Benefits Of Using eSignature Platforms For Businesses

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Everything is going digital. Digital documents are superior to their traditional counterparts in every conceivable way; however, they can’t stand alone. One of the biggest reasons why digital documents weren’t as big in the past is the fact that electronic signatures weren’t equal to wet ink in the eyes of the law. 

So, you would still have to print the document, sign it, and scan it again. This was a hassle that no one needed; however, today, with e-signatures being seen as equal in the eyes of the law, things are a lot different. 

These e-signatures are major game-changers, and here are some of their biggest benefits.

1. It’s much cheaper

The first thing worth mentioning is the fact that it’s much cheaper. Sure, a single paper is not that expensive, but what about the entire case? What about all the papers you’ll spend on all the printed contracts you make in a year? Chances are that a firm of ten people might spend about $800 on paper annually. The bigger the company, the bigger the expense.

It’s much cheaper

Here, it’s also worth mentioning that the reduced use of paper also represents a better environmental decision. This is more important than you expect and is not to be taken lightly. Not only is this the right thing to do, but going paperless also allows you to present your business as green, making it a huge PR win.  

Consider the convenience of document transportation. With traditional methods, you would need to send a contract by post, incurring additional fees. This is a hassle, especially considering the decline in fax machine usage. However, with eSignature platforms, you can simply send an attachment in an email, avoiding these extra costs and making the process much more efficient.

One more factor worth considering is the fact that this type of signing is faster. Now, we know that “Time is money” is a phrase you’ve heard a thousand times, but, in this particular scenario, it has a literal meaning. Delays cost money, and waiting for a document to be signed with wet ink instead of having it signed electronically is an unnecessary delay that you can easily avoid. 

2. Greater accuracy

It’s important that you don’t lose sight of what this is all about. Just think about it. If a document needs to be signed it’s only a formality if you choose to look at it that way. Why do you have to sign the document in the first place? If it’s not important, can’t you just skip it?

Well, no! You can’t! And you know exactly why.

The thing is that each of these documents needs to be signed for a reason. It’s either a confirmation that an inspection has been handled, a guarantee that the product is in its right state, or one’s compliance with certain conditions. This signature is needed for a regulatory matter.

An e-signature platform, even if it’s something as basic as a Dropbox sign, will help you ensure that all the papers are signed, that they’re signed right, and that they leave a digital footprint.

This way, there are no more documents that you’ve missed to sign, especially since you’ll get notified as soon as it happens. This, too goes into accuracy, especially since it’s usually an oversight that makes you not sign a vital document.

Regardless of how you look at it, the signatures are more reliable; they’re always the same, and, more importantly, in the eyes of the law, they’re just as good as wet signatures. 

3. Faster processing time

The average time for processing documents can take days. Digitally, these documents can be fed into a system and processed in minutes. The search option alone can make your life a lot easier, not to mention the fact that you get documents on-demand whenever you need them. 

Faster processing time

Roughly 7.5% of all physical documents get lost, which means that time spent processing them is completely lost. We’re talking about hours upon hours of labor just squandered away with no result.

With the help of electronic signatures, this can be resolved in a matter of minutes. 

Also, it’s worth keeping in mind that it’s not the active work on documents that causes the problems; it’s the delays and waiting for people to actually return to the document at hand. Most of the time, you’re not waiting for a document to be processed but for someone to remember to get back to it. Now, with the automated notification system, this shouldn’t be as big of an issue.

Plus, as a hidden bonus, document processing and signing countless papers is arduous work, which is why it encourages people to procrastinate. Now, there’s no longer any need for this, and the entire process runs much smoother. 

4. Better security

A lot of people dispute electronic signatures for their security, but the reason behind this is some ridiculous idea that wet signatures are impossible to forge. We all know that this is not the truth, it’s just a resistance to change, possibly even mental gymnastics standing behind that.

Are electronic signatures harder to forge than their wet counterparts?

Well, yes, actually. Since they leave a digital footprint, in order to do it right, you would need a much higher level of understanding of the subject matter and a greater technical proficiency.

Sure, anyone can get a tool, but it takes a special talent for a wet signature forgery. However, this is only if you discount the human factor. What about messy signatures, irregular signatures, or illegible signatures? This happens more often than you think. 

With these signatures, it’s always clear who signed what. Not only that, but there are no missing signatures, and every signature leaves a digital footprint of the time, IP address, and device that it was signed. So, if there’s anything suspicious, you have a decent shot at doing accurate diagnostics. Sure, it’s not reliable 100% of the time, but then again, nothing is. 

Just imagine trying to do the same diagnostics on a wet signature. In other words, e-signatures are just as reliable as wet ink signatures and, if something goes wrong, you have more diagnostic options. It’s that simple. 

Better security

5. Seamless workflow

The majority of people just assume that signing documents is simple and that it doesn’t take any effort or focus. After all, you just take one piece of paper, sign it, and put it back into the folder or in a pile. The problem is that, in practice, it usually doesn’t work that way.

First of all, it’s not just one document. Usually, you have quite a bit to sign. Now, regardless of the fact that this is a simple thing to do, a lot of people hate doing administrative work of any kind (especially this type of repetitive paperwork handling), so they procrastinate and postpone it indefinitely. 

This is not the worst thing either. You see, taking some time to work on tasks that are not essential to your core responsibilities will take your focus off it. Have you ever played a game or partook in a sporting activity and felt like you were “in the flow” or on a streak? Then, you interrupt it for a while, and when you get back, it’s no longer the same.

The same thing happens with your employees' workflow. Jumping from one task to another (with a weak correlation) will just break their focus and make them, overall, less efficient at what they’re really supposed to be doing.

6. Minimizing errors

One of the biggest advantages of electronic signatures is that they drastically reduce the number of errors. You can’t miss a paper, thus putting the entire process on hold before you return to it. There are too many reminders and notifications for something to slip through.

By automating your signatures, you’ll create a scenario where there are fewer errors to halt the process or make it more complex.

Misspelling is also not a thing with all the autocorrections and reminders. This is so important for the sake of compliance. Signatures are not just an issue of formality. Things work this way for one reason only - most of the time, they’re not really inspected closely. If they were, this could land you in big trouble. With electronic signatures, you have nothing to fear on this front.

The same goes for the reliability of your handwriting. The thing is that a difference in handwriting could cause some legal issues. Now, this is no longer an option. If anything, the fact that e-signatures leave a paper trail ensures that there’s no doubt about who signed what.

Minimizing errors

All of this makes your signatures far more reliable and the entire signing process more efficient.

Wrap up

E-signatures are the future. Soon, they’ll completely replace wet ink. Almost everyone has a smartphone, and the internet connection is not that hard to find. In fact, it wouldn’t be that far-fetched to assume that there are more people with phones out there than there are people with pens. With that in mind, it’s harder and harder to downplay the significance of e-signatures.

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