Electronic signature applications are no longer an option but practically, must-have tools for any modern business. E-sign technology has grown considerably since ESIGN went into effect, particularly in the United States where the practice has been broadly embraced by the finance, e-commerce, and insurance sectors.
A research done by P&S Market Research predicts that the demand for e-sign technology will experience a significant annual growth rate through 2020. Therefore, it is safe to say, many companies are already and will continue investing greatly in e-sign technology in the coming years. Why is that so?
Perfect time to ensure compliance
Nowadays, it is not strange for business documents to include sensitive information and data. If this data or information is subject to the regional and local privacy and security regulations – such as HIPAA, ISO 27001, PCI DSS – any compliance failure can result in too expensive fines and legal entanglements.
This is not the time for any modern business to be caught in such entanglements. Thanks to electronic signature platforms, when you sign documents online, there are always tamper-conspicuous measures in place to ensure that your sensitive business information is kept secure at every step in the signing process.
Have you been misplacing important business documents now and then? This shouldn’t be the case in this day and age. While paper auditing is widely used in the business world; in a real sense, cloud-based document management solutions are gaining popularity among many companies.
Documents that are executed in an electronic setting are easier to monitor since the underlying software can automatically create clear audit trails and tamper-evident seals. Electronic signatures can be marked with geo-location, time, and unique identifier tags to generate a level of visibility not achievable with physical signatures.
Paper-based workflows are unreliable and time-consuming. Workers usually need to print physical documents, sign, and then scan, mail or fax the completed paperwork to a new location for further processing.
On the other hand, when you esign documents, a review can be made and the necessary changes adopted in minutes. For instance, organizations can integrate e-signature tool with procurement processes to ease transactions and more quickly execute contracts. Other signature-dependent processes, such as new employee onboarding, can as well be streamlined to increase productivity, reduce paper wastage, and accelerate decision-making.
The year of digital transformation
Businesses are adopting digital transformation, and they will continue doing so until they settle on economical and enabling technologies. As a business owner, this is the year you should take advantage of e-sign technology if you really need to improve efficiency, obtain compliance, and enjoy high levels of traceability in your operations.