3 Ways E-Signatures Can Help Optimize Document Workflow Automation
In today's rapidly evolving business landscape, the Philippines is experiencing profound changes in the nature of work and jobs. As the country continues its path of rapid growth, automation has emerged as a transformative force that promises to reshape various industries. According to a recent report by the McKinsey Global Institute, nearly half of all global activities, equivalent to a staggering USD 16 trillion in wages, could be automated using technologies like robots, data analytics, artificial intelligence, and more.
The impact of automation in the Philippines is expected to be significant, with estimates suggesting that 48 percent of employees' activities, equivalent to 18.2 million jobs, could be automated. Sectors such as agriculture, retail, and manufacturing have the highest potential for automation, offering both opportunities and challenges for businesses operating within these domains.
In this blog, we will delve into the world of document workflow automation, a crucial aspect of streamlining business processes, and explore the immense benefits of incorporating e-signatures into your document workflows. As organizations across the Philippines grapple with numerous documents, manual processing proves costly, time-consuming, and prone to errors. However, with the emergence of technologies like Artificial Intelligence and Machine Learning, manual document processing is gradually being replaced by more efficient and scalable automated workflows.
Join us as we delve deeper into optimizing document workflow automation using e-signatures. Discover how electronic signatures revolutionize how documents are handled, signed, and managed, ensuring heightened accuracy, reliability, compliance, and seamless remote work arrangements. Let's explore how embracing eSignatures can unlock new possibilities for businesses in the Philippines, allowing them to navigate the evolving landscape of workflow automation with confidence and efficiency.
Why is workflow optimization important?
Every business, regardless of size or industry type, deals with large documents daily. Managing these documents efficiently can be challenging without the proper processes in place. Unfortunately, manual document signing and paper-based documents can lead to more errors, unnecessary costs, and delays. Thus, workflow automation is the only solution to streamline your documentation. Here are the reasons you need to optimize your document workflow automation.
- Improve Accuracy
Optimizing your document workflows allows for the integration of greater accuracy in your documentation. Even the smallest error in a document can cause delays and trigger a cascade of errors throughout the entire process chain. Automating workflows reduces the risk of human error and ensures that documents are handled consistently and accurately.
36% of business leaders say digital document processes ensure compliance and data security.
- Increase compliance
Automating your document workflows adds authenticity and integrity to your documentation, enhancing compliance efforts. It simplifies record-keeping, reduces the chance of missing or incomplete documents, and ensures adherence to industry regulations and legal requirements.
69% of employees say automation lets them focus on priority tasks rather than wasting time on paperwork.
- Accelerate processes and increase productivity.
Simplifying document management through automation speeds up processing times, freeing up valuable employee time for more critical tasks. Employees can focus on higher-priority activities by reducing the manual burden of document handling. Research shows that 55% of business leaders believe that digital document management processes can greatly accelerate document processing.
37% of business leaders say printing and storage costs can be greatly reduced by switching to digital documentation.
- Lower costs
Optimizing document workflow automation can lead to significant cost savings. Administrative costs associated with activities such as scanning, printing, and storing physical documents can be eliminated or reduced. Surveys indicate that 50% of organizations believe that transforming processes by digitization and automation can cut down on expenses and reduce labor demands.
Optimizing your document workflow with automation is not just a matter of convenience; it's a strategic move that can yield tangible benefits for your organization.
How do eSignatures facilitate document workflow automation?
Incorporating eSignatures into your document workflow automation can revolutionize how you handle documents and streamline your processes. With the power of secure and compliant electronic signatures, such as those provided by DrySign, you can enhance trust, protect your documents, accelerate repetitive tasks, validate signatures quickly, and gain flexibility across mobile and web platforms.
- Boost trust and compliance
By employing an electronic signature solution from a trusted service provider like DrySign, you enhance the overall trust in your organization. DrySign offers 128-bit secure e-signatures that comply with various e-signature laws such as Sec. 5(e) Electronic Commerce Act (Republic Act No. 8792) and are certified by Entrust, a trusted certification authority enabled by proven public key infrastructure (PKI) technology. This integration of end-to-end security and legitimacy instills confidence in your document workflows and processes. With security concerns addressed, you can accelerate your document workflow automation with fewer roadblocks and greater peace of mind.
- Protect Documents with Digital Signatures:
The risk of document misplacement or tampering in digital document workflows is a big concern. However, with eSignatures, you can efficiently send documents for signing and ensure their protection throughout the process. E-signatures guarantee that only authorized individuals can access the documents, reducing the chance of unauthorized alterations or tampering. With enhanced document security, you can maintain the integrity of your digital workflows and establish a robust chain of trust.
