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eSignature Benefits Every Business Needs to Know

Facts about DrySign eSignature Every Business Owner Should Know

Vijith Menon

The COVID-19 pandemic has brought unprecedented challenges for businesses in the Philippines, leaving them with two choices: adapt or risk going out of business. To survive and thrive in today's rapidly changing business landscape, organizations need a clear roadmap that includes digital transformation. By integrating digital technologies into their operations, businesses can develop organizational structural changes that allow them to overcome social and economic headwinds and prosper over the long term.

The benefits of digital transformation are evident, especially in light of the pandemic. For example, it allowed businesses to quickly deploy equipment to their employees, enabling remote work and collaboration during lockdowns. Companies that had already adopted digital technologies before the pandemic were better positioned to navigate the disruptions and emerge stronger on the other side. In this blog, we will explore the importance of digital transformation and electronic workflows for businesses in the Philippines and how it can help them adapt to the new normal and thrive in the years ahead.

How Digital Transformation Helps Businesses 

Digital transformation is essential for businesses in the Philippines to modernize their legacy processes and systems, leading to better performance and product delivery. Information technology (IT) plays a vital role in digital transformation by enabling organizations to transform traditional products and services into digital ones.

Studies have shown that countries that have introduced digital transformation initiatives have witnessed increased innovation and productivity by up to three times.

Enterprises that implement digital technologies can enhance their resilience against economic upheavals and create growth opportunities for the business sector in the Philippines. By introducing changes in their operations, companies can enjoy various benefits such as improved efficiency, reduced costs, and increased customer satisfaction.

One example of digital technology that is increasingly being used by businesses to create and share contracts, proposals, agreements, and other business documents is electronic signatures. Adopting electronic signature solutions like DrySign can help businesses streamline their workflows and automate the signing process, saving time and resources while maintaining compliance with the Philippines' eSignature laws. By embracing digital transformation, businesses in the Philippines can stay ahead of the curve and achieve long-term success.

What is the importance of digital signatures in business? 

Electronic signatures have become increasingly important in today's business world, as they provide a convenient, secure, and legally binding method for signing important documents. With eSignatures, businesses can easily sign contracts and agreements with partners and clients, eliminating the need for physical paperwork and the hassles of chasing relevant parties for their signatures.

Here are some reasons why digital signatures are important for businesses:

  • Enhanced Customer Experience – Positive customer experience is crucial for businesses, and digital signatures can help companies gain acceptance from customers quickly and efficiently.

  • Time Management – Digital signatures can help companies manage their documents and save time and resources, overcoming the inefficiencies of traditional methods.

  • Improved Reputation – By elevating the customer experience, electronic signatures can improve a company's reputation in the business world.

  • Advanced Security – Digital signatures come with advanced security measures that prevent unauthorized access, ensuring that documents and information remain secure.

  • Increased Efficiency – Using digital signatures can streamline the document signing process, eliminating the need for scanning, printing, and mailing documents.

  • Document Management – Electronic signature solutions offer a secure method for managing documents, including sending, storing, and archiving them for future use.

  • Time Savings – Digital signatures allow entrepreneurs to gain signatures from multiple stakeholders simultaneously, saving them time.

  • Cost Savings – Using digital signatures is a cost-effective solution for businesses, eliminating the need for paper, postage, and administrative personnel.

How can you ensure the validity of your electronic signature?

Electronic signatures have become a popular way of signing documents, but ensuring their validity is crucial for business transactions. To ensure the authenticity of an electronic signature, three key requirements must be met:

  • Intention of the signer - The signer must demonstrate their intention to sign the document, which can be done by reading the document and acknowledging their acceptance of its contents. This can be accomplished through a click-to-sign option or other means provided by the eSignature solution.

  • Consent of all parties - All parties involved in the signing process must agree to the use of electronic signatures. Therefore, many electronic signature solutions include consent language in the signing process to ensure all parties are aware of and agree to the use of electronic signatures.

  • Attribution of the signature - It is important to attribute the electronic signature to the signee to ensure that the signer cannot repudiate the signature later. This can be accomplished through a mail trail, IP address, or time stamp. In addition, some eSignature solutions offer two-factor authentication to enhance security further and ensure the integrity of the signee and the document.

What are some common use cases for electronic signatures in business? 

