Time is money, and that adage has never been more true than it is in the business world today. That’s why efficiency is key in any business operation, and streamlining processes is always a top priority for busy and effective project managers. That’s where electronic signatures come in.
An electronic signature, also known as an eSignature, is a legally binding way to sign documents electronically. This means that you can sign contracts, agreements, and other documents without ever having to print them out or fax them back and forth. Not only does this save time, but it also saves money on paper and printing costs. And since everything is done electronically, there’s no need to worry about lost or misplaced documents.
How Do Electronic Signatures Work?
Electronic signatures work by creating an encrypted digital signature that is unique to the person signing the document. This signature is then locked into the document so that it cannot be altered or tampered with. Once a document has been signed electronically, it is legally binding in most countries around the world.
There are a few different ways to create an electronic signature. The most common method is to use a software program, such as Foxit eSign, that generates a unique signature based on your personal information. This signature can then be inserted into the document with a few clicks of the mouse. Alternatively, you can use a graphical image of your signature, which can be scanned and inserted into the document. Finally, you can use a biometric method, such as fingerprint recognition or iris scanning, to create your electronic signature.
Advantages of Electronic Signatures for Project Managers
A project manager’s job is to ensure that a project is completed on time, within budget, and to the required standards established by the company and clients. To do this, they need to be able to track progress, identify risks, and allocate resources effectively. One tool that can help them with all of these things is electronic signatures. Let’s take a look at how eSignatures can make a project manager’s life easier and help them deliver better results.
- eSignatures Streamline the Contracting Process: One of the most important tasks for a project manager is to secure contracts with vendors, suppliers, and other partners. This can be a time-consuming process, particularly if there are a lot of documents that need to be signed. eSignatures can help to speed up this process by allowing documents to be signed electronically, without the need for printed copies or couriers. This not only saves time, but also reduces the risk of mistakes being made and documents getting lost.
- eSignatures Improve Communication and Collaboration: Another key responsibility of a project manager is to coordinate the work of their team members and ensure that everyone is on the same page. Electronic signatures can help with this responsibility by providing a secure and efficient way for team members to sign off on documents and progress reports. This not only saves time, but also helps to improve communication and collaboration between team members, managers, and clients.
- eSignatures Provide Better Visibility Into Project Budgets: Project managers need to have a clear understanding of their project budget at all times in order to make informed decisions about where money is being spent and how much is left to be allocated or distributed. When invoices are signed electronically, they can be stored securely in the cloud and accessed from anywhere at any time. This gives you visibility into your project budget in real-time, so you can always see where money is being spent and identify any areas where costs are exceeding expectations.
- eSignatures Offer Better Security: Electronic signatures are just as legally binding as traditional signatures, but they offer an extra layer of security. With electronic signatures, you can add an encrypted signature that can’t be forged. This helps to protect your documents and ensures that only the intended parties can view and sign them. Additional features such as 2FA, MFA, and KBA can add additional layers of security and access restriction as needed.
If you’re looking for ways to work more efficiently as a project manager, consider using electronic signatures. They can help you save time, keep track of progress, and increase security. Electronic signatures are easy to use and offer a number of benefits, so start using them today with Foxit eSign!
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