As technology continues to evolve, so do the ways in which we conduct business. One such area that has seen significant advancements in recent years is the use of electronic signatures. Electronic signatures, also known as e-signatures, are a digital method of signing documents and agreements.
And in today’s hybrid workforce, where remote work has become the norm, electronic signatures are becoming increasingly important. In this article, we’ll explore what they are, how they work and their benefits for the hybrid workers.
Introduction
Electronic signatures are basically digital versions of handwritten signatures. They remove the need for physical signatures or printing as they are used to sign documents electronically.
They’re also legally binding and recognized in most countries around the world. Unlike their handwritten counterparts, they provide a more secure and efficient way of signing documents electronically.
How electronic signatures work
Electronic signatures are made using digital signature software. Once this software captures a person’s signature, it’s then encrypted and stored securely. When the time comes that you need to sign a document, you can simply click a button and your e-signature is applied. Your document is then encrypted and stored securely, ensuring its authenticity and security.
Read also: A Basic Guide on Electronic Signatures and What Makes Them Legal
Benefits of electronic signatures in the hybrid workforce
With the increased adoption of a hybrid working model, where partial or totally remote work has become the norm, electronic signatures are increasingly important. Here are some of the key benefits:
1. Increased efficiency and productivity
In contrast to the time consuming nature of traditional signatures, documents can be signed and shared instantly with electronic signatures, eliminating the need for printing, faxing, or mailing documents.
This can save employees a significant amount of time and allow them to focus on more important tasks. Additionally they can speed up the approval process, allowing businesses to close deals faster.
2. Improved collaboration
E-signatures can also improve the collaboration between team members and departments. This is a crucial benefit for hybrid workers, where individuals may be working in different locations on a regular basis.
With traditional signatures, it can be incredibly difficult to coordinate the signing of a document when employees are remote. Contrastingly, their digital cousin enables team members to sign documents from anywhere in the world, making collaboration easier and more efficient.
Read also: Why e-signature software for small businesses makes sense
3. Enhanced security and compliance
The digital method of signing is also far more secure than traditional signatures. E-signatures use encryption technology to verify the signer’s identity and ensure the document has not been tampered with.
Traditional signatures can be much more easily forged or altered. Additionally, e-signatures can help businesses comply with regulations such as GDPR, HIPAA, and SOX.
They also provide an audit trail, which can help keep track of who signed a document and when.
4. Reduced costs
Electronic signatures eliminate the need for printing, faxing, or mailing documents, which can save businesses money on paper, ink, and postage.
Additionally, electronic signatures can help businesses save money on storage costs. Electronic documents take up less physical space than paper documents, and they are easier to organize and search.
5. Better customer experience
With electronic signatures, customers can sign documents from anywhere, at any time. This can be especially important for businesses that have customers in different time zones or locations.
They can also help businesses provide a more personalized experience by allowing customers to sign documents electronically, without the need for a physical meeting.
6. Reduced risk of errors
When using traditional methods of signing, it’s inevitable that errors will creep in and important information might be missed. With e-signatures, documents can be reviewed and signed electronically, which will reduce the risk of errors and ensure that all necessary information is included.
Read also: From A – Z: the process of online contract signing
7. Faster turnaround
Electronic signatures can also accelerate your document approval process, which leads to faster turnaround times. There’s a huge amount of admin and toil involved with traditional signatures, which can slow everything down and mean that you’re waiting a long time for a signature. Not so with e-signatures.
Since documents can be signed and approved electronically, and the overall experience is better for the counterparty, you’ll find that documents will be approved in a fraction of the time.
Implementation of electronic signatures
Implementing electronic signatures is very simple and businesses can use a variety of software and services to implement them. Oneflow is one such platform and offers a free trial, where you can experience true contract magic, not just e-signatures. However, once your trial ends you’ll still be able to sign PDFs electronically for free (and always will).
The future
The future of electronic signatures looks bright. As businesses continue to embrace remote work, electronic signatures will become increasingly important. Technology continues to advance, which will no doubt make electronic signatures even more secure and convenient.
Key takeaways
Electronic signatures offer multiple benefits to businesses operating a hybrid work model. They can help teams improve collaboration, increase efficiency and productivity, enhance security and compliance, save money, provide a better customer experience (and more).
If you’re ready to start using electronic signatures, you can sign up for a free trial of Oneflow right here. And if you’re interested in discovering how Oneflow can help to automate your entire contract process from start to finish – you can book a demo with our friendly team.
