opposed toItducHas your business made the switch from traditional signing, and started using an digital document signing or e-signature solution? If not, consider how digital document signing could support your business, employees, and users. To help you make your decision, we have collated a list on how e-signature solutions impacts a business and its functions.
Digital Document Signing and Impact on Business
Due to the nature of e-signatures being online as opposed to the traditional paper and pen method, businesses can save significant time when collecting signatures. Due to faster turnaround times, employees have more time to focus on completing projects opposed to chasing for signatures. Additionally, individuals who are receiving the document to sign save time as they do not have to print, sign, scan, then fax, mail or email the signed document back. Additionally, once a signed document is received, it is fast and efficient to file it in the appropriate location in your businesses digital filing system such as SharePoint.
Migrating signature processes to a digital platform saves costs spent on the printing, reprinting, and photocopying of documents for distribution and filing, and also saves on the mailing of documents as well as the storage required. While there is a subscription cost to most digital document signing solutions*, the price of the subscription is relatively low, and depending on how many documents you print, you could find large saving as paper, ink, printer maintenance, and mailing costs are made obsolete.
*You may already have access to one without knowing! If you have an Adobe Acrobat PDF Pro license, you can request e-signatures and distribute documents as part of your license.
There is no need to worry about writing the wrong date, or addressing to the wrong person. If any errors are made, it is quicker to edit and resend the document through e-signature platforms. This is opposed to versus editing, printing, and re-sending via mail to an individual for signing. A study completed by DocuSign, an e-signature provider, found that increases in productivity, and decreases in errors were reported.
Digital document signing is more secure than paper an pen – and here is why. Many question, but can my signature just be copied and pasted via a digital signing method? While yes, this can happen, digital document signing does not only rely on the signature itself, unlike the traditional method. Digital signatures have multiple layers of security and authentication built into them, and also include court-admissible proof of transaction.
- Certified on Completion: The IP addresses of the signer/s is documented. In addition, timestamps are also provided on completion of the signing of the document.
- Electronic Record: Many digital document signing products and e-signature providers may offer electronic records. These serve as an audit trail and proof of the transaction. This includes details such as when the document was opened, viewed, and when (and possibly where if location was enabled) it was signed. This audit trail is available to all participants, and can be utilised during disputes should there be one.
- Tamper-Evident Seal: As explained by DocuSign, once the signing process is complete, some providers may digitally seal the documents using Public Key Infrastructure (PKI), an industry-standard technology. This seal indicates the electronic signature is valid. Additionally, that the document hasn’t been tampered with or altered since the date of signing.
Want more information on how digital document signing can support your business functions? Please contact a member of our team today.