How Electronic Signature Solutions Are Transforming These 5 Industries?

Now that most aspects of our daily life have already shifted online, it’s time to rethink the way we do our business. Think, is your business fit for the digital era? Where will it stand 10 years down the line? Will it still be thriving, or will it have taken a backseat? If you are still using plain old pen and paper to get your tasks done, chances are that very soon, you will find your business struggling to catch up. 

What’s the best way to gear up for the digital future? Successful implementation of electronic signature solutions and digital workflow management throughout your business network may offer you the greatest potential for success. Ever since the inception of e-signatures in the early 2000s, they have grown in popularity and have found acceptance in almost every sector.

Electronic Signature Solutions For All Industries

The multifaceted benefits and easy integration features of eSignatures are enough reasons to figure out why they have gained massive traction in the market. If your business requires regular signing of documents or contracts, you simply cannot do without electronic signature solutions. Irrespective of your nature of business or which industry you belong to, eSignature technology can help you streamline your business processes and enhance efficiency and productivity. This solution is determined to stand the test of time as it continues to evolve and grow with new upgrades now and then. 

Top 5 Industries That Make Best Use of E-Signature Technology

If you prefer signing digital documents over smart devices, electronic signature solutions must be your ultimate choice. Still not convinced? Let us take you through these top 5 industries that make the best use of e-signature technology!

1. Finance

If you are working in the finance sector, you must be well aware of the massive paperwork involved. While you can never do away with documents in this industry, electronic signature solutions can help you obliterate the paper part and get things all digital. 

Here’s why e-signatures have found excellent footing in the finance industry!

• Secure signing - As the financial sector deals with a lot of sensitive financial information, e-signatures help keep them safe. Electronic signature solutions provide a highly secure method of signing contracts, agreements, and all other kinds of documents.

• Digital records - The financial sector needs a transparent and traceable audit trail. When documents are kept digital, you have a well-protected and tamper-proof record stored in the Cloud to deter damage or loss. With no physical space needed to store digital files, it becomes easier to retrieve them with a single search function.

• Compliance - Businesses in the finance industry must stay compliant with industry regulations and other legal laws as well. Electronic signature solutions ensure compliance with mandatory rules and regulations, thereby ensuring legally valid transactions that can be traced in the future.

• Easy customer onboarding -  Financial service companies using electronic signatures conduct customer onboarding very quickly compared to the traditional methods, where customers had to stand in queues for hours to get documents signed. Conventional practice also puts a lot of stress on company employees who have to deal with so many physical documents to sign. With electronic signature solutions, document signing can be done remotely as there is no need for customers to visit offices. Company staff can easily get documents signed simultaneously by multiple parties, thus speeding up the entire customer onboarding process. 

2. Legal Industry

Signatures are the core of the legal sector. They are legally binding and convey the signer’s agreement to the content of the document. Lawyers and clients are signing contracts, wills, affidavits, etc., on a spree and the traditional signing process has proven to be cumbersome and time-consuming. This has often caused unnecessary delays in legal proceedings. Electronic signature solutions are a breath of fresh air that has solved every problem related to document signing.

Here are the reasons why digital signing has taken the legal industry by storm!

• Legally binding - Although it took time for people to shift from ink to digital, the transformation has only come with benefits. Digital signatures on legal documents hold the same value as their paper pen counterparts. 

• Cost-effective -  eSignatures helps legal organizations save a lot on paper expenses and other costs related to paper signatures. There are considerable savings in stationery, paper, printing, storage, etc. Additionally, it contributes to reduced paper waste and carbon footprint, making it an environmentally sustainable option.

• Digital paper trail - It is integral to keep traceable records of legal communications, and adopting electronic signature solutions for signing online documents eases this paper trail. There is no need for folders and stuffed cabinets that make retrieving files at a later date nothing less than a nightmare. You can simply save them digitally on your hardware or on the Cloud, which gives you a successful and secure backup of your confidential files, which can be easily retrieved whenever required. 

