If your company is dealing with a large number of physical documents on a daily basis, you should consider adopting digital signatures. They will not just pave the way to a paperless future, they will also make your workflow more efficient and increase productivity, saving you time and money.
A digital signature is a mathematical code for demonstrating the authenticity of digital messages or documents that lets you sign a document electronically and validates the signer. They are often compared to fingerprints because they contain a unique set of data that is used for identification purposes.
Here are five important reasons why having a digital signature is a good idea for your business:
1. Fast turnaround
Employees at companies using traditional signatures have to do many steps to sign and return a document received via email. Using this technique any type of documents and contracts can get signed with a click of a button. As a result, you save time because these codes allow you to replace the approval process on paper with a fully digital system which is faster and cheaper. Thanks to digital signatures, documents can get signed off almost instantly, from anywhere using a tablet, phone or computer.
2. Cost savings
The implementation of digitalization has a cost, but, in the long run, you will end up saving money. With a digital signature, sending paper documents is unnecessary. Therefore, printing and delivery/shipping costs will go down. There will be also savings in other indirect costs such as filing, rekeying data, archiving, or tracking and in the expenses related to the processing of confidential files. The use of digital signatures will also help to cut down on environmental waste as a consequence of the drastic reduction of the paper your organization will use.
3. Workflow efficiency
With lesser delays, these signatures ensure better efficiency in workflow. Managing and tracking documents is easier and faster. Processes that use to take months from the time a document is requested until it is received can be done in considerable less time. They also make it easier to organize information and documents, because there aren’t any physical papers to sift through. Searching through digital documents is easier and faster than searching through paper documents stored in file cabinets or boxes.
Another benefit is that you will be better able to track documents. Some software even sends signers a reminder email if a document has not been signed yet.
4. Strengthen security
Digital signatures reduce the risk of duplication or alteration of the document itself and ensure that signatures are verified and legitimate because each of them is protected with a tamper-evident seal, which alerts you if any part of the document has been changed after signing. Signers are also provided with PINs, password and codes that can authenticate and verify their identity and approve their signatures.
Digital encryption and audit trails keep your signature secure, protecting your organization against fraud and keeping your information safe.
5. Increase storage space
Due to the fact that digital files are stored in virtual servers connected to the IT network or in the cloud, you don’t need to keep your office storage cabinets filled with paper files and your office can have more available space for other things. Physical documents occupy a lot of space and increases the usage of paper, which is not recommended due to its environmental impact.
The bottom line
The benefits of digital signatures have more offices and companies choosing them to make their workplace more efficient and secure. Digital document management systems can help your organization save time, money and space providing better security while improving productivity and cutting down on paperwork.
In this article we listed some of the general benefits of the imlementation and use of these types of signatures, however, each company or organization can find its own particular benefits considering their needs, their budget and the system’s capacity to adapt to them.
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