The COVID-19 virus has forced organizations to change the way they conduct business to ensure business continuity. Remote work environments have intensified the friction created by handwritten and paper-based signature processes, leading to a higher demand for electronic signature solutions.
Electronic signatures, also known as e-signature, refers to an audio symbol or process that is logically or physically associated with a contract or any other document and signed by an individual who intends to sign the document. Although the laws and regulations differ based on the location, the majority have the same fundamental rules for signing documents. Businesses that use cutting-edge technologies will be more able to return to work than those stuck in their old ways and unable to adapt. Companies should consider adopting a reasonable approach to accept disruptive technology and leverage digitization to gain competitive advantages both now and soon.
The Top Companies That Profit from The Electronic Signing Technology
Businesses across all industries look at ways to reduce costs, enhance processes for workflow, and cut down on waste. The online contract management software’s E-signatures are a cost-effective and safe alternative to traditional contracts signatures. Explore some of the sectors which can benefit from this type of signature.
One of the sectors has seen a significant change thanks to the use of digital signatures for real estate. There are numerous documents that need to be signed by clients in the real estate industry. This could include landlords and tenants or the homebuyers and sellers. All these people have to come up with contracts and agreements. They must be signed. Paper documents can take a long time and make the process susceptible to errors that can undermine legal documents’ legitimacy.
Real estate agents are required to spend a significant amount of time traveling from one place in an attempt to meet or meet with clients to sign papers. Agents must be able to fit in with their colleagues’ schedules to ensure they get the documents signed. But, this lengthy process has been eliminated by electronic signature solutions for real estate, as real estate agents are not required to drive to these places. The signing process can be completed very quickly, thereby saving time and that of their customers.
IT and Cybersecurity
Businesses that offer technological innovation and security for their customers are advised to “walk the walk” themselves. Electronic signatures are one method to ensure the security and efficacy of information. Electronic signatures also save time and money on mailing, faxing, or organizing in-person meetings to verify documents. Remote users can access and sign documents anywhere, so long they are connected to the Internet and an electronic device or computer.
Many paperwork is associated with the legal sector as the attorneys must sign numerous documents on behalf of their clients. Whatever legal issue you’re involved in in the process of signing documents could be made more accessible with the help of electronic signature software. Documents take a while to sign, and clients have to travel between offices to sign the documents.
This can be very time-consuming when you need to bring every document to another office to get it signed. When you use the electronic signature option that allows users to sign the documents at their homes. If you require an office for embedding the signature, the documents are electronically sent to the appropriate parties.
Financial Services and Insurance
The insurance and finance industries typically require signatures for virtually every transaction. The need to streamline processes is vital to prevent dreadful bottlenecks. In addition to the increased efficiency over mailing or faxing, E-signatures also have timestamps and audit logs which provide precise information about what happens during the sign-off process.
The Federal HIPAA Electronic Signature Privacy law protects individuals’ data in the health and life sciences industries. In recent years secure document storage, privacy, and accept electronic signatures and electronic documents have become the hot subjects. Electronic signatures that comply with federal regulations improve document security and conformity. Healthcare organizations that are successful must efficiently manage contracts for their patients, doctors, providers, staff, and other organizations they partner with.
Every day the retail industry is faced with lots of paperwork. What happens when a large quantity of payment methods require confirmation of orders or payment at the expense of the buying department for every item that the vendor and other such processes supply. Some shops need at least three copies of the contract before they can place an order. Think about the papers used when it comes to the documentation for daily transactions in a retail office. A signature is all that is needed to complete transactions.
The number of industries that use eSignature toolkits is vast, and many companies have recognized the value of this technology to their daily operations. If it’s a store for retail or an insurance broker, an insurance firm, a bank, telecoms, or a law firm, they’re now using this technology. ESignature solutions in the insurance industry help insurance companies lower their operating costs and connect with their clients and business partners in a straightforward method.