Since the creation of the electronic signature, several physical paper documentation has been gradually changed for electronic processes. This development has positively affected how contracts, agreements, and transaction processes are done. At the cornerstone of electronic documentation is the use of electronic signatures. Electronic signatures allow an individual or an organization to certify a document before being transmitted to a third-party.
For businesses that require several people to sign a document before a process is approved, the electronic signature provides an excellent tool to simplify their everyday activities. As such, it is of benefit for a business that still relies on traditional signatures to switch to electronic signatures to take advantage of its excellent features.
Benefits of Switching to Electronic Signature
Switching to using electronic signatures can help a business in several ways. Some of the more important benefits are discussed below.
Increased Time Management
A business that relies on the traditional way of getting a document signed wastes so much time before the process is concluded. The process gets even more complicated when five to six people are required to cosign a single document especially if they are physically apart from each other. This process can take days or even weeks to get done. However, with an electronic signature, a document that is created within a minute can be signed by several people under five minutes or less. As a result, the use of electronic signatures is critical for time-sensitive documentation.
Convenient to Use
The use of electronic signatures is easy and convenient for organizations with a large workforce, which may be spread-out within a large geographical location. Therefore, a company with several branches across a country or around the world can seamlessly collaborate on a single document. Moreover, it simplifies remote work as staff can work from home or while on the go. Additionally, it eliminates the need to scan and print documents.
Setting up an electronic signature system within a business saves a lot of money in the long run. An electronic signature system eliminates the need for printing equipment, supplies, and scanning devices. Also, the need for courier services decreases thereby reducing the amount of money spent on this service. The saving made from the use of electronic signatures can be used for other more critical sectors of a business.
Although paper documentation has been around for a long time, it is not a particularly secure process. Paper documents can be altered and forged. In some cases, it is very difficult to detect such alterations or counterfeits. However, with an electronic signature, a business is sure that whatever document they send or receive is secured due to the strong encryption on the signature system. If a document is tempered, a data logger informs the recipient of any change.
Quick Execution of Decision
The use of an electronic signature within a business increases the speed through which decisions are implemented. Since the time taken to sign a document is significantly reduced, the speed of implementation of a business’s decision increases exponentially.
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