About 20 years, the idea of digital signatures was something hard to imagine. However, today, eSignature technology proves to be an ideal technological innovation. Electronic signatures, also referred to as eSignatures are electronic processes that indicate acceptance of a record or agreement.
Unlike digital signatures which use identify that is based on a certificate, eSignatures use a one-factor authorization using variables such as unique PINS, passwords, or social security number in verifying identity. With e signature solutions, proof of signing is obtained using an audit trail function that is embedded in each digital page.
eSignatures Solving Old Problems
eSignatures are today an important element for improving workflow. In 2018, the federal government passed the 21st Century Integrated Digital Experience Act mandating it to modernize its processes, forms, and websites to enhance user experience and allow compliance with legal standards. The law included a plan to help accelerate the applications or use of electronic signature standards that have been established under the Electronic Signatures in Global and National Commerce Act. Businesses that have integrated eSignature technology into their processes, it has helped make the processes much simpler.
In traditional or even electronic processes that don’t utilize eSignature technology, it would be costly and time-consuming to have documents signed. For example, when a business wanted a document signed by another party, it would that a person or notary service had to be hired to get the documents to the recipients.
Sometimes, it required the use of postal services to the document for signing. eSignature has changed this process and now business only needs to identify an eSignature platform where it prepares the documents by unloading them and then sending them electronically to be signed. In the traditional way of signing documents using ink and pen, it could take weeks to sign a document, but with eSignature, it can take minutes.
Adopting eSignature Technology in Business Processes
Like many other technologies, everything there has been a change, it has created some resistance. Technology may be scary just as change is. One of the challenges many businesses face is the implementation of new technologies including eSignatures. A legal esign solution should be able to eliminate some of the problems that businesses face when implementing eSignatures solutions.
A big drawback, which however can be overcome, is the learning curve involves when businesses have to adopt new software or technology. However, with the change, without new technology adoption, businesses may become uncompetitive and often unable to compete with the competitors. It can be difficult to convince workers that a technology or software solution is going to improve their working experience when they don’t understand what it is. It is therefore important for business leaders to take the reins for preaching and advocating or educating their employees why eSignature and other existing or emerging technologies are needed in the workplace and how they can improve workflows.
While technology comes with many benefits to the businesses, it may never work 100 percent of the time and this applies to eSignature technology. When it comes to digital documents, they allow for remote viewing as well as execution on mobile devices, however, having outdated browsers and smart devices may lead to display issues something that hinders the process of adopting the technology. Vendors have the responsibility to maintain mobile apps and do away with interferences as much as possible.
When offering eSignature technology to businesses, it is the responsibility of the eSign company or vendor to train the people who use the technology so that they can identify and solve technical issues that arise when using eSignature. The esign app vendors should also offer support teams ready to take care of issues that arise when users are using eSignature software tools.
Must-Haves for Businesses to Integrate eSignature Technology
As businesses begin to embrace electronic or digital transformation, many are thinking of implementing eSignature technology into their processes to achieve end-to-end digitization. Regardless of the industry or size of business, eSignatures play an important role in helping organization to do away with the old fashioned, time-consuming, and costly paper documents and realize the huge benefits that come with eSignatures such as improved customer experience, higher ROI, increased staff productivity, and elimination of error-prone process that is typical with paperwork. If you are thinking of fully automate your signature process by use of eSignature solutions within your business apps, web portal, core systems, or mobile apps, you need to consider various requirements when choosing an eSignature platform.
1. Ability for high volume eSign transaction automation
Whether it’s a bank wanting to push account openings using mobile apps or an insurer wanting to send claim forms to customers with pre-populated info, it needs to have a reliable eSignature solution capable of processing hundreds or thousands of forms. A robust eSignature capable of automating the larger volume of the system initiated eSignature processes needs to be sought by businesses. While your eSignature needs may be small at first, you may find that with time, your business is handling high volume eSign process and the eSignature software should be able to handle that change in the document signing process. Integrating eSignatures into your core systems is able to eliminate the manual work done by employees involving the preparation of documents for eSignatures.
2. Easy to Integrate
The eSignature solution you choose should be easy to integrate with downstream and upstream systems in your business or organization so that it eases the process and makes it straight-through processing. Get an eSign software solution that brings the tools and resources you need to help in integrating eSignature into your prevailing and future business processes and workflows. Using an open API as well as fully supported SDKs or documentation is going to help your employees quickly set up and start using eSignature software solutions.
