What Are E-signatures?
E-signature is the short term for electronic signatures, you can call it a markup, element, or digital impression that is unique to you only. Isn’t it surprising that the global market signatures are around 1.53 billion? Electronic signatures are just like normal signatures, an example of an E-signature can be when we use our finger to sign a document or stylus.
How Are E-signatures Different From Wet Signatures?
Moving on to wet signature, these use the typical method of signing a physical paper document, form, or contract using pen and ink or you can call it an old-school method. So a wet signature is a legally binding contract and serves to prevent fraudulent activities. So does that mean they have retained their charm? Probably yes but only in a handful of situations.
In current times, electronic signatures have gained recognition and they carry equal weight and effect as traditional pen and paper signatures in most situations. E-signatures bring about time and cost savings, reduce risks, and enhance the overall experience for customers, partners, and employees. Industrialized nations love E-signatures.
| E- Signature | Wet Signature |
| Digital Document | Physical document |
| Employs Electronic Methods | Pen and Ink |
| They have a modern look | Traditional |
| They are Convenient | Tactile |
| Its Cost Saving | Sophisticated |
| Fancier Alternative | They take time |
| Reduces risk of error | Regional |
| Popular among industrialized nations | Monotonous and boring |
How Do E-signatures Give Your Business An Edge?
E-signatures can give an edge to enterprises who adopt them, they are just like the magic wand that makes things easier. Let’s see how:
They Are Fast and Furious
Using e-signatures means you don’t have to bother with printing, mailing, and waiting for signed papers. They speed things up big time, helping companies finalize deals, bring in new customers, and get internal approvals done at lightning speed.
They Can Reduce Costs
E-signatures are a good companion when it comes to reducing costs. Switching to e-signatures is like hitting the jackpot for cutting down costs and no more spending on paper, ink, and postage – the days of buying reams, printing stacks, and mailing documents are over.
The streamlined magic of e-signatures is a game-changer. In addition, no more juggling with the logistics of distributing, collecting, and tracking physical documents. E-signatures cut through the administrative chaos, making transactions smooth, swift, and cost-effective.
So, not only are you winning a paperless world, but you’re also waving goodbye to the financial bloat that comes with traditional signatures.
They Are Reliable
So why are E-signatures reliable? E-signatures, the digital evolution of the classic pen-and-ink signature, bring a new era of reliability to the world. Take them as the superheroes in business, they are equipped with authentication superpowers.
Instead of a simple handshake, e-signatures employ digital fingerprints, passwords, or unique codes to ensure that only the rightful signatories gain access. It’s like having a secret handshake but with an encrypted and highly secure way to it. The best part is that everything is automatically recorded in signatures.
Many e-signature platforms offer advanced security features such as encryption, authentication, and audit trails, ensuring the integrity and authenticity of signed documents. Compliance with legal and regulatory requirements such as GDPR, HIPAA, and eIDAS is also facilitated through e-signature solutions.
They Are Environmental Friendly
More and more companies are taking on green eco-friendly initiatives to make their processes greener, and adapting to e-signatures is one of the main steps to do so. e-signatures reduce the number of papers that are being used so your company’s CO₂ emissions might go down. If you are a company that wants to go green and enhance its carbon footprint then e-signatures are the best fit.
You Can Work Fully Remote With E-signatures
Remote work has become a common working model ever since the pandemic hit us, and this is where e-signatures provide relief for those who want to avoid face-to-face interactions. Its no denying that remote work can only survive if there is seamless collaboration as they can unite through e-signatures on documents. They can easily sign their documents with the help of e-signatures without the need for any physical presence.
By eliminating the need for physical paperwork and manual signature processes, e-signatures save time and streamline workflows. Remote employees can focus on their tasks without being burdened by administrative tasks associated with traditional document signing methods, leading to increased productivity and efficiency.
Places Where Electronic Signatures Cannot Be Applied
Since we have discovered the numerous benefits of e-signatures that doesn’t mean that they can be used everywhere, just like anything else signatures have their limitations. According to the National Telecommunications Information Administration (NTIA), electronic signatures lack legal validity and cannot be used to sign wills and testamentary trusts, state statutes related to divorce, adoption, family law matters, court orders, and official court documents. Try avoiding using e-signature in these areas.
AI And E-signature Duo
When we talk about AI and e-signature, we probably assume that like any other industry, AI will disrupt E-signatures but that’s not the case. Combining AI with e-signatures is changing how we electronically sign documents and it makes the process more efficient and secure. AI can automate tasks like finding where to sign contracts, sending documents for signatures, and spotting any fraud. This not only makes signing faster but also adds security by reducing the risk of foreign access and theft.
Wrapping Up
Overall, electronic signatures come with numerous advantages and few drawbacks as well which is the case with every technology pretty much. For most businesses, the benefits far outweigh any potential issues.
The greatest advantage of switching to e-signatures is the peace of mind that comes from knowing a once cumbersome process now operates efficiently. E-signatures also give your business an edge as businesses that adopt e-signatures are known to be forward-thinking by most clients.
Image by upklyak on Freepik
