Online competition is not hidden in the world today. Millions of new companies are emerging and dying due to fierce competition. Existing companies are giving rise to new tools and applications, whereas new companies are bound to adopt advanced technologies.
One such advancement is in the field of document signatures. Gone are those days when we used to sign documents physically and then post them to relevant departments for further processing. It’s an online world, and everything works digitally here. Timely execution of documents, contracts, and agreements are major driving factors for the application of digital signatures in document handling and execution procedures.
As explained earlier in this article, Digital Signatures are the mathematical method of verifying and authorizing digital messages. These are the easiest way of getting documents signed securely between two parties. These signatures keep track of the signing parties and the time and location of signing the documents. Key benefits of using digital signatures are secured data delivery and low or almost no risk of data tampering.
However, below are a few top reasons that could encourage startups and small companies to use digital signatures in their day-to-day business activities:
1. Extra Layer of Security:
The use of Private and Public keys in digital signatures keeps the data intact and safe. The first signing authority uses the private key, and the validator uses the public key. These keys, unless shared with any third-party, avoid any data tampering and reduce the risk of forgery.
2. Traceable Information:
Since these signatures keep track of the signing parties, their time and location of signing, it is 100% traceable and can be tracked down in case of any forgery or data tampering.
3. Improve Customer Experience:
Customers nowadays prefer online transactions and any other business activities, such as signing up agreements and documents. Hence, if startups equip themselves with digital signatures, then they can reduce the time involved in the business deals.
4. Document Signing Efficiency:
Since these signatures give the flexibility of accessing, signing, and sending documents from anywhere and anytime as per the signing party convenience, it is preferred as the most efficient of managing document handling process.
5. Cost Reduction:
Since it’s a completely online activity, it helps in establishing a paperless process that further saves the cost of purchasing paper, ink, printing cost, and saves processing time and shipping cost.
6. Complete Process Transformation:
Usage of these signatures could help you change the company culture, i.e., the way employees, customers, and clients conduct business operations. With digital signatures coming in the picture, an entire process has to be set up for the creation, delivery, reception, and validation of digital signatures.
7. Compliance with Legal Authorities:
With the help of Certificate Authorities (CAs), the government approved Public Key Infrastructures (PKIs) could be provided that validate the signatures received from different parties. The digitally signed documents are legally valid and compliant under the IT Act 2000.
8. Increased ROI:
Have you heard the phrase “Time is Money”? Less waiting and processing time means resources, manpower, and efforts invested in the digital document signing process. Paperless work enhances the return on investment (ROI) by reducing the cost of purchasing resources and processing.
We hope that the reasons mentioned above encourage you to use these signatures in your day-to-day business. Using these signatures could result in high efficiency, time-saving, low operating costs, enhanced employee productivity, and optimized business operations, similar to what GoFounders has achieved by integrating digital signatures in it’s NDA form sign-up process.