One of the most exciting pieces of software on the market in recent years has been the eSiganture. In the search for a completely paperless process, many companies find that getting documents signed is one of the major reasons for delays in their processes.
An eSignature solution gives your customers, partners and employees a fully automated solution that speeds up the signing process and securely routes documents to the correct recipients. eSignatures enable you to remove the laborious and time-consuming tasks of printing, faxing, mailing and manually validating signed paper.
What is an eSignature?
An electronic signature, or eSignature, is a legal way to get consent or approval on electronic documents or forms. An eSignature is an electronic signature attached to or logically associated with a record adopted by a person with the intent to sign the record.
eSignatures can be used to replace handwritten signatures in both personal and business processes. Examples of these processes include contracts, application forms, new hire onboarding forms, no-disclosure agreements, onboarding forms, change requests, and many other types forms.
Are eSignatures legally binding?
In terms of legality, eSignatures are considered to be legally valid in almost every industrialised country around the world. In 2016, the EU the passed the Electronic Identification and Trust Services Regulation, also known as the eIDAS, which has made eSignatures legal for all business uses. This regulation simplifies and standardises digital IDs eSignatures across Europe to help create a digital marketplace.
A similar law was already passed in the USA. Even in less-developed countries around the world, they are beginning the process of passing eSignature laws.
Can you integrate eSigantures within your existing business processes?
eSignatures can be implemented right across your organisation, in any workflow that involves an approval process.
For example, if a manager within your organisation wishes to hire a new employee, the whole process can be completed through an eSignature solution. After choosing the successful candidate, the hiring Manager would route the contract of employment to the HR department for approval via a workflow system. Here, the HR department would sign the document electronically. This approval would then trigger the workflow system to automatically send a contract to the successful candidate to sign electronically once again. Finally, the signed contract would be returned to the HR department.
Are eSignatures the same as digital signatures?
An eSignature refers to any electronic process that indicates acceptance of an agreement or a record whereas a digital signature is frequently used to refer to a very specific type of eSignature.
Typical eSignature solutions use common electronic authentication methods to verify the signer’s identity. This can be done through methods such as email, corporate IDs, or a phone PIN. Although multifactor authentication can be used when increased security is needed. The best eSiganture solutions demonstrate proof of signing using a secure process that includes an audit trail.
Digital signatures use a specific type of electronic signature. They use a certificate-based digital ID to authenticate signer identity and demonstrate proof of signing by binding each signature to the document with encryption.
What are the benefits of eSignatures?
An eSignature solution provides your company with a great opportunity to eliminate paper (which in turn reduces costs), reduce the time chasing for approvals, increase data security and increase admin efficiencies throughout your organisation.
eSignatures will reduce the number of missing information (e.g. signatures, initials or dates) within documents as you can apply required field settings. These act as reminders for the person signing so no information is forgotten.
Documents that are signed electronically are returned 21 times faster on average than paper documents. This is because an eSignature solution allows users to send, view, manage and legally sign your documents from anywhere, anytime, including phones and tablets.
Where can I get more information on eSignatures?
Embracing eSignatures can help create a competitive advantage for your business. If you’d like to talk to one of our consultants about implementing an eSignature solution, you can email email@example.com for more information or call Patrick on 01 5175 104.