Electronic Signatures: 7 Important uses in 2023
A SIGNATURE is a handwritten depiction of your name and carries great importance when proving identity and intent. The history of signatures is fascinating, dating back to 3100 B.C. At the very start, signatures came to the spotlight after a scribe named Gar Ama created them on a clay tablet. Gar Ama and El Cid (Spanish Warrior) are the names known to have the first-ever handwritten signature in the history of humankind. Later, in the sixteenth century, the English Parliament made it mandatory for contracts to have a signature according to the State of Frauds Act. Since then, signatures have evolved at a swift pace.
Everyone — irrespective of profession, age, and industry — uses signatures daily for multiple reasons, including signing contracts, business agreements, insurance forms, college applications, bank account transactions, pension deductions, and more. Not too long ago, once digital documents became standard, signing them also became necessary, and electronic signatures were born. With the emergence of digital signatures, document signing has become a different ball game altogether. Signing documents digitally is more secure and accessible than ever — anyone can sign, share and store documents in minutes, without compromising on security.
The e-signature market is booming rapidly, with businesses moving to the cloud and employees settling in remote work environments.
The Digital Signature market is anticipated to reach $3,410.8 million in 2023.
In today’s fast-paced business environment, uncertain market scenarios, and increasing demand for digitization, digital signatures have become an essential tool, simplifying and streamlining business operations. As we enter a new year, now is the best time to restock your technology stack with a more legit life-saving tool — an electronic signature. Here are seven essential uses of e-signatures in 2023.
7 Important Digital Signature Uses in 2023
1. Electronic signature for obtaining loans and credits
Most businesses today operate on a basic, simple rule of lending. However, with the emergence of market uncertainties and recession rumors, running a successful business has become a tough nut to crack. However, loans and credits system has saved enterprises, helping keep business running. Lending comes in different forms: consumer loans, business loans, retail finance, and more. Though there are various forms of these loans or credits, the procedure for all of them requires hundreds of signatures, document reviews, and a lot of back and forth. Embracing an eSignature solution removes all the hassle from your document signing process, helping you quickly sign loan or credit agreements. In a nutshell, integrating e-signature solutions into document processing saves customers and agents countless hours and pennies.
2 . Electronic signature to formalize contracts at trade fairs and congresses.
Over the past few years, international trade has evolved, with electronic commerce taking center stage. Integration of eSignatures has streamlined international trade, reducing the time required to exchange physical documents signed for a global business transaction. However, considering the importance of contracts at trade fairs and congresses, it is advisable to use a more secure and legitimate resource, such as electronic signatures.
Also Read: How eSignatures can Accelerate Growth for Enterprises
3. Electronic signature to accelerate Human Resources procedures
Running a business includes several functions: sales, marketing, human resources, development, and more. And each business function requires countless paperwork for different processes. Human resource is one such organizational department that works on paper-based processes. Unfortunately, traditional, manual document handling slows down human resource procedures. Adopting an electronic signature solution eliminates time-consuming, redundant tasks and accelerates processes. From collecting employee data to document and form signing for onboarding, data management, and payroll documentation, eSignatures help automate and simplify processes, attract and retain the best talent, and bring in profitability.
4. Electronic signature for company managers
Management is responsible for most organizational innovations and modernization techniques. But what happens when your mind is busy paper-pushing? Manual documentation can be a murderer of creativity and innovative ideas. It creates a halt in organizational growth. So, it is essential that managers optimize time and prioritize tasks seeking profitability.
Securely signing documents online anytime from anywhere empowers managers to travel easily without worrying about time management and halted workflows. Moreover, different eSignature laws make it easily accessible for company managers to carry out international business transactions or communications.
5. Electronic signature to close deals with suppliers and external agents.
Suppliers and external agents have to travel quite a lot to ensure regulated product supplies for continued business operations. Under such circumstances, exchanging business agreements, getting them signed, and managing them becomes troublesome. With the emergence of digital signatures, suppliers and external agents won’t need to worry about sending documents by courier or setting up in-person appointments for document processing. Instead, they can sign on the go — from any device, browser, or location. In addition, managing confidential documents, even while traveling, has become easier than ever with digital signatures.
6. Electronic signature for informed consent
This functionality is most relevant in real estate, insurance, and healthcare. Consent is necessary while dealing with sensitive data. For example, there are numerous instances where a real estate agent might process property deals without the prior permission of the property owners. Or, an insurance agent might send a client’s confidential documents to the wrong person. In addition, the healthcare sector needs patients’ authorization to perform specific tasks. Incorporating a digital signature solution helps deal with such sensitive data with prior informed consent, security, and legitimacy. You can take approvals from the desired person and securely execute sensitive paperwork, no matter their location. This way, no one would suffer any loss or security breaches.
7. Electronic signature for confidentiality agreements
We all know that organizations deal with vast data sets daily. Data processing is undoubtedly a sensitive factor for companies. Each time a new employee joins the company or a new client onboards, confidential information is exchanged that needs to be safeguarded. As most businesses are trying to expand in international markets, securing the deal in a confidentiality agreement has become crucial to avoid any disputes. But getting into those agreements with a manual signing process can cause delays, restricting business growth. On the other hand, integrating an e-signature solution helps signatories review, sign, and access confidentiality agreements in minutes with end-to-end security and legitimacy. Moreover, any agreement signed using electronic signatures can be used as proof against any fraud or misuse of intellectual property in a court of law.
The Bottom Line
Digital signature has become a necessity in today’s digital-first business world. Businesses deals with countless agreements, contracts, forms, quotations, invoices, and more. And managing all these documents effortlessly and securely can only be done using an electronic signature solution. A tiny change can transform your business into a digitally fit enterprise that appeals to today’s customers and audiences. Talk to our experts to get the right plan for your business. Get DrySign now!
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.
