Benefits of Using Electronic Signatures to Sign Contracts

Anchal Ahuja

Anchal Ahuja

Senior editor

Parul Saxena

Chief editor

Last updated: June 2, 2021

Signatures are synonyms to top authorities of almost all organizations and form a significant part of the legal system. A signature has a critical role in terms of authorization of any form for the ongoing processes of the organization. Thus, electronic signatures have remarkable value in the professional world.

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The traditional pen and paper signatures were avidly used in the past but now owing to the requirements of the modern fast-paced competitive world there is a need for change and a boundaryless solution.

Electronic Signature Benefits

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Why can’t you go for traditional pen and paper mode?

  • Spoiled signature:

The wet ink signatures are prone to accidents. Just imagine how embarrassing it is to use a pen and paper signature and to know another day that it has been spoiled due to water or moisture. Thus, there is the least reliability on the pen and paper signatures. 

  • Managing the papers:

The issues of handling files and paper are immense in any corporation. Just imagine that you’ve to recall a document buried in a pile of files and papers. There is no possibility that you can get quick access to the document on the same day. It becomes challenging to manage the documents physically. The start-ups and remotely located businesses have to spend extra bucks to ensure safe storage space for the vital paperwork. Thus, it eliminates the cost-effectiveness of the entire process.

  • Security and authenticity issues:

The tampering of the papers signed using the traditional technique is easy. Further, there is no security of the document that exposes a person’s signature to any unauthorized access. This is an excellent issue for the companies that rely on documents for service charges and other payment-related activities.

  • Signing in a covid-19 pandemic:

Companies have a team located across the borders that may require sending couriers to different countries for finalizing a document. 

Signing

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This is not possible in the challenging times of the covid-19 pandemic when nations are trying to control the covid-19 spread. Thus, it becomes crucial for businesses to think out of the box to solve the signature issues.

Unlocking the potential of e-signatures

With so many problems associated with them, it took no time for the companies to replace the traditional signature mode with an entirely digitized version. Thanks to digitization, global e-signature transactions have increased from 89 million to 754 million in less than five years.

The digital signature software understands the issues with the traditional signatures and incorporates technology in the signing process. No matter how little it seems to be, the e-signatures are the proven productivity contributors in any organization. It helps start-ups, small, medium, and big enterprises to save millions of dollars on administrative costs.

Remarkable benefits of electronic signature:

The best benefits of an electronic signature include:

  • Sign from anywhere, any time:

No customer wants to interact with an organization that provides no flexibility in the paperwork. Paperwork is mandatory to ensure compliance but should never try to take a toll on the business. 

Unique benefits of eSignature

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Thus, digital signature software ensures that the service provider and the customer can go through the paperwork quickly from any corner of the world. This software allows the stakeholders to view, edit, and suggest changes in the documents at any time without the need to visit the place to get it done manually.

  • Excellent customer experience:

The customers feel ecstatic when all the paperwork can be managed digitally. It improves customer satisfaction and ensures the best branding of the services or the products. When companies compete in the tight economy with several options in the same niche, it is best to go for simple yet powerful inventions like an electronic signature.

  • Real-time updates:

It is easy to manage few contracts manually. When managing thousands of service or professional contracts, it becomes difficult to remember their respective statuses. The digital signature software ensures real-time updates on all documents that make it easy to check the progress and actions required for a smooth business.

Why should you use electronic signatures for your business?

If you want some serious yet straightforward technology for your business, it is crucial to go for the electronic signature. The best ways in which it can be fruitful for your business include:

  • Great turnaround time in a covid-19 pandemic:

You don’t have to wait for the pandemic to be over to share physical documents with your team. All you need to do is switch to the digital signature software that eliminates travel and physical contact with the documents.

Impact analysis of covid-19

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You can share the links of the documents over email to the team without worrying about the turnaround times. It is an easy, quick, and effective way of decreasing the turnaround time in your organization. This time management helps teams focus on the customers and generate business than worrying about the paperwork only.

  • Legal, Encrypted, and Secure Documents:

The best digital signature software ensures the safe storage of the valuable documents of an organization. It is easy for any business to maintain an electronic record than to go for files and paperwork. 

Electronic signature security is further increased with the embedded details like email address, time, date, geographical location, IP address, etc. Thus, it protects all confidential documents from getting tampered with.

The forgery-proof technology of the digital signature software protects your documents from unauthorized access by hackers. The encryptions protect the documents, and it is nearly impossible for the hackers to reach the centralized servers of the organization.

  • Easy to correct document errors:

To err is a human being, and hence there must always be the chances of corrections in the company’s documents. Thanks to the digital signature software, it allows the users to correct the mistakes, review the document, validate it, and easily upload it by updating the last copy. There is no fuss about typing, printing, and signing the documents again when using digital documents.

  • Environment-friendly to please customers:

The best digital signature software ensures businesses contribute their part to save the environment. The less demand for papers will relieve the environment of the excessive cutting down of trees. It further empowers the business to gain some attention at the international level, where stringent measures are taken for saving the environment.

Unvired digital signatures

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The increased levels of customer satisfaction follow the environment-friendly nature of the electronic signature. Your company may win the hearts of many customers that are actively involved in environment-saving measures. It creates your organization’s goodwill in the market, which is vital to generate loyally and repeat customers. Above all these benefits, you can feel proud of the technology that is protecting the environment.

  • Saves time and money for the organization:

The best digital signature software saves time and money for the organization. It ensures no pending deadlines by providing alerts and reminders on renewal or updates on the contracts. It further reduces the stress on the teams to read, review, and reply to the documents as quickly as possible. All authorized employees can view, read, and make changes in the documents from anywhere in the world.

There are loads of savings in money wasted on traveling, floating contracts, and managing the physical documents at your organization. It eliminates the requirements of dedicated storage and grants excellent mobility to your business operations.

Must-to-have features of digital signature software:

Out of all the possible options available in the market, you must choose the best digital signature software for your businesses. However, it can be overwhelming to make your decision. So, here is the list of the quick features to look for in the best electronic signature.

  • Contract creation
  • Digital storing of documents
  • Tracking the contract status
  • Raising alarms for immediate actions like incoming deadlines or other timely activities.
  • Comprehensive management for the employees and the customers.
  • Managing the documents traffic
  • Employing the best encryption and security standards for safekeeping documents.

Wrapping Up:

The digital signature software overcomes the paperwork challenges in any organization and provides next-level security and authenticity to all documents. The problematic but straightforward bottlenecks can be effectively solved using the e-signatures. These are highly useful in challenging the covid-19 pandemic when teams work from different locations and are not present in one office.

The cost-saving, easy-to-use, and highly productive efficiencies are some of the best benefits of bringing in the electronic signature in your organization. Many small, medium and big enterprises are leveraging the advantages of using this modern technology. Whether it is finance, tenders, or anything else, there is nothing that digital signature software can’t handle. It is a perfect example of a small invention with significant advantages.

Anchal Ahuja
Skilled in writing stellar business plans, also know how to craft a slogan or a marketing piece that gets results. I provide subject matter expertise to acquisition consulting projects, ensuring excellence in technical performance and always eager to travel, learn and educate through exceptional word crafting.

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