During this era of digital transformation, information at all levels can be captured, delivered, processed, and displayed electronically. Even though electronic signatures weren't thought of two decades ago, they have grown in importance and have become a significant tool for improving workflow.
An E-Signature is electronic evidence of acceptance of an agreement or document. An electronic document is approved legally by using a single-factor authorization with variables such as unique PINs, passwords, and security numbers for identification. The audit trail function embedded within each digital page serves as proof of signing a document.
According to Fortune Business Insights, the global digital signature market is expected to grow from USD 4.05 billion in 2022 to USD 35.03 billion in 2029 at a CAGR of 36.1%.
How Does E-signature Technology Work?
E-signature streamlines the signing process by making it 100% digital and remote. Instead of using physical hand-written signatures, professionals can sign documents anywhere at any time with any internet-enabled device. In this technology, different techniques are used to sign a document, but here are a few of the basic steps common to most solutions.
The process involves signature registration, signature placement, verification of the signer’s identity, and document approval. In the next step, multiple cryptographic techniques are applied to ensure the integrity and security of the time stamp and the document and to bind the signature to the signer’s identity.
So, when an individual electronically signs a document, the document hashes are generated using the signer's private key. Whenever the signed document is sent by email, the signer uses his private key to decrypt the signature code. The signature is considered valid if the values are equal.
11 Ways E-Signature Help You Drive Your Tech Business
Let's look at 11 benefits of the electronic signature platform and how they help the tech business drive success.
1. Adds Additional Security Layers
Signatures on paper are often considered authentic, but electronic signatures offer greater security. The additional layer of security is achieved through asymmetric cryptography and digital certificates.
Asymmetric cryptography allows parties to verify a particular transaction by using public and private key pairs; private keys are always kept confidential, while public key pairs are used to interact. These keys are used to unlock and lock documents shared between parties.
2. Saves Time
E-signature saves valuable time for all the members involved in the signing process. Instead of in-person document signing, an electronic link is sent for speeding up the document turnaround time.
The signing process starts all over again if the paper contract gets lost, which increases the chance of legal liability. The electronic signature can be added to a contract within seconds and is returned immediately. This provides tech businesses greater flexibility in forecasting project completions.
3. Enhances Business Productivity
E-signature tool allows the business to eliminate tasks that can be performed electronically. Rather than focusing on repetitive tasks, E-signature enables the employees to focus on more complex tasks.
4. Increases Profitability
The use of E-signature makes it easier for employees to complete sales agreements more quickly. Contracts now are approved by clients within seconds, eliminating the need to wait for documents to be delivered. A contract workflow platform like InkPaper allows alerting a party to sign an agreement with a few clicks. Thus, a quick turnover builds a strong reputation for the company.
5. Improves Convenience
It is convenient and easy to access an E-signature, even for non-technical users. No matter what side of the signing process you're on, the process is intuitive and straightforward. Electronic signatures are as easy as sending an email and clicking a few buttons.
6. Ensures Compliance
The companies must juggle different statutory and regulatory requirements to remain compliant with the various internal and government agency standards. E-signatures help companies remain compliant by providing a clear audit trail. To avoid lawsuits and fines, documents must be intact and untampered with. Documents are kept safe and compliant with state and federal laws with the use of E-signature technology.
7. Increases Mobility
Receiving and sending documents electronically anytime, anywhere overcomes physical barriers while increasing business reach. As a virtual document, digital signatures are convenient for remote workers, digital nomads, and those on the go. In addition, mobile signing expedites turnaround time and provides greater convenience to customers.
8. Streamlines HR Processes
Using E-signature ensures an efficient hiring and recruitment process. Hiring often involves a lot of paperwork, such as application forms, job descriptions, resumes, employment agreements, etc. Instead of printing, scanning, and mailing forms to candidates, E-signature offers a more convenient way to do so.
9. Boosts Customer Experience & Loyalty
E-signature gives the option of signing anywhere, anytime. It does not matter where the customer is, whether they are in the city or out of the city, at the beach or in the office. Customers can sign from desktop or mobile making it a convenient process for them. A happy customer simply means a loyal customer, who promotes the business through word of mouth.
10. Reduces Cost
Minimize storage and archiving expenses: Companies spend $20 on average for document filing and $120 on finding misplaced documents. Document storage not only takes up space but also increases the maintenance cost. The physical space required to store paper documents is strictly limited. Electronically signed documents, on the other hand, do not require storage.
Paper and Headcount Costs: E-signature cuts down on unnecessary costs of printing and handling the paper. In addition, it helps to reduce the need for employees to perform menial office tasks such as printing, signing, scanning, emailing, tracking, distributing, and storing documents.
11. Efficient Contract Management
Digitally secure E-signature makes the contract process faster and easier. Using InkPaper, you can centralize the contract management process while keeping up to date on the status of various agreements. Now there's no need to worry about documents getting lost in inboxes and trays.
An efficient contract workflow platform like InkPaper speeds up the contract process. A contract workflow platform does everything from contract initiation to collaboration, and contract negotiations to faster approvals and secure storage.
The electronic signature helps tech businesses in achieving their goals. Examining where the business is in the digital transformation process is the beginning point of the journey. Adopting E-Signatures into the business is an easy way to streamline business operations.
Get Started with InkPaper?
InkPaper is a contract workflow platform offering an E-signature solution to streamline the business process. InkPaper helps in managing the workflow efficiently, from drafting the contract to executing it and storing it securely on the cloud.
Sign up to InkPaper’s E-signature platform today for Free!