Industries Integrating E-signatures to their Modern Arsenal of Technologies | DrySign By Exela

 

Industries with Esign

Signatures have been used in executing binding contracts for decades. Traditionally, handwritten signatures signify the written acceptance of contracts and agreements. They bind parties to certain rules or laws specified in a document. It is tangible proof of parties conveying their commitment to a transaction. However, in today’s world, ink signatures aren’t the only option for authorizing documents. Over the last few decades, technology has reinvented how we execute our document signing workflows, giving rise to modern-day electronic signatures, making this tech a natural choice for industries looking to transform their business processes.

Electronic signatures or E-signatures allow parties to submit their consent virtually from remote locations while offering the same integrity and trust as traditional, handwritten signatures. Moreover, e-signature laws in major countries worldwide have made it possible to accept electronic signatures on pertinent documents, covering everything from rental agreements to employee contracts to sales contracts.

Unlike wet signatures, there are different ways to sign a digital transaction, depending on the level of assurance needed. Here’s a quick glimpse into the three different types of electronic signatures:

  • Standard Electronic Signatures (SES) – Standard eSignatures are the most basic form of electronic signature and contain only the signature of the signee. It is the responsibility of the receiver to verify the sender’s identity. A standard e-mail signature or an image of a handwritten signature are perfect examples of SES. The most common use cases of SES include contracts, purchase orders, or simple business transactions.
  • Advanced Electronic Signatures (AES) – These offer a higher level of assurance as compared to SES and require the verification of the signee. They contain a certificate proving their authenticity attached to the digital document to give it validity.
  • Qualified Electronic Signatures (QES) – Qualified electronic signatures (QES) contain a qualified digital certificate stored and managed by a licensed Certifying Authority.

How E-signatures Benefit Industries

Industries undergoing digital transformation are focusing on solutions that can improve internal processes. E-signatures help industries in automating workflows and standardize processing between departments. As a result, industries can expedite daily production and help workers collaborate on projects. Some of the benefits of e-signatures are:

  • Customization 

 E-signature solutions enable users to create and save templates of frequently used digital documents to reuse in the future. Industries can create and customize templates based on their line of work and add extra fields for signatures in the document.

  • Security

E-signature solutions offer robust security features, including multi-factor authentication and password-protected documents to verify user identities. This helps eliminate the risk of fraud or forgery, usually prevalent in paper-based documentation and signatures.

  • Transparency 

E-signature solutions offer transparency in signing processes, requiring both parties to verify their identity. Moreover, digital signatures adhere to major e-signature laws worldwide, driving transparency in online transactions. In addition, digital signatures also offer a real-time trail allowing users to track and monitor modifications or alterations to the document.

  • Convenience

Electronic signatures are highly convenient to be used by industries. They offer the ease of signing from anywhere, anytime, from any internet-enabled device, simplifying a plethora of processes, from signing deals to onboarding employees remotely to signing sales contracts or vendor agreements.

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Industries that must use E-signatures

Enterprises on the verge of digital transformation are influenced by their peers’ decisions and the customers’ needs. Digital transformation provides flexibility and convenience to employees while streamlining processes. With enterprises automating various processes to become more agile, adapting new technologies such as e-signatures become a top priority to enhance efficiency and productivity.

  • Human Resources
  • Sales
  • E-commerce
  • Real Estate
  • Financial Services
  • Education
  • Retail
  • Legal
  • Healthcare
  • Non-profit Organization
  • Information Technology
  • Architecture, Engineering, and Construction (AEC)

Source link to Read More About "Industries Integrating E-signatures to their Modern Arsenal of Technologies”: https://www.exela.digital/bd37de

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