Implementing new technologies is one effective approach to running or managing a business. For instance, it helps streamline processes to save company resources. Most businesses using the latest technologies report high growth and great revenues. For that reason, you should consider integrating modern technologies into your business systems.
There are various kinds of technology you can use in your business. One of them is electronic signatures or e-signatures.
This article gives an overview of electronic signatures and why your small business should switch to that technology. Read on.
An Overview Of Electronic Signature
An electronic signature is a technology that provides a legal way of signing online documents. In simple terms, it allows people to put their consent to content in digital documents. Thus, capture the signatory’s intention to be bound by the terms or content of the signed online copy.
There are three main types of electronic signatures. The first one is simple electronic signatures—one of the most common types of e-signature. It’s created by scanning an image or picture of the signatory in order to agree with the terms of a document.
The second type is an advanced electronic signature. And unlike the first one, advanced electronic signatures contain electronic seals. Besides that, they’re transmitted through an electronic delivery firm which provides extra verification.
The last type of electronic signature is a qualified electronic signature. This works just like the advanced electronic signature. The only difference is that it has higher security features.
You can use any of the three described types of electronic signatures. But whichever is the case, you must work with the best service provider. Ensure to partner with a reputable and experienced company like jSign or any other similar service provider.
Why Implement Electronic Signature In Your Business
You’d want to switch to e-signatures for various reasons. These include:
- To Minimize Costs
Reducing costs is a must to grow your small business. Increased costs hurt your profits. And your company can’t compete with others if it continues to make losses.
Various things can lead to increased costs in your firm. One of them is using traditional signatures to authenticate documents or agree with their content.
You must understand that you’ll have to deal with physical documents to utilize traditional signatures. And that attracts a lot of costs. For instance, you must purchase printing paper, ink, and a scanning machine. You can avoid that by switching to an electronic signature.
An electronic signature eliminates the need to deal with physical documents. Thus, you won’t spend money buying printing paper and scanning machines. You can digitally sign documents and send them to recipients quickly. That helps reduce costs in your business, thus maximizing profits.
- To Promote Data Security
Another reason you’d want to switch to electronic signature technology is to enhance data security. That’s important since electronic signing is more secure than dealing with physical papers.
Note that using physical documents may expose your company data to unintended users. Especially if left lying or uncovered for long hours on scanners or office cabinets. As a result, people with bad intentions may compromise your company’s information.
On the other hand, electronic signatures eliminate the need to handle physical papers. That minimizes the exposure of your company data to unintended users.
You must also understand that most e-signature tools have built-in advanced security features. Therefore, you won’t worry about hackers accessing your company data.
- To Save Time And Promote Productivity
You must save time to enhance productivity in your business. But that might not be possible if you’re still using traditional signatures.
As noted earlier, you must have physical papers to append a traditional signature. However, that’ll take much of your time. For instance, you must spend several hours printing documents, putting in a signature, and scanning them again to transmit to recipients.
In other instances, you might be forced to take your documents to delivery service officers. All that takes much of your time and will hurt your productivity. Therefore, it’s necessary to switch to an electronic signature.
Electronic signatures will help you to save time in many ways. For instance, it eliminates the need for printing and scanning documents. Besides, you won’t have to waste time going to postal offices to deliver or pick up documents. You can electronically create, sign and transmit documents to intended users. As a result, you’ll save time for other critical activities. That goes a long way towards boosting your company’s overall productivity.
As detailed above, there are several reasons your business should switch to electronic signatures. However, you must install the right software.