How To Close Business Deals Efficiently Without Ink and Paper
As the world resets for a post-COVID future, the need for digitization has only increased as all of us try to embrace the changes. The pandemic has brought fundamental changes in business operations and altered a lot of conventional work practices. With the new normal work practices – which includes maintaining social distance and cutting down on business travel – we are getting used to working remotely and minimizing contact. But how does that affect the work practices that previously required the presence of people, such as physical signatures on business documents?
For years, physical signatures or “wet ink” signatures have been used to ensure the validity of any legally sensitive documents, be it handwritten or typed. Scanned versions of the physical signatures have also been used on documents later on, but it raised security concerns since the non-encrypted versions can be misused without the knowledge of the people concerned. So how do we conduct business practices without compromising security while maintaining safety?
This is where electronically created and stored signatures replaced traditional pen and paper signatures and became a necessity for global business operations.
How does electronic signature work?
An electronic signature, more commonly termed as e-signature, is the digital form of consent by the signatories in a legally binding contract, which can be used on an electronically transmitted document. To facilitate the safe distribution of sensitive and legal documents, electronic signatures are used for encrypting organizational confidential documents such as sales contracts, legal agreements with employees and vendors, intellectual property licensing, non-disclosure agreements (NDAs), and virtual onboarding processes. Third-party software such as Adobe Sign and Eversign are being used on a wide array of document formats for creating legally binding documents that require signatures for ensuring validity.
What are the perks of using e-signatures?
By replacing conventional handwritten signatures, e-signatures have increased the speed of contracts, productivity, and saved office space. Apart from these, there are multiple ways an e-signature application can benefit your business.
Ensure the safety of your confidential documents
By eliminating the need for physical signatures on documents, e-signatures allow us to follow the new normal work practices by maintaining remote working norms. The platforms are heavily encrypted so confidential data cannot be compromised. Due to the non-repudiable nature of electronic signatures, the signatories cannot deny the validity of consent later. SELISE ARC offers an e-signature feature as a part of its digital business processing system, which is globally adopted, legally recognized, and can be used as a viable method that also provides data protection features.
Save your valuable resources by speeding up the business process
The remote work practices have taught us that we can conduct business processes more efficiently which previously required valuable time and monetary resources. Using e-signature features from DocuSign, you can speed up any business process that requires repetitive signings. Once an individual approves their signature on an e-signature application, they do not need to repeat it like physical signatures. As the stakeholders can sign from any online devices, their physical presence is not mandatory, saving both money and time. This leads to greater efficiency and customer satisfaction, both of which are important in any business process.
Create remote collaboration opportunites
Allowing you to expand your business globally without any hassle, e-signatures can be used across countries and industries. Even though the international travel ban has restricted travelling overseas for business purposes, with an e-signature application like SignRequest, you do not need to have face-to-face meetings anymore to sign a contract. It allows you to collaborate with the stakeholders from any part of the world.
Seamlessly integrate with other applications
Most of the E-signature applications offer third party application programming interface (API) integrations with commonly used business applications such as Microsoft Office, G Suite, Dropbox, and Evernote. This ensures greater flexibility by reducing data redundancy and duplication.
When it comes to doing business in the current situation, our priority is to create a safe system for all the people involved, without compromising the security of the business documents. By digitizing the necessary paperwork in platforms similar to electronic signatures applications, you can create a paperless work environment that will also pave the way for a sustainable future for global business.