How eSignatures can Accelerate Growth for Enterprises | DrySign By Exela

 

How Digital Signatures can Improve Cost-efficiency 

Enterprises have always relied on paper documents for conducting daily business. However, procuring business documents can be a tricky affair. It includes checking for any errors or misspellings. Not to mention the printing and posting costs that increase the overhead costs for a company of any size. This is where modern automation technology like electronic signatures can be a game changer. Electronic signatures or eSignatures can digitize the entire signing process.

Electronic signatures can simplify operations and provide advanced security against online risks. With various countries backing the technology by making it a law, businesses adopting it will be at the forefront of the competition. An electronic signature solution will allow companies to digitize all documents and attain signatures from all stakeholders from any location or device.

Businesses using eSignatures have experienced a reduction in turnaround time (TAT) by 80%.

Electronic signatures bring convenience and ease of use to any process, and are a valuable asset for organizations of any size. The bigger the size, the more pivotal it becomes to have documentation in order. It has many use cases, including the online signing of purchase orders, hiring papers, contracts, invoices, and other related documents.

The Road to Digital Transformation

Organizations, irrespective of size, need digital technologies to leapfrog ahead of the competition. As a matter of fact, today, digitization is required just to stay in the game. This was proved during the COVID-19 pandemic, as many organizations decided to let go of legacy processes and implement digital strategies to facilitate remote working.

Electronic signatures benefit organizations looking to save on business time and reduce the turnaround time for approval. In addition, with companies looking to assess and evaluate the pros and cons of technologies, e-signatures are a good fit and start for any firm looking to attain good returns from their investments in established technology.

Also Read: E-Signatures: The Impact on Workplace Productivity

How Government Policies Encourage eSignature Adoption

Electronic signatures have had legal recognition in many countries since as early as the 2000s, for example, in the USA, the Philippines, India, etc. But many governments have been slow in recognizing its importance. Many countries, for example, Indonesia, have only recently understood its benefits and established laws to make esignatures viable as late as 2016.

Government regulations such as the Uniform Electronic Transactions Act (UETA) and the U.S. ESIGN Act have encouraged eSignatures to replace wet ink signatures. In addition, the laws recognize them as legally valid, holding the same legal value as a handwritten signature.

Electronic signatures are legally valid if all stakeholders sign them with the same intent. Therefore, businesses agreeing to an electronic agreement must willingly and knowingly consent to sign electronically. This also helps enterprises optimize their signature and documentation process by making it more customer-friendly and convenient.

Over 90% of the U.S. represent small and midsized enterprises

How eSignatures Help Small and Midsized Enterprises

Small and midsized enterprises (SMEs) are responsible for creating the majority of jobs in the USA. In addition, they contribute to innovation in processes and technologies. However, the pandemic threw everything in the air and caused uncertainty for many SMEs. This is evident by the impact of the COVID-19 pandemic on them. But digital technologies like eSignatures can help them adapt to the changing business environment. Here are some ways:

  • Hiring – Human resource processes can be paper-intensive. These processes involve filling up numerous forms such as social media policy, a non-disclosure agreement (NDA), an offer letter, and so on. Electronic signatures can automate the entire process and save on printing costs and TATs.
  • Agreements – Small and midsized firms can now negotiate with vendors and distributors via an electronic contract. Trusted eSignature solutions like DrySign help firms sign sensitive agreements and contracts safely and instantly.
  • Sales – Sales are an SME's central revenue-generating unit and bloodline. But what do you do if your sales team is always busy filling up clients' paperwork rather than chasing leads? Electronic signatures have been beneficial in converting leads easily and simplifying paperwork such as proposals, quotes, invoices, and other agreements.

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