As Adoption Rates Increase, Electronic Signatures Prove Value

Posted: Mar 21 2018, 11:13pm CDT | by , in News

 
As Adoption Rates Increase, Electronic Signatures Prove Value

Electronic Signature Technology Proves Transformational

Electronic signature technology – also referred to as e-signatures or digital signatures – is one of the fastest growing technologies in the entire business world. And when you consider the fact that legally validating contracts has been handled by pen and paper for centuries, it’s enjoyed a rather unlikely rise to prominence. But when you dig deeper and seek to understand how it works, you’ll begin to understand why innovation in the electronic signature space is so transformational.

The Main Benefits of Electronic Signatures

According to research by P&S Market Research, the global digital signature market is expected to see a healthy increase from $501.7 million in 2015 to $3.32 billion by 2022 (a compound annual growth rate of 31.5 percent).

“The implementation of the government paperwork elimination act, increasing use of digital signature to eliminate fraud, and enhanced security and control by the use of digital signature, are some of the factors driving the growth of the global digital signature market,” the P&S Market Research press release explains. “The massive unexplored markets across the globe are expected to give a major boost to the growth of the global digital signature market in the future.”

At the end of the day, electronic signatures are thriving because they offer businesses and individuals the following tangible benefits:

1. Convenient

Convenience is, without a doubt, the number one benefit of electronic signatures. According to eversign, one of the leaders in this space, it’s as easy as 1-2-3. You send a document, the recipient(s) sign it, and then the document is securely stored for easy access and management.

Electronic signatures are especially convenient when you have lots of people signing a document from multiple different locations. Instead of going through the complicated process of faxing, scanning, and/or mailing, everyone can sign documents in real-time and speed up the process.

2. Cost-Effective

When compared to the alternative, electronic signatures are extremely cost-effective. Whereas physically signing documents requires paper, ink, and costs associated with certified mail, digital signatures all happen virtually. This eliminates almost all of the cost and makes it a cheap solution for companies that complete thousands of signature-based transactions on a monthly basis.

3. Eco-Friendly

In a day and age where everyone is trying to eliminate wasteful habits and implement more eco-friendly business practices, electronic signatures are extremely practical. In fact, they’re one of the first solutions businesses adopt when trying to go paperless.

4. Security

People often assume that digital signatures are less secure – i.e. prone to cyber attacks – but they’re actually much safer than physical documents.

“With digital signatures, documents are no longer aimlessly floating around waiting for a signature like a physical document, and once they are signed they can be stored digitally for safe keeping,” industry expert Michael Guta explains. “Best of all, they can be accessed from anywhere at any time.”

5. Familiarity

Signing documents and contracts isn’t always as straightforward as it seems. There’s often confusion on the part of the recipient regarding where they should sign, when they should sign, and what exactly they’re signing for. With an electronic signature platform, there’s a sense of familiarity and intuitiveness. Annotations can easily be inserted into the contracts to clearly walk all parties through the process. This is easier on everyone.

Regulatory Hurdles Left to Clear

In order for mass adoption to come sweeping in on a global scale, a few more dominoes have to fall into place. There have already been some significant rulings come down from government entities and regulatory bodies, but a few more are needed. And once these do come together, there’s nothing stopping electronic signatures from fully replacing the pen and paper signature, worldwide.

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The Author

<a href="/latest_stories/all/all/68" rel="author">Larry Alton</a>
Larry is an independent business consultant specializing in tech, social media trends, business, and entrepreneurship. Follow him on Twitter and LinkedIn.

 

 

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