Are you still using a traditional signature method to validate your documents? It’s time to switch to eSignature due to an abrupt shift in the workplace caused by COVID-19 and forced millions of employees across the globe to solely work from home. The whole world is entering into an era of blending remote work with in-office work, which is the hybrid workforce.

According to Economic times, work from home has become a new normal in 2021, too, across many departments, from support to development teams. With effect on this, enterprises are looking for the best tools that can leverage the effectiveness of the remote and in-office workforces.

What is a Hybrid Workspace Model

The hybrid workspace model is a blend of in-person and remote workers, wherein any of the week; employees may split their work time between in-office work and working remotely.

What is an eSignature?

eSignature is a signature in a digital format on a dedicated platform. Using the trusted online signature creator, you can share important documents remotely using a computer or a smartphone. After the recipient receives it, he/she can either type or draw their respective signature, accept proposed terms and conditions and send it back just within less than a minute.

As we know that, following a traditional method of signature for validations is a time-consuming process, and we have to maintain physical documents, which is costly as well. By implementing an eSignature, companies can nowhere fell with the waste of time and money. Yet, they can simplify the entire process from start to finish with no compromise on security factors.

eSignature Process

eSignatures are simple hand-like signatures, unique to one another, which can be achieved using any digital device. It is composed of encrypted data - keys. One is defined as the Private Key and the other is Public Key.

When you sign a document electronically, a private key creates a signature that the signer keeps it securely. An algorithm is implemented to create the data matching the signed document with a hash key and encrypts that data. The encrypted data is the digital signature creator, marked with signed time. This entire process consists of the signer’s identity verification, signature registration and contractual acceptance.

For example, John sings an agreement using his private key. The receiver receives the document along with John’s public key copy. If the receiver’s public key is unable to decrypt the signature, it means that it is not John’s signature or the document has undergone changes. And, ultimately, the signature becomes invalid.

Importance of eSignature

Because of the tremendous changes and new adaptions over the technology, traditional approaches have been kicked off long back. Organizations are focusing more on keeping their sensitive information safe and secured.

Also, few market research reports say: the eSignature market across the world is estimated to increase to a rate of 32% per year. From USD663 M in 2016, the market is expected to reach USD2.66 B by 2021. The eSignature software is known for its speed, security, accuracy and ease of use.

eSignature Software has Much Importance tn Several Factors, Where The Top 10 Are Discussed Below

Minimized Expenses

Enterprises can save much time by saying good-bye to the paper-based traditional process and accepting electronic signatures. This can be achieved by adapting to eSignature, where you do not have to spend any expenses on papers, postage or courier, printing, faxing, and more, and this saves a lot to the organization in the long run. Besides this, enterprises can make other savings in no need of looking for lost or misplaced documents because of not archiving them carefully. Research performed by AIIM has stated that adopting Electronic Signature 25% of the users has resulted in positive ROI just within 3 months.

Improved Time Management

Signing a document or agreement using the eSignature feature just takes less than a minute, and as a result, a company can save 5 days on average, annually. eSignature also simplifies the workflows because it enables multiple parties to include their signature simultaneously, with no need to scan or take a print. Thereby, you can save the waiting period on drafting and passing the documents to multiple personals can be drastically reduced.

Since the document is signed up digitally, the whole implementation process can be speeded up in just a moment and you can send it back right away.

Positive Customer Relationships

Nowadays, because of the advent of new technologies and the reduction of the cost factor, most of the world’s population is using smartphones. People started relying on technology like never before in their lives. They have started using their smartphones almost daily, right from gaining knowledge, exploring ideas, shopping, gaming & entertainment, studying, performing their job responsibilities, watching movies and other stuff, and attending the examinations.

eSignature solutions help your customers make their signatures without download the documents from any application or software. Even the customers are allowed to sign from any internet-enabled device remotely.

Get Your Payments Done Quickly

When you are using the concept of eSignature, the turnaround time obviously becomes shorter. It means the user no need to download the document and instead, he/she can quickly include their signature and share it with the creator right away. If there is a case where multiple signatures are required, the sender/creator can divide the document and send it to the recipients accordingly.

The eSignature software available in the market simplifies the signing process. And resultantly, you can close the deals sooner and can receive the payments early too.

Monitor/Track the Status

Using a traditional book-keeping method cannot be possible to track the status or may take a longer time than expected. Whereas, using an eSignature concept, you do not need to wonder about the confirmation upon the document receiving.

Also, the digital signature software provides a dashboard to track and monitor the status, receive notifications when the document is received by the signer when he opens the document, when he completed the sign, and when the receiver sends the document back to you (sender).

Increased Document Accuracy

At times, human errors may take place when any of the processes in dealing with a traditional process. However, in the process of document signing, it is not possible to make any mistakes, as the software will take complete control and starts from the first if anything went wrong. Thus, eSignature solutions are the best way to complete the process and validate the documents.

You can also make the required fields mandatory to ensure you get the required information without missing with 100% accuracy carried.

Minimized Risks

As enterprises mostly deal with sensitive and confidential information, it’s quite important to ensure its safety. The features of this software also ensure to keep your documents and data are secured and stored at a safe place since the digital signatures use strong encryption techniques to ensure the third parties do not get access to the documents with no consent.

Digitally signed documents are easy to store, maintain, archive, and retrieve according to the requirements with no longer entering into the risk of loss or damage of the document. The professional eSignature solutions enable complete solutions with the entire control on the document workflow.

Enhanced Security

Since Electronic Signatures follows the concept of encryption technology called hash signing, there is no chance of losing the confidentiality and security of the document. And, if the respective signature is forged, the software catches the authenticity of the signature and poses high-security threats with securing information by eSignature software.

In addition to the date and time that the software provides, it gives an external level of security in the litigation process.

Ease of Usage

Earlier, we often use the concept of eSignature, due to several reasons because of the unavailability of the software, lack of encryption standards and more. But, nowadays, it has become a minimal requirement for many industries. The importance of using eSignature, including the factors that should be considered to switch to it, explains the greater need for Electronic Signature. Multi-Usage of eSignature The use of eSignature, especially in the banking industry, has made the entire onboarding process a new and easy flow. Also, banks are able to provide a user-friendly experience to their customers with increased use of digital capabilities.

In the same way, companies that belong to the other industries can use the eSignature to fasten their manual process on onboarding a new customer or closing a deal. Also, it gives the companies an edge over their competitors and enables them to create an enhanced customer experience.

Summary

Nowadays, organizations are adapting to digital solutions in every aspect of their job duties, and due to this pandemic, most of the businesses are already done. Using an eSignature makes no longer a challenge in terms of maintaining physical distance and approving the documents at ease.

Also, integrating eSignature online with your businesses provides greater results, and it is a quicker way to optimize your business workflows. In this fast-paced business environment, it is much needed to upgrade to digital signature solutions, especially in the hybrid work workforce.