Contracts are important pieces of paper that are extremely valuable and signatures on these contracts are even more important. Although document signing has undergone significant evolution throughout history, it is only recently that the physical support of the signature has been eliminated, revolutionizing the way that millions of professionals do their business, making the e-signature even more relevant part of today’s culture.
What exactly is an E-signature?
An electronic signature (e-signature), a cryptographic tool with the same authority as a handwritten signature, is used to signify understanding and approval of a document. The audit trail connected to the electronic signature enables the beneficiaries of the contract to verify the signatory’s identity. This makes it considerably more challenging to forge signatures.
These electronic signatures enable businesses across all industries to hire employees and services more quickly and create paperless workspaces that meet Environmental, Social, and Governance (ESG) standards.
Here are a few other benefits of E-signature:
1. No paper wastage:
No handwritten signature = No need of wasting paper.
The requirement to print documents in any department of any industry is reduced and ultimately eliminated when done using an electronic device with an e-signature. Additionally, processes prior to printing are also eliminated and result in zero wastage.
2. Convenient for everyone and saves time:
The traditional paper-based method required signatories to be in the same room to sign. If they are from the same office, it might not be a problem, but if they are from different departments, businesses, or even countries then it will be difficult and expensive to make them sign the documents. But with e-signature, anyone with an internet connection can quickly and from any location receive, review, and sign legal documents.
To align itself with an ESG mindset, it simultaneously cuts CO2 emissions and refrains from wasting resources to hold meetings that may be avoided.
3. E-signature: ensures security:
Along with the document to be sealed, the e-signature is provided to the parties over a secure connection. The parties receive a copy of the document after consenting and signing it, whether with a finger or the mouse pointer, and all signature data is securely saved. The many biometric data of the signatory that are captured, such as the strength and speed of the stroke, as well as the date, time, and place, make it very easy to trace these.
4. Streamline procedures in your business:
The organization’s procedures are significantly accelerated and made more effective as a result of all the aforementioned variables. This technology streamlines critical business processes for sales, acquisitions, and other crucial business tasks.
A solution like the e-signature can help a wide range of industries and save money on expensive materials used in the handwritten signature procedure. Even more traditional industries, including the legal system, are moving toward digitization and implementing the use of E-signatures.
This will result in a working environment where paper is no longer necessary for ordinary business operations. By doing this, an ESG-enhanced paper-reduction mindset will be infused into each company’s core values, fostering a culture of environmental responsibility.
With the new normal being Online business process, the world is changing and therefore every business should start integrating technologies into their business management including the legal part of it.
Contact Doqfy for legal documentation services and let us help you transform your business into a paperless environment, which leverages technology for documentation, legal ancillary, and registration services.