Electronic Signatures Accelerate Business

Businesses that rely on manual steps to sign a document are risking the future of their organization. The failure of a single link in the traditional chain of operation in a company can expose the frailty of the entire organization, according to analysis by leading global market intelligence firm IDC.

Even when other areas of a company are undergoing a digital transformation, modernizing the process of signing documents still can be overlooked. Remote working imposed upon industries by the coronavirus has exposed the danger inherent in failing to implement e-signature software.

IDC anticipates that fully digitized workflows will rise to 33 percent by 2021, with the number of documents “born digital” similarly increasing. E-signature technology enables those workflows to remain in digital, preventing interruptions and delays brought about by the need to physically sign and scan a document.

In one study, a global bank has reduced the time it takes to circulate and approve procurement plans from a couple of days to a couple of minutes with a paperless process. The same bank’s digital-first strategy means 15,000 in-branch visits have been transformed into solely digital interactions.

Security protocols within the software also prevent problems that are prevalent with physical documents, such as paperwork being misfiled, manipulated or simply lost.

IDC believes that the best-run organizations will identify problems that manifest themselves in a time of business crisis and improve their position in the market by adopting new technologies – including e-signatures.

Sign on the dotted line: Why every business needs an e-signature.

• IT organizations are looking beyond hard cost savings for hardware or consolidating shadow systems. Now, they are seeking improved operational efficiency at the individual user level.
• Interest in e-signature software soared 511 percent in April 2020, according to business technology analysts TrustRadius.
• IDC surveys show that organizations expect 57 percent of their employees to work remotely through 2021, an increase of 36 percent from 2019.
• Advances in artificial intelligence will enhance electronic signature tasks in risk mitigation, identity verification and auditing.
• The best-run organizations will address weaknesses uncovered during times of distress to capture market share on the other side, including through the adoption of simple-to-use e-signature solutions.

An e-signature: Make the move – register here