Adopting technology in everyday living has become a norm today. All sectors are looking for ways to keep up with digitization, often for better customer services. In business, there’s a lot of document handling and contract signing. You need signatures to validate an agreement and for better business transactions.
Document signage is a business aspect that’s said to have many inefficiencies. However, entrepreneurs are looking for better and more efficient ways of handling contracts. This need has led to the development of digital signatures. With this innovation, there’s no need to sign documents physically. As a business owner yet to adopt this innovation, are you wondering how this innovation will better your business, especially in attaining your bottom line? This article gives reasons you need to adopt digital signatures.
However, before delving into the discussion, what are digital signatures? Digital signatures more or less present digital fingerprints unique to the parties of the document. They aid in authenticating the document as a physical signature would.
With that said, here’s why you need to make the investment:
1. For Enhanced Security
Although digital transactions have become an in-thing today, security is often a concern. Without proper systems, unauthorized users and hackers can access and alter the document online. In the end, parties end up signing the wrong document, negatively affecting business. However, digital signatures change the narrative. They do this with the use of public and private keys.
The document creator encrypts the data on the documents using a private key. They’ll then send the document to those needing to sign it, attaching the public key. The document recipient will use the public key to decrypt and electronically sign the document.
With this system, only those with the public key can sign the document. The system will send a password, pin, or code to the authenticated signee via mobile phone or email for additional security, ensuring identity verification. As a result, you can easily request signatures without worrying about security.
2. For Business Expansion
Growth is an aspect most entrepreneurs hope for their businesses. It’ll often lead to more sales and profits, which is one of the common business aims. There are many aspects to business growth, one of them being expansion. You can decide to open a branch in another location, locally or internationally. Running such a business can prove to be problematic in terms of convenience. Imagine having to fly from one country to another just for document signage.
Once you adopt digital signatures, international document signage won’t be an issue. You can easily send a document to a client despite their geographical location and get the signature you need to authenticate your document. In addition, digital signatures have global acceptance. Therefore, you don’t need to worry about the authenticity of the signatures. You’ll be able to expand to any location of your choice without worry.
3. To Save Resources
Resources play a vital role in businesses. They enable entrepreneurs to meet the needs of their customers satisfactorily. In most cases, these resources are scarce so business owners must ensure proper utilization to prevent depletion. Two of the crucial resources are money and time.
You can recover any money scarcity, but it won’t happen immediately. On the other hand, you can barely recover time, whether you’re in business or school. These two resources tend to be affected in the document signage process.
When using physical signatures, you must print the contract, a process that requires money since you have to buy ink, paper, and a printer. All these add to your expenses and reduce your profits. This is also without forgetting you must pay delivery fees to avail of the document to the signatories needed.
The document signing process often takes time. As the document moves from one office to another, it consumes time. This is without forgetting that there are instances where a party needed for the signage isn’t available, and you have to wait for their return, be it weeks or months. As a result, projects tend to delay.
However, you won’t need to worry about wasting money or time with digital signatures. All you require is to type one document; it’ll be enough for all recipients. You won’t worry about printing and delivery fees, saving you money. You’ll only utilize internet bundles, which won’t amount to much compared to physically sending the document.
Also, you’ll get timely deliveries and signatures. The signatories needed can sign the document from their location and send you the document for its implementation. You’ll barely experience delays, ensuring business efficiency.
Business efficiency is key to ensuring its success, even as it meets its customers’ needs. The discussion above shows how digital signatures can ensure this efficiency without compromising security. Thanks to this insight, you’re better placed as an entrepreneur to decide whether to adopt digital signatures. Be sure to make the right decision for your business and its customers.