Integrating E-Signature Technology Into Business: A Quick Guide
Who would have thought a decade or more ago that it would be possible to do signatures digitally without picking a pen and without a paper? Well, it is very common these days with the evolving technology.
The involvement of e-signature in businesses has proven to be very useful and secure. E-signature is proof that a certain document has been accepted.
With the provision of e-signature, the businesses can save a lot of time than required in the older days when the management needed to send someone to make the other parties sign in official documents. There are many other benefits of having e-sign in your business.
Still, before that, we will discuss the factors an organization needs to keep in mind while integrating e-sign in their business.
History of e-Signature
E-signature is proof that a record or a document has been accepted. The introduction of the e-signature was done in the 2000s by the US Federal Government, bypassing the Electronic Signature in Global and National Commerce (ESIGN) act, stating that an e-sign has equal value and validity as that of an ink signature and is acceptable in every state of the USA.
E-signature uses a single factor authorization using variables like pins, passwords, social security numbers, etc., unlike a Digital signature, which uses a certificate-based ID.
Problem Solvers of The New Era
In 2018, the Federal Government passed the 21st century Integrated Digital experience Act, making it mandatory for the businesses to modernize its processes, forms, and websites to enhance user experience and comply with legal standards.
Now the organization has to identify or select an e-sign platform. Here, the documents are prepared by unloading them and are sent to the respected party to be signed.
Businesses that have integrated e-sign in their workings have saved a lot of time and gained a lot. Unlike the older times, when a business wanted a document signed by another party, it would take days and a person to take the documents to the required party, which is not a problem now.
The e-signature is in motion would take only minutes.
Adopting the E-Signature Technology
As had happened with every new technology and invention, problems have arrived. Similarly, with the integration of e-sign in the business, there has been resistance and training and education.
But it is not adequate for a business to lack new technologies as they will be left behind in the race and won’t face the competitive world. The issues that arise or may arise while implementing e-sign technology are:
- Technological jargons
- Unreliable e-sign vendor
- Training of the workforce who are going to be working with the new technology
- Making an e-sign platform that is workable in any device or version
Points to Keep in Mind While Implementing E-Sign Technology
With the advancement in technology and the ways of doing business organization, every business wants to implement the e-sign technology to their business, no matter how big or small the business entity is.
By implementing the e-sign technology, they are saving a lot of time, getting better ROI, reaching customers easily, and reducing error, which was typical with the old way of signing documents with a pen and doing all other paperwork.
But before implementing the e-sign, the businesses need to keep in mind the following factors:
1. High volume e-sign transaction automation
Whether you are a small firm or a big MNC, you never know when your business will be indulging in high volume transactions.
A business should be well equipped with an e-sign solution that will adjust itself with the need of the e-sign transaction volume. You don’t want any hurdles coming in your way in the long run.
2. Flexible and easy to scale
An e-sign solution should be very accommodating in the long run. Suppose you already have implemented an e-signature in one of your functions or department, and now you want to integrate it into another line.
In that case, the e-sign solution should be well versed in handling the sudden change. For that, you are required to have an e-sign solution that will help you out of the problem.
3. Easy to Integrate
It would help if you chose the e-sign software solution that is easy to integrate and eases out the process, and gets you straight-through processing.
The software solution should be such that it has the tools and resources that will help you in the future workflow of the business.
4. Seamless user experience
The e-sign technology should be user friendly and provide an easy workflow for customers, as they are the ultimate users.
Choose the e-sign platform wisely so that the customers are not disappointed, and their experience should be great while signing any document.
5. Compliant and secure
When using the e-sign solution, make sure it is secured and protected and have a fingerprint function or any other way the user/customer can store their information and verify their identity when they have to sign again. The protection of the information is of utmost importance.
Benefits of Integrating E-Sign Into The Business
- It reduces the time for reviewing the contract and saves money by replacing paper documents.
- It helps create contracts automatically beforehand by analyzing the route of the party or user he will have to take in filling the form.
- It’s easy to track documents in electronic form.
- It gives better ROI as the management can work without wasting any time in getting the documents signed.
- It reduces the chances of error.
Choosing the right e-sign software solution is crucial as it is crucial to know the business’s working and how to cope with the failures. Business managers need to be quick and efficient in adopting new technologies to prepare for an uncertain future.
A good businessman knows what is good for his business and how to cope up with the faults. There are online platforms that can help you with research and collecting information about other businesses. In simple terms, it can help you out about business workflows and stories of different business entities.
E-sign implementation is an important part of the workings of businesses today. The right platform should be chosen and so that the business can handle any technical jargon and produce better results.