The dim view about eSigning an online document is getting brighter by the day. Just like mobile phones took over the telegram industry, the eSignature has started to eliminate the need for many paper-based processes in modern business.
With awareness kicking in, many Indian businesses have started to reap in the benefits. Saving time, operational costs and added security to the documents are a few virtues of the eSignature.
The United Nations proposed the use of eSignatures in the year 1996. Most countries have adopted the inventive facility since then. In the year 2000, India was one of the first countries to validate the use of eSignature.
eSignature for Business Growth
Businesses using eSignature facility find their business improves radically in these ways:
1. Easy Overseas Trade
Inter-state or overseas trade always required a binding document to be signed in person. The documents would either be accompanied by an authority or sent via courier services. Such time-consuming and expensive moves are eliminated when a business eSigns the documents.
Previously, many businesses employed people just to travel and validate these overseas transactions. Such travel expenses are now unnecessary as multiple parties can now draft/edit/sign a document online from the convenience of their smartphone or computer.
2. Helps Become An MNC
The world is now a more connected place than ever. A business can now be established in any part of the world with a basic understanding of the computer. Any small business can become a Multinational Company today without necessarily being a big name in its industry.
The internet helps in setting up most processes a small business needs to go global. The much important documentation arising from such a move can be validated and approved with the eSignature.
3. Speeds Up The Processes
Talking about time, a document can be accessed at any part of the world within an instant as the whole process is done online. Otherwise, time-consuming tasks like drafting documents, seeking approval, finding secure storage etc are taken care seamlessly when a document is signed online.
Productivity in any business is naturally boosted with such fast and seamless processing.
4. Increases Profitability
An increase in productivity may not essentially mean an increased profitability. Electronic signatures, however, decrease the turnaround time of many processes while reducing the costs of various inventory. For a business where time is money,` eSignatures clearly save massive capital thereby boosting profitability.
eSignature For Business – The Future
Anything that a business sets to achieve can be helped by such developments like the electronic signature. In a large country like India where the economy is ever friendly to vertical as well as horizontal growth, inventive technologies like the Aadhaar based eSign definitely are a much welcome asset. The vast use of internet has played a vital role in this development.
Bill Gates said it best, “The internet is now the town square for the global village of tomorrow.”