eSign is an electronic signature service provider that enables the use of electronic signatures on electronic documents from anywhere and at any time.
The only requisites of eSign is an Aadhaar number and OTP over an Aadhaar-enabled mobile device. You may think, how can something so simple make a big difference to your operation?
Well, as and when we incorporate new technology into existing systems, we make those systems faster, better, streamlined, easily accessible and more secure among other benefits.
Top 10 Ways eSign Improves Productivity
eSign can help a company, organization, start-up, Government service or individual by increasing output and productivity in the following ways:
1. Streamlined Workflow
Processing a document entirely online streamlines the workflow completely. Right from the creation of a document electronically, up till execution of the document by way of electronic signatures, the process will be online and can happen in a few minutes.
Storing documents manually, retrieving the same, filing, periodical updates, etc are all an inconvenience unless done efficiently online.
A streamlined workflow ensures smooth execution of processes, increased productivity and services delivery in a timely manner in any organization.
2. Saves Cost And Time
The most beneficial and overstated advantage of using eSign is that it saves cost and time. Anything that can optimize a process to save time and cost thereby increasing productivity is beneficial to a business.
The fact that eSign saves cost and time is directly proportional to the increase in revenue and faster service delivery for any organization or individual.
Law firms, Public services, banks, Startups, etc. have seen the most benefits derived from the use of eSign in their services.
3. Digital Audit Trails
Documents can be linked to the sender and the signer of the document. A digital audit trail of the document is stored online to ensure the validity and authenticity of the electronic document.
Manual storing of documents still runs the risk of losing such documents due to misfiling, incorrect record-keeping, lost documents, damaged, etc.
When a document is stored online, the risk of losing or damaging a document is almost nil. The risk of losing a document can hamper and decrease productivity.
4. Cloud-Based Archival
Data is more secure when stored and accessed on the cloud. Cloud-based archival enables an organization to digitally store documents without having the need for physical servers.
This also means that an individual can access his or her digital documents from any location and verify or share the same. eSign is also digitally stored and there is no need for a physical signature storage dongle.
An individual gives his or her consent through Aadhaar-based OTP verification or biometric authentication.
5. Streamlined Signing Process
The process of signing a document offline is cumbersome and requires an individual to be physically present at the time of verification.
A document needs to be physically drafted, then manually signed by the concerned parties and witnesses, then that document needs to be physically dropped off with the institute or service provider that requires a signed document.
The entire process of signing something is streamlined in terms of cost, speed and security.
All an individual needs to do is draft an electronic document (using a template or otherwise), apply his or her digital signature to the document, and electronically share the same.
A week-long process is optimized to be completed within 5 minutes using eSign. Paper-based systems delays any process.
6. Better Security
With eSign, it becomes difficult to alter, forge, manipulate or misuse an electronic signature because eSign is reliable and secure as compared to traditional signatures.
Digital signature software exists to track real-time statuses of electronic documents and signatures. Tampering and unauthorized signatures are prevented with the use of eSign.
Also, once an electronic signature is affixed to a document, it cannot simply be destroyed, and an individual’s signature on this document serves as proof of identity.
An electronically signed document can be produced in a court of law as proof of evidence for any discrepancies.
7. Faster Payments
Companies, startups, organizations and individuals can use electronic signatures to turn around contracts faster and realizing revenue faster.
Access to revenue, cash flows and income contributes to the overall long-term sustainability of a firm or organization.
If a business takes a long time for transactions to get realized, it can cause a severe strain on the cash flow of a business.
An individual can make a purchase or payment immediately using eSign. Most banks and financial institutions seek to incorporate eSign services to help realize faster loan approvals, credit approvals, etc.
8. Reduced Use Of Paper
As covered in our earlier article, eSign is paperless, and along with that, eSign also negates the use of paper that helps in destroying our environment.
Reduced use of paper, storage and associated costs are just the monetary benefits. A low carbon footprint is essential for a company to have sustainable development in the long run.
eSign negates the use of physical paper, physical signatures and having to be physically present to sign a document. This enables faster signing and lower signer drop off rates.
9. Customer Confidence
A customer doesn’t have to learn or install new software to learn how to use eSign. eSign technology is fairly easy to use in a straightforward process.
It just requires an Aadhaar number and OTP. When any organization enables its customers with an additional service such as eSign, a customer will have more options to choose from.
Any improved customer experience contributes to a higher level of overall customer confidence. You can say that customer confidence translates to customer satisfaction.
10. Other Benefits
Some other lesser benefits of using electronic signatures are the lesser use of ink, lesser maintenance and shipping costs.
These may not seem like concerning expenses, but by reducing these costs and expenses in the overall life-cycle of a business, a company is bound to save a huge chunk of revenue.
These earnings would have otherwise been spent on expenses that were not required. By using eSign, a business or individual can shave off a few bucks in additional costs as well.
How To Get eSign?
eSignDesk.com is an authorized Application Service Provider (ASP) that enables eSign Services for businesses, organizations, startups and individual consumers.
To keep up with the competition for effective, productive and efficient service delivery, eSign will become a core component of the service offering for several organizations across different sectors.
eSignDesk.com facilitates eSign for all eSign related services (B2B and B2C). eSignDesk is available in the following packages, for individuals, small and medium business as well as enterprise. Contact us to get a quote on digital signatures.