In the current era of pandemic where the world has turned to digital, business must go on as usual. Companies need to execute documents, agreements, contracts etc., which was hitherto done personally or face-to-face. With social distancing and people restricting their travel and meet-ups, electronic signing is the best and most viable alternative to paper signatures. It not only reduces time but also increases sustainability and provides the best of traceability and identity. eSignatures are here to stay forever and shall replace manual wet ink signatures entirely soon
What is an electronic signature?
An electronic signature is any document that has been signed electronically. An electronic signature is a signature made by a person electronically through any electronic signature application like CryptoESIGN. Several countries have enacted laws that support eSignatures as valid signatures, like paper-based signatures done with wet ink. Besides supporting the fundamental legal requirements, it is now being embraced widely by the corporate world. Many industries such as financial services, real estate, retail, insurance, and many more use eSignatures today. With pandemic, even small and medium enterprises (SME) have started using eSignatures to execute contracts and agreements with business partners
Why does the need to sign electronically exist?
E-signature has existed for a long but has been integrated with electronic document management and control systems. Today it is used for more than half of the paper documents in the USA and Western Europe. In Asia, it is increasingly accepted and is becoming a norm as well. India Inc. is essentially adopting eSignatures to reap the benefits of efficiency and time. eSignatures are mainly used for commercial applications. They are used to approve documents or contracts, authorization and approvals for purchases, sign purchase orders, job applications, training, and other business functions.
Why is it so crucial for business?
The electronic signature is growing tremendously. Due to the benefits associated with e-signatures, there are more and more businesses that are using this effective form of legal document signing. Electronic signature is an internationally accepted legal document. This is because the signing authority can audit the signature and authenticity with a high level of trust. Traditionally, signing a paper contract is an expensive and time-consuming process. However, the easy management of e-signatures makes the process simpler and better for everyone. It is easy to share the signed document with all the authorities and ensure that everything is in place.
What are the advantages of eSignatures?
The main advantages of an electronic signature include the fast and easy process of signatory signature, reduced paper waste, and reduced risk of fraudulent/unauthorized signature. The paper is often costly and hard to keep. The electronic signing of documents saves the paper and the human resources involved in handling the papers. The reduced paper usage benefits the environment and can reduce the emission by 20%. This helps companies reduce their waste, adhere to the sustainability aspects of the industry, and provides them with a competitive edge.
Conclusion
The future is digital, and technology has taken a radical turn, with computers of all sizes working with unbelievable speed and providing seamless connectivity with other devices. Technology is a means to deliver innovation and efficiency and empowers us to understand and utilize these innovations as an efficient and effective means to operate in the way we prefer. Today, computers make our lives safer, more productive, more accessible, and much more enjoyable. As technology becomes a part of our life, people have begun to adopt new technologies with care and an eye on the future. They have become aware of the positive and negative side of new technological innovations and how they can positively change the world. Electronic Signature is no less and the corporate world of all sizes have embraced it with open hands to reap the real benefits that it offers
Written by
(Ragu)nathan Kannan