The Benefits of Using Electronic Signatures
Change is the only constant. And the ones who embrace and adapt to change are the ones who thrive. This theory has manifested itself throughout the COVID-infested years we have been storming through. And as much as most beings dislike change, the businesses that endured are the ones who were able to accept and deviate accordingly. So, the first step is 'acceptance.'
Not only as individuals, but organizations worldwide must accept the transformations brought about due to the pandemic and plan strategies synergizing with newer, faster, cheaper, and more convenient processes. Our businesses have rapidly evolved, and many workflows embraced the digital route. Remote work and video conferences have paved the way for contactless operations while Mother Nature rejoices at the reduced dependence on paper and seemingly unnecessary polluting processes.
But after all the virtual meet-and-greets and confirmation of deals, most companies are still shuttling huge documents across from one office to the other while the papers travel back and forth until their conclusion. With all of the innovations and advancements in technology, waiting for a physical document to finalize something in ink negates much of the other modern processes' benefits.
Simplifying complex procedures is what we do best at Exela. And so, with DrySign, we've made it possible to expedite even that last step, which is, signing on the dotted line. We want you to have a quick, safe, cost-efficient, reliable, and convenient experience. DrySign by Exela is an easy-to-use electronic signature solution designed to help users sign, send, and share documents anywhere, anytime, from any device. Indeed, this revolutionary product has many benefits. Once you are acquainted with the idea of digital signatures and get accustomed to the convenience and ease of e-signing, you can never go back to signing in ink again – at least not by choice!
Let's look at some of the best benefits of switching to digital signatures:
1. Unmatched Security
Digital signature technology, a subset of the electronic signature platform, is more secure than hand-written, ink-based signing. This is because it contains traceable data that can be backtracked to the source, making details such as who signed a document, when, and even where they signed it traceable for legal purposes. Therefore, digital signatures reduce the likelihood of forgery, copies signed under duress, and any other form of fraud. Additionally, it even reduces the possibility of errors because digital pages cannot be inadvertently swapped out for fraudulent, older, or variable versions, providing an extra layer of security that traditional methods cannot compete with. Moreover, one can configure the application to ensure only select persons can copy the file and only specific users gain access.
2. Significant Cost-Savings
While switching to electronic signatures, you may incur a meager initial cost. However, when you consider the amount of money you save by eliminating other expensive resources from the signing equation, this initial cost seems petty. The most apparent savings come from the reduced dependence on paper, ink, printing, packaging, postage, and handling. These processes include the cost of the mentioned elements, but an administrative fee also accompanies these tasks. Moreover, the labor involved in performing these executive functions is intensive and expensive. Documents may switch between many hands in the process, and one cannot ignore the probability of human error. In addition, some business transactions comprise airline travel, hotel accommodations, and miscellaneous expenses incurred with in-person meetings. With electronic signatures, you can complete transactions without the typical print-and-mail or meet-and-greet and the possible repetitions of these processes due to modifications or corrections. Exela’s DrySign permits users to store e-signed files in a cloud-based repository that can be accessed anywhere, which means more savings on infrastructure-related costs. One cannot ignore the space that offices assign only to store documents. Furthermore, with a facility that holds vital records, appropriate staff to help organize, access, and safeguard relevant information are also required, thereby adding to the headcount of billable employees.
3. Quick Turnaround Times
The conventional route takes an average of five business days to get a contract signed. But with an efficient e-signatory platform, you no longer have to wait for postal mails to be delivered, and then additionally wait for that one person to authorize the document and finally return it with the same workflow in reverse. With electronic signatures, you can automatically send the documents to the right people and instantly receive the signed and verified copy in return. This approach is even more beneficial when a file requires multiple authenticators to sign it. Exela’s DrySign allows multiple users to simultaneously view and sign the same document, saving cumulative efforts and time.
4. Unrivaled Convenience and Flexibility
Most e-signature platforms are accessible on all web-enabled devices, empowering users to perform functions such as closing a deal with much flexibility. In addition to just signing documents, superior platforms initiate an easy, instant search and access to stored files for later reference. Furthermore, the same document can be opened by multiple permissible users at several locations simultaneously or at any given point, paving the way for numerous signatories and real-time updates. Some systems go as far as organizing signatories by hierarchy. It is undeniably the most convenient medium for any industry.
5. Legally Binding
In India, the Information Technology Act of 2000 (IT Act, 2000) grants legality to digital signatures. The IT Act states that a subscriber of a digital signature can authenticate an electronic record by affixing a digital signature. However, specific use cases do not permit digital signatures, such as registering a will or certain transactions within the real estate sphere, such as the conveyance deed of immovable property, rental lease agreements, and documents requiring notarization. Apart from a few exceptions, digital signatures are considered valid transactions in India, with all legal terms binding upon the agreeing parties. Moreover, DrySign holds a certification from eMudhra, one of the leading licensed Certifying Authorities (CA) under the Information Technology Act of India issuing digital signature certificates in India since 2008.
6. Sustainable and Eco-friendly Solution
The amount of paper utilized in contracts, agreements, and documentation is taxing the environment. Many of these documents get corrected, re-printed, and re-routed several times, leading to a loss of resources that is a burden to our planet. We may not realize it with each document, but it is alarming to imagine the cumulative effects of these heaps of paper. Our moral obligation directs us to seek alternate routes that lead to more sustainable and environmentally-friendly solutions. Committing to electronic signatures instead of cutting trees for unnecessary paper records ensures this.
7. Robust Audit Trails
Looking for a particular e-signed document is easier with an advanced platform like DrySign because the cloud stores all files. This makes it easier than rummaging through multiple folders. It's also easier to scan and locate specific entries within a digital document than hard copies. Besides, electronic signatures are verifiable, and the date and exact timestamp, source, location, and a lot of other data get recorded while electronically signing a document. It is thus safer than traditional wet signing with ink as those can easily be tampered with, forged, or coerced, and it is difficult to settle claims arising from such disputes.
8. Contactless Service
Considering the present situation with the nation battling widespread Omicron, using electronic signatures instead of obsolete, traditional, hand-written processes that threaten the health and safety of the sender, receiver, and every person involved in the interim stages, including postage, handling, and delivery, is advisable. The Indian market and economies world-over are severely hit due to this pandemic. We must do our bit towards the recovery and reinforcement of economies. It is not only a moral obligation or an act of benevolence, but in open markets, all are interdependent. So, we must find alternative methods to ensure businesses continue without compromising health and safety. What better way than moving towards digital processes and electronic signatures!
We can choose to stagnate in older methods that offer the comfort of habitual or perceived ease. But, if we do not adapt to changing times and develop or embrace solutions that have the potential to ensure we sustain through this phase, we may find it too difficult to cope with procedural hurdles when on the other end, we have such a beneficial alternative with nothing negative to consider. It’s time to stop being complacent. It’s time to embrace digital solutions! Learn more about DrySign
DISCLAIMER: The information on this site is for general information purposes only and is not intended to serve as legal advice. Laws governing the subject matter may change quickly, and Exela cannot guarantee that all the information on this site is current or correct. Should you have specific legal questions about any of the information on this site, you should consult with a licensed attorney in your area.