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Over the years, we have experienced changes in the ways in which companies conduct business. Technological enhancements have accelerated growth and increased the reach of many businesses through the innovation of functional processes including through esignature technology and the ability to esign documents.
Moreover, the demand for esignature technology and the need to esign documents was accelerated with the onset of the COVID-19 pandemic as it transformed the way we work as a society, leading global leaders to believe that the shift towards remote work can be permanent.
All of this brings us to our next concept – the anywhere economy. What is the anywhere economy and how did it manage skyrocket in the current pandemic environment? What role do esignature and electronic signature technology play in the anywhere economy and how does it help businesses to improve processes and achieve overall growth?
To understand the significant role of esignature and esign technology in today’s economy, we first need to understand the upcoming changes and discuss how esignature will help cope with these changes.
In an anywhere economy, products and services are to be delivered and provided anytime, anywhere. This concept is not confined to any particular sector or industry, but it is an approach that is increasingly accepted and adopted by businesses and institutions worldwide.
In order to make the concept of anywhere economy a reality, company representatives and their clients who are working remotely need a dedicated esignature solution that will help in completing sales, transactions, and various business and legal processes via remotely and electronically signing a document through a click (esign) on their desktop or smartphone. Importantly, the facility of esignature will make the processes easier and less time-consuming as all/most of the documents can be signed remotely.
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Also, in the post-COVID-19 economy, many companies are planning to introduce flexible working models – full freedom of working from home or in-office. To implement this model successfully, electronic signature will help in signing major documents as quickly as possible, including:
New hire forms
HR documents
Tax forms
Legal contracts
Non-disclosure agreements
Also, it is found that electronic signature does not only help in completing internal documents but also speed the external documentation processes, such as getting signature on important documents from customers and vendors. Some of the major external documents that electronic signature can help with are:
Closing sales deals
Establishing new vendors
Securing HIPAA forms
Signing real estate contracts
Completing legal documents
Obtaining new patient intake forms
Prescribing medications
By the year 2020, we may have not realized the importance of electronic signature, but surely by the end of 2020, businesses have widely realized the power of electronic signature due to remote working.
The Benefits of Electronic Signature
As more and more businesses and companies are realizing the importance of electronic signature, it will soon be a permanent part of documentation processes in every other organization. Electronic signature not only help in proper functioning at the tough times of COVID-19 but also helped businesses to securely cement themselves in the technological advancement era.
Speed:
Electronic signature modified the paperwork duration by changing the completion duration from days to just minutes. As mentioned earlier, it allowed organizations to approve agreements on the same day, close deals faster, and increase the speed of medical approvals.
Accuracy:
Making mistakes is a common human nature. Corrections and changes are bound to happen during the paperwork. In the traditional pen-and-ink paperwork process, any updates in the document can delay the entire process because more time will consume in rectifying, reprinting, and re-delivering the paperwork. However, in the case of electronic signature, digital documents can be updated quickly, making the resending and resigning process easier.
Security:
Physical documents can easily be lost, stolen, misplaced, copied, and forged. On the other hand, electronic signature provides utmost security as digital documents are deemed to protect sensitive data with the multi-step security of tamper-evident seals, certificates of completion, and secure storage in trusted SSAE16 data centers. Also, the encryption feature provides detailed audit trails and prevents unapproved access.
Compliance:
It is easier to comply with industry standards as electronic signature provides a more accurate and reliable picture. Organizations can stay compliant more effectively and efficiently with the features of digital signature, signing certificates, audit trails, and enhanced visibility controls.
Distance:
The distance can create a lot of chaos in conducting processes, but with the power of completing crucial documents electronically, businesses can easily overcome the distance barrier. With the help of electronic signature, important documents, including contracts, agreements, and approvals can be signed in seconds from anywhere in the world.
Collaboration:
Electronic signature ensure effective virtual collaboration as colleagues, coworkers, and businesses can collaborate from anywhere. It facilitates non-interrupted sharing of medical charts and instant approval of procedures and surgeries to ensure work can be initiated as soon as possible.
Scalability:
Electronic signature ensure effective virtual collaboration as colleagues, coworkers, and businesses can collaborate from anywhere. It facilitates non-interrupted sharing of medical charts and instant approval of procedures and surgeries to ensure work can be initiated as soon as possible.
Scalability:
By incorporating electronic signature into the daily process, companies no longer experience slowdowns or restrictions when trying to scale up. Employee onboarding paperwork, contracts, notifications, and more can be sent out and signed quickly and easily.
Auditability:
In the business world, monitoring and tracking the movement of major documents is very crucial. However, overseeing auditing history with physical paperwork can be tedious as significant manpower is required to maintain the physical records. On the other hand, by tracking electronic records, businesses can reduce the time to view each access, and can send receive, share, and complete documents with the click of a button.
Improved Experience:
The customer satisfaction rate is deemed to improve with convenience, speed, and ease. Electronic signature provides all these features by executing the transaction in a simplified manner.
Cost Savings:
Needless to say, the cost of physical documents, including mailing supplies, printing supplies, and storage costs can easily be avoided with the help of electronic signature.
What can you avail with our Electronic Signature facility?
AWe provide affordable, secure, cost-effective, and compliant electronic signature solutions for your business’s requirements. We pride ourselves on providing you with the appropriate e-signature solution. From the small industries to big companies to remote working to in-office requirements, we securely cater to your demand for a trustable and safest electronic signature solution.
