With the introduction of cutting-edge tools and resources, it has become much easier and more convenient for business owners to manage the operations of their company. Digital signature is one such technology that companies dealing with extensive paperwork can deploy to improve their efficiency in day-to-day operations.
Top 10 Reasons Companies use Digital Signatures
With the introduction of cutting-edge tools and resources, it has become much easier and more convenient for business owners to manage the operations of their company. Digital signature is one such technology that companies dealing with extensive paperwork can deploy to improve their efficiency in day-to-day operations.
What is digital signature?
A digital signature is a mathematical formula used to prove the validity of digital communications or documents. It allows a signer to digitally provide consent to the terms of the document while validating his identity at the same time. Simply put, a digital signature is an electronic form of a traditional physical signature.
Why should you switch to digital signatures?
Here are 10 reasons why you should adopt digital signatures in your company
Improved Company Reputation
Completing contracts and agreements become much quicker and more convenient when digital signatures are used. This also demonstrates that your company is equipped with the latest technologies, which further enhances your reputation in the market.
In today’s cut-throat competition, market reputation means everything, and making this simple move would help you take your business to a whole new level.
Eco-Friendly Approach
With greater awareness about the environmental issues today, businesses are expected to be ecologically conscious. Paper pollution has grave consequences on the quality of air, water, and land. Switching to digital signature demonstrates the company’s social corporate responsibility, indicating that it is not afraid of adopting measures that would have a positive impact on the environment.
Efficient Time Management
In today’s fast-paced world, getting a document signed physically by multiple parties based out of different locations can be a challenging proposition. Considering the complexities, such an approach would make it virtually impossible to complete the entire process within a short span of time.
On the other hand, using digital signatures would enable the task to be completed within a few minutes irrespective of the number of parties involved and their locations.
Process Simplification
A shift to paperless transactions would make it easy and convenient to perform the day-to-day business operations and allow your company to save valuable time and effort by streamlining the overall process.
The transition to the digital process is much less complicated than it might initially seem. In fact, an existing client was delighted to find out how their business had transformed completely by making this simple switch to digital signature.
Improved Customer Satisfaction
Customer satisfaction is important. Going paperless not only allows your company to benefit monetarily and in terms of time savings, but paperless transactions also save the customer a lot of manual effort and time, thereby making it much more convenient and efficient to conduct business. Improved customer experience leads to a happy customer which in turn translates to a happy bottom line for your company.
Better Turnaround Time
It is a time-consuming process to physically sign and return a document that has been obtained through email. The employee needs to take a printout of the document and after physically signing it, he must convert the document back to its digital form before sending it through email.
Conversely, using digital signature, it is possible to sign any document and contract with just the click of a button. This further ensures a quicker turnaround time since these codes enable you to replace the traditional paper-based clearance procedure with a digital system that is both quicker and less expensive to operate.
With the help of digital signature, you can sign papers instantly and from any location, whether on a tablet, a phone, or a computer.
Effective Cost Management
There is an initial cost associated with digitalization adoption, but in the long term, it will be cost-effective. Switching to digital signature means that it is no longer required to send physical documents. Going online would further eliminate the costs associated with paper printing, xeroxing, couriering, and other such related activities.
This amount can then be better utilized to explore new growth opportunities that could take your business to the next level.
Effective Workflow
Digital signature makes document management and tracking simpler and improves the efficiency of the process by causing fewer delays. The time it takes to complete processes that previously took months, from the time a document is requested to the time it is received, has been reduced significantly, thereby improving the workflow of the company.
With no physical documents to go through, the organization and storage of these records also become much more convenient, compared to the numerous file cabinets and boxes that were previously required to store and maintain these physical documents. Another advantage is that you will be able to keep better track of your paperwork. Depending on the program, signers may even get an email reminder if a document has not been signed yet.
Increased Level of Security
With physical documents, there is an added responsibility to ensure that these documents are stored safely and securely. Even with the strictest of security in place, there is always a possibility of the documents getting stolen, misplaced, tampered with, or destroyed.
On the other hand, each digital signature is protected with a tamper-evident seal, which alerts you if any part of the document has been changed after signing. Digital signature thus ensures that the documents are authentic with verified signatures and free from the risk of duplication or alteration.
Authentication and verification of signers’ identities, and the approval of their signatures are accomplished via the use of personal identification numbers (PINs), passwords, and codes. Protecting your signature using digital encryption and audit trails helps keep your company safe from fraud while also keeping your information private.
Increased Storage Space
Switch to digital signature and avoid overloading your office space with files, documents, and employee records. Digital data is saved on virtual servers linked with the IT network or in the cloud, ensuring a secure repository and ease of access. This not only frees up more room in your office for other purposes but also reduces paper use and helps save money that can be better utilized. Adopting an environment-friendly approach reduces your carbon footprint and reflects positively on your reputation.