- Accelerate Repetitive Tasks:
Document workflows often involve multiple approvals and signatures, leading to potential delays and bottlenecks. E-signatures streamline these processes, significantly reducing the time required for document signing. With eSignatures, you can send, sign, receive, and store documents within minutes, eliminating the need for time-consuming back-and-forth exchanges. Some e-signature providers, such as DrySign, offer integration features with other applications, reducing the hassle of repeatedly creating and adding signatures. Additionally, you can invite multiple signatories to sign documents online, further expediting the signing process and enhancing productivity.
- Quick Signature Validation:
In certain cases, business agreements or contracts require re-signing due to changes in authorized personnel or negotiation alterations. E-signatures provide unparalleled convenience, allowing you to validate signatures with just a few clicks swiftly. This streamlined process saves time, eliminates the need for physical paperwork, and keeps your business moving forward seamlessly.
- Flexibility Across Mobile and Web Platforms:
The global pandemic gave way to an uncertain and often wobbly business landscape. But since then, organizations have embraced remote and hybrid work cultures. To enable remote employees to work efficiently, digital tools have become essential. E-signature solutions allow signing documents on the go using mobile devices and managing documents from anywhere, using any device and browser. This mobility empowers your workforce and ensures seamless collaboration, regardless of their physical location.
3 Best Practices to optimize workflow automation with an online digital signature solution
Streamlining your document workflow automation with e-signatures can revolutionize how you manage and process documents. To maximize this integration, consider the following three essential best to optimize your document workflow automation.
Map Document Workflows: Unlock Efficiency and Integrity
Mapping your document workflows allows your organization to understand better how documents are managed and the entities responsible for maintaining document integrity. Creating a well-structured document workflow plot allows you to identify key steps such as document creation, sharing, sending for signing, and storage. It's crucial to map out critical aspects like document accessibility, versioning, and who can make changes. A well-organized document workflow plot ensures efficient document management, improves collaboration, and minimizes errors.
Determine E-Sign Software Criteria: Choose the Right Solution
Select the right software that aligns with your business requirements before you can fully harness the benefits of an online digital signature solution. By defining the criteria for your e-signature software, you can ensure that it meets your specific needs. Consider the following features when evaluating e-signature solutions:
Intelligent Dashboards: Gain a transparent view of your document signing history, document overview, and status tracking. Accessing real-time information allows for better decision-making and increased visibility into your document workflows.
Group Signing Features: Eliminate the hassle of repetitive processes by inviting multiple signatories to sign a document online simultaneously. This feature streamlines collaboration and accelerates the signing process for documents requiring multiple parties' input.
Real-time Mail Trails: Track your document status using comprehensive audit trails and solid time stamps. Real-time mail trails provide a clear and verifiable record of document activities, ensuring accountability and simplifying compliance.
Notifications and Reminders: Stay updated on your documentation by receiving timely notifications and reminders for document signing. This feature helps you stay on top of your workflow, ensuring that no deadlines are missed and processes run smoothly.
Security and Legitimacy: Safeguard your documents from security breaches and legal disputes. Look for e-signature solutions that offer robust security measures to protect the integrity and authenticity of your signed documents.
Define the E-Signing Governance Framework: Ensure Compliance and Risk Mitigation
To successfully integrate e-signatures into your document workflows, it's essential to establish effective communication with your legal teams. Different countries, organizations, or states may have specific rules and regulations governing using e-signatures. To ensure compliance and mitigate risks, consider the following:
Identify Usage Restrictions: Determine if there are any restrictions on e-signature usage in your industry, organization, country, or state. Understanding these limitations will help you navigate legal requirements and ensure your documents remain valid
Approved Signing Authorities: Identify the approved signing authorities within your organization and establish the order in which they are authorized to sign documents. This clarity ensures that the signing process follows proper protocols and maintains legal validity.
Types of E-Signatures: Determine the different types of e-signatures required or allowed for your documents. Whether it's a simple electronic signature or a more advanced digital signature, understanding the appropriate types will help you choose the right e-signature solution.
Understand the scope: Conducting a preliminary check to understand what can and cannot be signed using electronic signatures is essential. While e-signatures are widely accepted for various document types, a few documents cannot be electronically signed. For example, documents that need to be notarized in the Philippines, like a real estate contract, cannot be signed online
By defining an e-signing governance framework, your organization can navigate legal complexities, ensure compliance, and minimize the chances of disputes or complications arising from your e-signed documents.
The Bottom Line
Optimizing your document workflow automation with e-signatures brings remarkable efficiency, reliability, and security to your organization. By mapping your workflows, selecting the right e-signature software, and conducting a preliminary check to understand the scope of eSignatures, you can streamline processes, improve collaboration, and ensure compliance with legal requirements. Embrace the power of electronic signatures to transform your document management practices and unlock the full potential of efficient and secure workflows.
Start DrySigning now!
DISCLAIMER: The information on this site is for general information purposes only and is not intended to serve as legal advice. Laws governing the subject matter may change quickly, and Exela cannot guarantee that all the information on this site is current or correct. Should you have specific legal questions about any of the information on this site, you should consult with a licensed attorney in your area.