Looking for some Innovative Approaches to Improve Electronic Signatures?
Let us understand the given information.
An electronic signature’s goal is to rapidly validate a document with a uniquely recognizable mark.
Although certain security issues still exist, innovative methods to improve electronic signatures are increasingly used in private affairs, legal transactions, economic transactions, and even as part of official government documents.
The process of signing documents in the traditional methods has not only become unsafe after COVID-19, but it has also closed the doors of many organizations. Adopting the online signature practices can enable companies to continue with their business as usual.
What Exactly Are Electronic Signatures?
According to one definition, “an electronic signature, often referred to as an e-signature, is data in electronic form that is logically related to other data in electronic form and is used by the signer to sign “So long as it complies with the criteria. The specific rule under which it was created, such a signature shall have the same legal status as a handwritten signature.”
It is also worth noting the difference between an electronic signature and a digital signature, which is a cryptographic process used to implement an electronic signature.
There are some electronic signature risks on forms such as credit card applications, medical consent, mortgage loans, job contracts, and much more. In fact, electronic certificate signatures simplify and improve the reliability, robustness, and turnaround time of signing documents. By using the technology of cryptographic signature, you can eliminate any need to sign documents in an office setting.
E-Signatures Improve Business Efficiency
At the time of considering the ways in which adopting free e-signature service will improve business process efficiency, it is important for businesses to understand that traditional signatures require a manual break in what seems like a system-driven process.
In the traditional signature process, there are things such as signing, scanning, and printing to be done that create a manually intensive overhead. This delays what can otherwise be an efficient electronic end-to-end process.
Creating an Online Signature approaches, particularly when integrated with an existing line of business applications such as contracts, ERP software applications, and personnel systems can produce much better efficiency.
In this blog, we will have a look at some innovative approaches to improve electronic signatures. These approaches will eventually help in better business management.
Catalog Documents For E-Signing
You can create a catalog, an index of almost everything that requires a signature including procurement documents, HR documents, operation documents, sales forms, finance forms, etc.
This catalog is important because it can show you the scale of improvement that lies in front of you.
Define E-Signing Governance Framework
Businesses are supposed to work in conjunction with their legal teams for understanding the risk associated with e-signing any documents in the catalog. This helps in taking a couple of things into consideration.
You can identify any company, industry, state, and country restriction. In addition, you can also identify approved signers or signing authorities while figuring out which order they should be signing.
You can determine different types of e-signatures that are allowed or needed including the name, scanned, or typed signatures done with a mouse or with a finger on a screen. You can also determine the candidate documents for the initial phase including low risk and a small financial penalty in case of a dispute.
Building User Stories
To gain a competitive edge, businesses can build user stories of how the users interact with documents, particularly the ones related to the existing IT systems and manual touchpoints.
The manually intensive touchpoints and those where there are long turnaround times are essentially the high-priority areas that need to be addressed. In addition, user stories also provide a consistent way of documenting and matching needs to the capabilities of the certificate electronic signature option. In fact, they also identify any possible changes in IT systems such as business processes and integration points.
Mapping Document Flow Lifecycle
Documents are essentially living and mapping the document flows allows businesses to gain a much better understanding of how one can manage documents along with who is responsible for the integrity of document content.
The document flow steps include things such as creating, and issuing documents in a business system.
The signed documents are more than likely, to begin with, a template which makes it important for businesses.
Templates can be baked into the system that generates the document including an ERP system for sales order processing.
Determine E-sign Software Criteria
There are certain characteristics that must be observed in cryptographic signing tools and technologies. The tool must be integrated with business applications such as ERP systems and CRM systems, while being scalable.
When processing documents, the system should be looking for data along with the number of documents to be signed.
You can also see the number of signed documents that are waiting to be signed. And signature workflows are considered for driving process and automation, including records management services.
There are a couple of electronic certificate signature tools in the market. A person who is looking to get the best out of an online signature platform must perform with research.
Planning a Roadmap for Innovative Approaches to Improve Electronic Signatures
You must start think big because that will enable you to ensure early success with the e-signing process. Because you deal with one or two low-risk documents that ensure the soundness of processes.
Once a business has a framework and is successful in achieving a repeatable process, everything becomes relatively easier. You can then add more e-signing candidates to the process. This is essentially an agile and iterative approach to driving a lot more value and managing risk simultaneously.
Measuring Success
A project or an initiative must have a way of measuring how successful it can possibly be. The e-signature projects may have some metrics including the time that can be saved in efforts & reduced turnaround time.
These are some of the important measures that can prove to be critical for long-term success. After the implementation of an online signature platform, make sure that you check the progress of things.
It’s Time to Make a Change
If you’re still using good old-fashioned pen and paper signatures, but now is an excellent time to consider about transitioning.
eSignatures are finally prevalent enough that when presented with a document that requires electronic signing. People will not squint or ask strange questions.
You might maybe wait a little longer, but what’s the point? Get ahead of the curve so you can focus on bigger and greater things for your company.
Build User Stories
Companies should build user stories of how users interact with documents, especially those related to existing IT systems and manual touchpoints. Manually intensive touchpoints and touchpoints with long turnaround times are high-priority areas that need to be addressed.
User stories provide a consistent way to record and match the functional requirements of possible electronic signature software options. They also identify any changes in the IT system, such as integration points or business processes.
Conclusion
Benefits of electronic signatures is an essential up-gradation to enhance the workflows. Whenever a company integrates e-signature technology into an applicant tracking software, the processes become much simpler and effective.
If you haven’t already adopted the signatures, it’s time to take the leap and give your venture the success. Follow the best practice mentioned above for better results from the use of an electronic signature platform.