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Five priceless perks digital signatures give Australian businesses

Submitted by Mila Pham, SigniFlow Customer Success Advisor

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Digital signatures benefits
As more of the country’s businesses move towards digital signatures as a better way of signing documents, more benefits come to light.

There are some scary facts out there when it comes to paper-based business processes. Executives can spend up to ten hours a week singing documents by hand. According to Australian Science, an Australian office worker uses about 10 thousand sheets of A4 paper each year. What’s worse, an estimated 50% of this goes straight into landfills.

Recently, the business world has seen an increase in the use of electronic signing software. The immediate benefits are streamlining of contracts and the strengthening of environmental initiatives. 

eSignatures improve the efficiency of the signing process. Businesses who embrace the technology are one-upping their competition by saving hours. Digitising the agreement process takes business contract closing times from days, to minutes.

When it comes to security, businesses have also realised the value of eSigning. The use of digital signatures – an advanced form of eSignatures – allows business to transact much more securely.

 Many parts of the world – including North America, the European Union, and APAC – have accepted digital signatures as a legal means of signing. 

 The fact that eSiging has been given this vote of confidence, is testament to its many benefits.

While the use of eSignatures boosts businesses’ efficiency and productivity, it does so much more…

1. Fostering business growth

A digital signature solution accredited by an authorised certification provider can help organisations:

  • Broaden their private and public network
  • Reach new customers
  • Grow revenue with existing security-conscious partners

2. Driving new efficiencies

eSignatures streamline document signing processes. Contracts and agreements can be signed and sent instantly, from anywhere. This does away with time and money spent on signing, printing, scanning, mailing, and travelling.

Mobility, which also drives efficiency, is also covered. Electronic signatures solutions can be used on PC, tabled or phone. Tasks that used to take days in the office can be completed in minutes, from anywhere in the world.

The additional features offered by most eSignature solutions further speed up tasks. The ability to manage and track documents enables secure archiving and quick retrieval of documents.

Email notifications remind signers to action documents, so users don’t have to spend time on constant follow up. And tracking and reporting features help users quickly identify the status of documents.

And of course, with many Australian businesses having adopted remote working setups, eSignatures are indispensable. The use of eSignatures prevents any bottlenecks that could occur due to lack of equipment (scanners, printers) at home.

3. Stiffening security

When it comes to business documentation, authenticity and security are top priorities.

Because digital signatures use Public Key Infrastructure (PKI), documents are fully encrypted.

 “A PKI is a set of roles, policies, hardware, software and procedures needed to create, manage, distribute, use, store and revoke digital certificates and manage public-key encryption.” – Wikipedia.

KPI provides a very high level of security, making it difficult to duplicate.

Digital signature technology ensures signatures are verified, authentic and legitimate. Personal Identification Numbers (PINs), passwords, and codes are provided to signers. This helps to authenticate and verify signer’s identity and confirm their signatures.

The risk of tampering or fraud is also minimised, thanks to time stamping. The date and time of a digital signature provided by time stamp allows users to track the document.

4. Optimising customer experience

Electronic signatures give customers the freedom to engage with a business, and to transact, wherever they may be.

Businesses who adopt eSignature solutions can offer services that are faster and more convenient. For instance, a customer will not have to go to the bank or office to complete a transaction.

This newfound flexibility is ideal in remote/regional areas. Now, services previously only available to a limited group, can be made available to all. 

5. Caring for the environment

It’s no secret that adopting eSignatures helps companies cut paper waste. This is a massive plus, given the focus on environmental sustainability in business today.

It’s a fact: Going paperless gives businesses an edge over their competition.

In conclusion

Bearing the benefits in mind, it’s worth noting that this is just the beginning.

Digital signature solutions go beyond sending documents for fast electronic signing. Digital signatures enable enterprise workflow automation of even the most complex business processes.

REFERENCES

  1. SigniFlow – Electronic vs Digital Signatures – Defining the difference
  2. CRN – More eSignatures are an opportunity for the channel
  3. SigniFlow.com.au – SigniFlow Advanced eSignatures
  4. WikipediaPublic key infrastructure
  5. Australian Science – Paper consumption impact in Australia
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