The business processes in each industry are usually driven by changing customer expectations, regulatory compliances, and the present technological changes. However, the start and rise of COVID-19 changed these factors for the world in many ways.
With the virus entering and changing the business landscape in many parts of the world, so many processes were disrupted overnight. A need to adopt remote working gained prominence came into the picture and as companies did this, they were also mindful of ensuring operational seamlessness with the new digital solutions.
Due to the pandemic, there has been widespread adoption and continuous growth of electronic signature services which has led the way. So many organizations have been empowered with the benefits of electronic signatures. Important steps in closing a business deal have been streamlined and the contract management process has become easy and effective.
From what the situation looks like in the present time, it will not be wrong to say that electronic signature adoption will be increasing in the coming time. The technology is so good that we think that the day is near when it will rule the world while driving out the paper-based signatures completely.
Today, we will support our claim with various aspects of the electronic signature solution and why this technology is on its way to changing the signature process in the near future.
Electronic signatures have been there for a long time now but the rise of COVID has propelled the digital change brought by e-signatures like nothing else. It was only when the world was forced to work remotely that the benefits of electronic signatures were realized in true essence.
Hence, the role of pandemics has been consequential in accelerating technological changes around the world. Physical signatures are an important part of the business processes.
Due to the public health crisis that COVID brought forth, companies in all sectors started thinking about remote facilitation of working and online document signing. In addition, the businesses that were used to maximize the potential of e-signatures before the pandemic also reported an enhance in the number of documents that should be signed electronically.
The global digital signature market size is projected to grow from USD 4.0 billion in 2021 to USD 16.8 billion by 2026, at a Compound Annual Growth Rate (CAGR) of 33.1% during the forecast period. - According to marketsandmarkets
Small and medium-sized businesses in particular have looked for ways to improve their business continuity in the pandemic with all their might. In this case, the use of online signatures for small businesses has increased like never before.
The business workflows are streamlined using electronic signatures. It does not matter if you are working remotely or not, the point is that using online signatures is easy and effective in all situations.
Pandemic or no pandemic, the thing to realize is that the competitive landscape is developing and with this remote working is also increasing. The manual and paper-based processes bring inefficiencies that companies want to get rid of. Therefore, the rising implementation of electronic signature services is going to continue to rise substantially in the future.
Any business that is looking to grow understands the importance of employees. It is a constant endeavor of organizations to promote a strong relationship between the senior management and employees. If there is any kind of unrest in an organization, the first goal is to take steps that promote efficiency in the workplace, and for this one must be attentive and responsive to employee needs.
Electronic signature service is a technology that promotes efficiency and productivity. There must be a clear focus on organizational focus and information technology investment to ensure that the business thrives. For the businesses that are focused on ensuring employee safety, business efficiency, investing in technology such as electronic signatures is becoming more like a need.
If you are a business leader then you must ensure investing in your employee satisfaction before you can even think about goals such as revenue or growth. Making a valuable investment in technology is going to support your employee satisfaction, safety, and productivity.
Looking out for the best electronic signature solution enables a business to ensure these three factors are sorted in both the short and long run. Plus, when an organization adapts to remote working, the business should anyway implement e-signature. This will help in implementing a simple way to support employee-centric business concerns such as employee satisfaction and productivity.
Until now, many organizations have already identified e-signatures as an effective way to optimize workflow management and improve employee productivity in a remote working environment. There are many factors that can help you get clarity on what the online signature technology is chosen so widely.
Some of the most important factors that make e-signatures a popular and useful technology include ease of use, quick implementation, high security, legal compliance, cost-effectiveness, flexibility, and being environmentally friendly.
Efficiency in technology is achieved only when careful implementation is done at the right place and at the right time. Organizations should be mindful while finalizing an e-signature solution by checking if it meets all the needs.
The adoption of electronic signature service does not just help a business in a large picture but also makes a difference inter-departmentally. The use of online signature technology and other tools helps organizations operating across a wide range of industries to meet the challenges of a business landscape.
As per fortune business insights, the global digital signature market size was valued at USD 1.1 billion in 2019 and is expected to reach USD 7.99 billion by 2027, growing at a CAGR of 28.9% during the forecast period.
For instance, creating online signatures help in remote employee communication as well. The HR teams in various organizations find themselves with many policies focused on the safe and efficient transition to remote working. Due to the quick sign and send ability of online signatures, significant information can be shared at an organizational level.
ID verification can also be used for securing data sharing in a remote environment and confirming employee identity on receipt. All in all, the strategic adoption of the electronic signature solution has the ability to reach tangible benefits for organizations in all sectors. Way beyond the simple collection of a signature, the technology is capable of expanding the agreement system to a point of business growth and efficiency.
The users of electronic signature technology also report using additional processes for facilitating efficient practices. The adoption of e-signatures is just the start of the automation process. This spreads until end-to-end automation at every step of the contract management process that further helps in creating an effective document management strategy.
The advantages of this include optimized costs, reduced risk, great business agility, better visibility and productivity, higher employee and customer satisfaction, etc.
We have seen above that electronic signatures offer a much better way of managing agreements. The way in which all parts of a business depend on creating, sending, and signing agreements is a testimony to the importance of online signatures.
The electronic signature service is a technology that provides organizations all over the world with a simple and secure method to manage agreements. Businesses that will implement this technology will be able to send, sign and rise much higher in the future.
In the future, electronic signatures will not be a choice but a norm that will make business processes easier and more effective. This is a technology that will most definitely rule the world of digital transformation.
Due to intense competition in the industry of electronic signature. People have commenced to find out the alternative of HelloSign, DocuSign and many more reputed platform for their business.