- January 11, 2022
- Stanley Chow, Sr Product Marketing Manager
In the not-too-distant past, anyone who had to sign paperwork on any subject would need to meet with the other person to review the documents and sign the contract. Yet in the digital age, this is fast becoming a relic. That’s true for a lot of reasons, not least of which is that mail services take time, and messenger services can be delayed. Also, it can be difficult to meet in person if there is distance between the parties. And it’s often difficult to coordinate schedules.
An eSignature solution offers speed as its main advantage. You can send the documentation to your recipient in minutes. This gives you time to read the documentation and make any necessary adjustments or sign without delay. The sender receives a copy of the signature immediately after it is completed. This speeds up the process and allows entities to move on with documents quickly and efficiently.
Because you send the paperwork electronically, this reduces the risk of it getting lost in transit. Lost paper documents traveling through the mail could expose confidential information that could prove to be detrimental to one, both or all parties. Digital transmission of documents allows for faster and safer transactions.
How does an eSignature solution benefit your business?
The benefits of eSignatures is multi-fold, both immediately and in the long-term. Here are several ways adopting an eSignature solution adds value to your organization.
Improved Efficiency – Time is one of the most valuable assets of a company. eSignature solutions offer the greatest benefit of time savings. eSignature solutions allow for quick completion of work orders and transactions. This enables you to move on to production or other processes that might be delayed by waiting for mail to deliver necessary documentation.
Lowered Expenses – eSignatures can also help businesses save significant money. Paper documents have to be printed, packed, sealed, and shipped to the recipient. These steps are expensive. Even though the cost of one document may not seem significant, it could add up if your company requires these transactions on a regular basis. eSignatures can reduce a lot of this cost.
Storage Savings – eSignatures can be used by your business to save space in the office. eSignatures eliminate the need for you to file paper contracts and keep them in the office after signing. All documentation can now be stored digitally and safely within your company’s computer network. Plus, it’s easier to keep digital copies on hard drives and/or in the cloud to ensure you’ve got backups.
Enhanced Security – Also, paper documents are less secure than digital ones. Only authorized personnel can view documents stored on your computer system. Paper documents stored in the office, or in file cabinets, are more difficult to secure. They create a physical repository that has to be under lock and key, perhaps even monitored with cameras and security resources, to keep safe.
Damage Protection – Paper documents can also be vulnerable in other ways. Overhandling can cause paper to be damaged. Paper can be damaged by time and the elements, whereas digital documents have no such weaknesses.
Error Reduction – Your company can feel confident that all parts of the document are signed correctly and complete using an eSignature. Contracts and other documents often require confirmations and initials. Digital programs will verify that each party has completed the document completely before they can submit it.
Risk Mitigation – A paper copy can be misplaced by the recipient, and they may return it without proper endorsements or confirmations. Incomplete paperwork may allow the other party to avoid any obligations. On the other hand, eSignature solution processes typically enforce signing by all necessary parties so that the process becomes complete.
All in all, while there may be times and places where a wet ink signature on paper is necessary, eSignatures provide so many more benefits that they’re the way to go in today’s digital age.