Today, companies operate in times of unprecedented change. Digital transformation provides them with opportunities, with early adopters taking the lead. However, it is challenging for companies to scale with a relevant approach. Reinventing processes takes considerable time and effort, and digitizing processes means considering customers' needs and security.
Electronic signatures or eSignatures are a modern digital tool used in getting consent via e-signatures on contracts and agreements. It was vital during the COVID-19 pandemic and helped organizations foster and maintain business relationships. However, an obscure understanding of the law and changes in regulations and compliance can prohibit companies from investing long-term in these innovations.
Electronic signatures are an asset to industries looking to optimize internal processes and facilitate great customer experiences. Although regulations deter enterprises from investment, electronic signature laws are easy to comply with due to the effort put in by eSignature solution providers like DrySign. This blog is meant to clear any doubts resource-heavy industries have about electronic signatures and facilitate them in adapting digital processes.
31% of organizations have adopted eSignatures to remain competitive. – Aberdeen
How Industries will Benefit from eSignatures
The use of electronic signatures will streamline the process of electronic documentation for customers and industry professionals. Here are some advantages of its implementation:
Better Customer Experience :
Customers need a better experience while signing onto new products and services. Electronic signatures can help companies achieve this. An eSignature solution can be integrated into all document workflows like contracts, consent forms, agreements, and letters allowing customers and employees a seamless, hassle-free experience.
Improved Speeds in Signing :
Contracts, forms, and documents can be signed quicker than ever using eSignatures. A client can sign a form at his convenience from any location, any time.
More Savings :
Adopting digital signatures will reduce the expenditure on paper, materials such as inks, and maintenance costs of printers and scanners. This will attract digital consumers who care about companies that follow eco-friendly business practices.
Increased Productivity :
Electronic signatures can improve the productivity of any industry professional. As a user, you can track all your documents, whether signed or pending, etc., leading to efficient decision-making. In addition, notifications and reminders allow you to fast-track your processes.
Industries that Benefit from eSignatures
eSignatures can have several benefits for document-heavy industries that must comply with changing regulations. Here is a brief list of some industries that benefit significantly from the adoption of online signatures:
- Pharmaceuticals – Pharmaceutical industry manufacturers and their partners must maintain rooms full of paper documents, agreements, delivery and processing forms, etc. A real-time mail trail helps record the electronic signatures of all parties involved, the signatory's name, and the time of signing.
- Healthcare – The healthcare industry relies on consent forms, insurance forms, release papers, and other documents. It can switch to eSignatures to adhere to medical regulations to gain their consent electronically. Electronic health records can be integrated with electronic signatures to help patients and doctors sign within hospitals and facilities.
- Legal – Law firms can utilize eSignatures to sign contracts, agreements, and other documents with clients. Electronic signature solutions complying with the ESIGN Act can authenticate signatures electronically. In addition, E-signatures can limit the use of paper documents while maintaining privacy.
- Real Estate – The real estate industry can simplify its workflow and utilize eSignatures. Legally valid electronic signatures can protect against fraud and ensure a hassle-free process.
- Education – Institutions within the education industry can use them to control the paperwork. A transparent process can help the administrative staff to manage documentation effortlessly and ensure smooth functioning. Implementing eSignatures can bring speed, transparency, and reliability to the process.
- Government – Government departments can employ eSignatures to gain approvals on tenders, upcoming projects, etc. Departments can use mail trails to see obstacles and take preventive measures to ensure projects are not deadlocked.
- BFSI – The banking, financial service, and insurance industry can introduce eSignatures in their process to serve as an identification factor of signees. Banks, financial institutions, and insurance firms can process KYC forms efficiently with its help.
- Retail – The retail industry can streamline the contracting process by using eSignatures. Retailers can use them in hiring short-term staff, entering agreements with distributors, invoicing, delivery receipts, etc., and ironing out any bottlenecks in the supply chain.
How DrySign Helps
DrySign is an eSignature solution with a high impact value on internal processes. Some of the benefits are stated below:
DrySign helps protect documents from manual risks by digitizing and storing them securely. The platform even allows companies to create templates of forms and agreements for clients and gain approval in just a few clicks.
The status of documents can be seen in real-time with real-time mail trails displaying any modifications or alterations made to your document. It can save companies hours of productive time on follow-up and resource allocation.
DrySign helps users improve their workflow and eliminates any unnecessary steps in the process. Electronic signatures can improve productivity and efficiency and act as a substitute for attaining signatures from multiple signatories without them being physically present.
Documents are protected thanks to inherent standards followed by DrySign to protect their customers from fraud and theft. In addition, sending documents through a trusted electronic signature provider like DrySign is ideal for insurance companies. Stringent encryption standards and additional features such as multi-factor authentication can protect sensitive documents.
DrySign complies with the ESIGN Act, UETA, and other global electronic signature laws. All documents signed on the platform are legally binding and protected by the law.
Implementing an eSignature solution will help companies become sustainable by cutting down on paper use and reducing their waste output. Reducing the carbon footprint will contribute to the environment and limit your business’s impact on the planet.
Companies across various industries must take measures to achieve their goals and provide excellence. Electronic signatures transform entire processes and help industries cater to clients who are increasingly dependent on digital technologies. In addition, they offer a smooth signing experience and eliminate cumbersome barriers.
Change the way you do business by partnering with DrySign.
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.