Electronic signatures are helpful in the preparation of documents such as contracts, forms, and end-user agreements. Some of its use cases are:

  • Agreements – Agreement workflows between individuals and corporations can be reviewed and signed quickly. It automates sales processes and gains multiple signatures from decision-makers rapidly.

  • Purchase orders – A purchase order contains valuable information on contracts and agreements. Sellers and purchasers can enter purchase orders using digital signatures.

  • Vendor/supplier agreements – Vendor agreements benefit companies and help foster business relationships. Electronic signatures enable companies to retain their client base.

  • Change orders – Companies can officially grant change orders if clients decide to change their plans.

  • New customer forms – Customer forms can be used to gain new customers or renew their contracts. Electronic signatures make it convenient to keep the churn rate low.
  • Intellectual property licensing – Intellectual property licensing & legal agreements can work well with eSignatures. Regulations in electronic signature laws provide them with the same weightage as handwritten signatures.

  • Non-disclosure agreements – Non-disclosure agreements enable companies to maintain the sanctity of their research and strategy. It can be used to protect proprietary information and preserve intellectual property rights.

  • Employee onboarding and other HR Documentation – Human resource teams can onboard new hires and manage the exits of employees using digital documents. The consent of employees can be gained through electronic signatures.

  • Consent Forms – A consent form is a written agreement between two or more parties used to obtain consent for a specific action or transaction. Consent forms are often used in business, particularly in the healthcare, finance, law, and technology industries.

Also Read: Which Industries Must Use Digital Signatures and Why?

What is DrySign? 

DrySign is a versatile and efficient online digital signature solution that offers a range of benefits for businesses of all sizes and types, whether they are established enterprises or start-ups. With DrySign, you can streamline your workflows and automate the signing process, saving time and resources. In addition, all your documents are stored securely on the cloud, giving you easy access to them anytime, anywhere.

One of the key advantages of DrySign is its compliance with eSignature laws, such as Republic Act No. 8792 and the Electronic Commerce Act of 2000 (“E-Commerce Act”). This ensures that your signed documents are legally enforceable, giving you peace of mind and protecting you from legal issues.

DrySign also allows multiple stakeholders to sign off on documents, making it easy for teams to collaborate on important projects. With parallel workflows, you can efficiently review and approve document changes, reducing the risk of errors and delays.

Facts about DrySign eSignatures Business Owners Should Know 

  • Highly Flexible – Business owners can send documents to clients or partners for instant approvals. The online signature generator allows eSignatures from multiple stakeholders with its Group Sign and Bulk Upload features and helps close deals 8X faster. In addition, the documents can be read on portable devices and signed from any location at their convenience.

  • Efficient – DrySign is highly efficient in ensuring workflows are automated, and the signing process is uninterrupted. It overcomes the hassles of traditional signing methods and allows multiple stakeholders to sign simultaneously.

  • Privacy – Business owners can ensure their data is protected on DrySign. DrySign accounts are protected with 2-factor authentication. In addition , users can protect each document with passwords for added security, allowing only the necessary signatories access.

  • Sign-in with Web Identity – DrySign helps first-time users to sign in and create accounts with their web identities, such as Gmail. The web identity helps to confirm the identity of users in the workflow.

  • Sustainable – DrySign helps curb the use of paper and contributes to the environment. The ability to eliminate the need for paper, ink, and postage reduces the environmental impact of document signing but also results in substantial cost savings over time.

What are the guidelines on electronic signatures in the Philippines? 

Electronic signatures are legally enforceable per the Republic Act No. 8792 and the Electronic Commerce Act of 2000 (“E-Commerce Act”). This Law recognizes the use of electronic commercial and non-commercial transactions and electronic signatures. Section 13 states that ‘an electronic signature relating to an electronic document or electronic data message shall be equivalent to the signature of a person on a written document if the signature.’

Digital signatures have become an integral part of modern business operations. By streamlining workflows, reducing costs, and enhancing security, electronic signatures offer numerous benefits for businesses of all types and sizes. As technology continues to evolve, it is likely that electronic signatures will become even more prevalent, helping organizations to stay competitive and meet the changing needs of their customers.

Achieve your competitive edge with DrySign

Source: spiralytics.com | ecommerce.dti.gov.ph

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.

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