3. Easy to Scale
When you first seek eSignature solutions, you may be trailing small; however, as time goes on, you advance your systems and the need for eSignatures. If you started with one line of your business implementing eSign and soon another one follows suit, it means you need to be able to have an eSign tool that is capable of accommodating the increasing demand for eSignatures in your business. Look for an eSign solution you are going to grow with and offers the scalability and flexibility to upside or downside. For example, if you want to use the eSignature solution for your entire lines of businesses or departments, it should be able to take up that demand. The eSignature solution needs to offer the freedom to change where and how you want to deploy it.
4. Great User Experience
When you are adopting an eSign technology, you want it to be easy to use especially when it comes to your customers or the people who sign the documents. Ensure that it can offer fully customized workflows and the ability to have an intuitive UI to allow customers to have a seamless doc signing experience.
5. Compliant and Secure
When using eSignature software tools you need to ensure the eSignature and the documents are protected using digital signature technological innovation that is able to create a digital fingerprint on the doc and can be used sometime in future too when parties involved in the signing process want to verify the integrity and validity of the record or electronic document. Ensure you have eSignature solutions that offer protection to your documents ensuring they are not tampered with easily. If a slight tamper occurs, the eSign should be visibly invalidated.
Benefits of Integrating eSignature into your Processes
Having a digital doc workflow that relies on eSignature helps streamline the entire process or operation. When combined with dedicated Business Process Management (BPM), eSignature solutions can have an immense transformation of business processes and workflows.
- Embedding Electronic Signatures in Intricate Processes
Many eSignature tools have workflow capabilities, however, they are unable to support complex, highly customized business processes. Having BPM software that integrates eSignature in workflow allows easy embedding of digital signatures as well as electronic signatures. Customized workflows can be complex by their nature, however, when you have a Business Process Management that integrates eSign solutions, it helps take advantage of the power of the two technology solutions. Besides, it helps automatically track documents within the complex processes. You can automatically track docs and create audit trails from the eSign platform.
- Automating Contractor Creation and Execution
Using electronic signatures provides you with a solution to help in automating contract generation as well as execution. You can create document templates or even upload physical documents to allow users to fill the forms digitally. When you integrate eSignature into your Business Process Management, you are able to incorporate templates derived from the eSignature platform within your workflow process or signing process. This way, you automatically generate contractors before your route them to the right parties by configuring the correct routing rules within your BPM platform. When you have set up the conditions for routing documents, you can now automate the processes end-to-end. This helps increase efficiency while maintaining accuracy in the signing and processing of documents. You can even get notifications when contracts have been executed to ensure you are up-to-date.
- Reduces Contract Review Time
The use of manual document processing allows critical documents to be in the hands of only one party at a time. However, when you have BPM that supports eSignature technology, it offers more transparency. Both the eSignature solution and BPM solution provide a centralized placed where parties involved in a contract can submit as well as review information any time and from anywhere. The process has programmable routing conditions and rules that are adhered to to help send contracts to the right parties at a pre-arranged point in the process. You will have reduced time of reviewing contracts or completing document signing and processing. There are field validations that are set via eSign platforms to allow signers to feed in the correct info and reduce errors. It is also possible to designate fields that prevent the signers from sending back incomplete info.
- Improving Contract Traceability, Accountability, and Compliance
Your business needs to stay within the regulation boundaries by ensuring quality document management processes and eSign solutions. eSignatures and digital document workflows help improve accountability, compliance, and traceability of contractors or legal documents.
Both eSignature and BPM platforms offer an automatic digital audit trail that gives visibility into the document or contract processing and signing. It is easy to pinpoint any errors that may occur or any omission. Designating the required fields as well as validating the fields helps a business to avoid non-compliance that may come about due to incomplete and incorrect information filled in contracts. Automatic notifications send to the signers from the BPM and eSignature platform allow the signers and other parties involved to know when a contract is due and when it should be executed to prevent delays.
Integrating eSignature into business processes is a pivotal thing, it helps create efficiencies, transparency, reduce downtimes, and enhance the customer experience. Documents are signed pretty quickly and the processes are intuitively done to prevent errors, omissions, or inaccuracies in the documents. A document that is not signed may not be submitted to the send by the signer. Choosing the right eSignature platform that offers technical support is very crucial for the success of the implementation of the free esign tools.
Category: Business Services OutsourcingCompany about: CIS Established in 2003, Cyber InfraStructure Pvt. Ltd. or CIS is a leading IT and custom software development company in Central India, USA and UK. Since 2003, CIS has been providing highly optimized technology solutions and services for SMEs and large scale enterprises across the world. CIS has worked with 2100+ clients in more than 100 countries. Their expertise and experience ranges across a wide range of industry domains like education, finance, travel and hospitality, retail and e-commerc ...