreover, digital signature technology used cryptographic keys to ensure that your document is protected by the highest security standards

Usability & Experience

Many businesses find it hard to bring technological changes in proven age old methods. You will still hear many digitally advanced CEOs say that signing a paper with a pen lends a finality to a deal. In today’s age, when you can place an order for anything from anywhere and get it delivered to your doorstep, sticking to traditional ways seems redundant. eSignature solutions provide users with an secure, easy-to-use, convenient, and seamless experience giving new meaning to online signatures.

Inessential expenditure

For many, digital solutions that make business happen on your fingertips are still looked at as expenditure that one can do without. In reality, bringing tools like eSignature solutions into your existing workflows has proven just how much digitization can help us save.

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Advantages of Implementation of E-signatures for Companies

  • Mitigate Risks by Complying to Standards
  • Decrease Overhead Costs 
  • Curtail Risks
  • User Efficiency and Experience
  • Streamlining of Processes
  • Improved Revenue
  • Sustainable 

 Mitigate Risks by Complying to Standards

Compliance with eSignatures helps companies in conducting business faster. Complying with the law can help businesses scale faster. E-signatures are legally binding in most countries, notably, the U.S., Canada, the U.K., countries in the European Union (EU), the Philippines, India, etc. Enterprises operating from these countries can benefit from their security and efficiency. Compliance assists in authentication and verification of users and be used in legal disputes.

Decrease Overhead Costs 

E-signatures can help in curbing overhead expenses usually spent in printing and scanning of paper. Adoption of digital documents helps companies in communicating faster and making changes to documents rapidly in accordance with their stakeholders.

Curtail Risks 

Companies can curtail risks and protect themselves against any legal disputes. Moreover, e-signatures are being recognized by various companies and can be used in making digital documents. In addition, e-signature solutions contain multi-factor authentication as a security measure to prevent unauthorized access to documents.

Source link to read more about "Why eSignatures are Essential to Succeeding in Business”: https://www.exela.digital/3195a9


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