• Streamlined workflow - Electronic signature solutions enable attorneys and clients to sign documents digitally, which helps streamline the workflow and enhance communication and operational efficiency. The clear audit trail enables all parties to have a record of the signing process, which is integral to legal compliance. 

3. Healthcare

Documentation is paramount in the healthcare sector. Clinics, hospitals, and other healthcare institutions manage massive quantities of forms, including those associated with the medical history of patients, consent forms, and insurance documents, to name a few. Traditionally, patients and their families had to sign these documents in person, which often led to significant delays in treatment and put a lot of stress on the administration. 

In recent years, electronic signature solutions have found huge acceptance in the health sector, primarily for the following reasons!

• Streamline healthcare administration - Digitized documentation and eSign facilities help streamline administration and aid in the simplified management of documents. The enormous amount of paperwork requires much time and resources from the administration. Digital signing and digital document management eliminate the need for physical paperwork, increasing productivity. Healthcare officials can now focus on high-priority chores as mundane tasks like document signing do not demand much time.

• Digital consent - Patients and their families can now sign consent forms seamlessly and hassle-free with the eConsent technique that comes with electronic signature solutions. This reduces any wastage of time that would otherwise be spent on acquiring consent by written signatures before critical surgeries. The digital consent feature helps improve workflow in medical institutions, saving valuable time in patient care. Additionally, it also reduces unnecessary expenses linked with printing, postage, and paper.

• Data security - Premium electronic signing solutions like emSigner ensure that all confidential information of patients is kept secure on the document management platform. Encryption features help keep information about patient details and transactions safe from data breaches by hackers and malicious actors. Moreover, eSignatures on online documents come with a digital certificate and audit trail, which confirms the legal validity and authenticity of the signature.

4. Real estate

The real estate industry substantially relies on documentation. Several contracts, agreements, and leases are involved across the leasing, buying, and selling processes. Conventional wet-ink signatures are synonymous with delays, lost or stolen documents, and an overall tedious experience for both clients and agents. These are the reasons why the real estate industry has embraced electronic signature solutions with open arms. 

Additional reasons for the eSigning technology becoming a norm in the real estate sector are:

• Quick signing - Properties in the housing industry move very quickly and are sold to clients across cities and countries. The possibility of signing documents from anywhere, anytime, and with any device streamlines the entire transactional process. Digital signing accelerates the closing process and eliminates the need for physical meetings, making cross-border deals easy and convenient.

• Accessible technology - eSignatures facilitates easy signing of documents in the real estate sector as the solution is easy to understand and use. People of any level of digital maturity can use it. Plus, people can close their real estate transactions from any corner of the globe making it an ace choice for the industry. 

• Facilitating cross-border deals - eSignatures simplify the complexities of international real estate transactions. Logistical challenges are drastically reduced because there is no need for physical document exchange across borders. This enables faster deal closures and provides secure and verifiable records for varying international legal requirements, thereby leveraging trust and transparency between buyers and sellers in different countries. 

5. Retail industry

The retail industry also requires a lot of document signing, whether it is a contract, an invoice, a supplier agreement, or a purchase order. Many retail businesses, especially e-commerce, rely highly on documentation and bulk signing by multiple parties involved in the sales process. Electronic signature solutions allow simultaneous signing of documents by various individuals in real-time fostering quick decision making and faster transaction closures.

Other crucial benefits of eSignature platforms in the retail industry are:

• Scalability and flexibility - With the immense growth in the retail sector, advanced document management must be implemented. Electronic signature solutions are highly scalable, allowing retailers to accommodate massive transaction volumes. Moreover, these solutions can be easily integrated with existing systems like ERP, CRM, etc., offering a flexible approach to document management. Such adaptability helps retailers to stay competitive in a highly dynamic market. 

• Enhanced customer experience - Modern-day customers expect speed and convenience in their retail interactions. Digital signatures allow customers to sign documents from any location, time, and device, thus giving them a seamless experience. Also, eSignature solutions allow tracking document status in real-time, fostering transparency. This modernized approach enhances customer loyalty by building trust between customers and retailers. 

• More security and compliance - Digital signature platforms provide robust security features that safeguard critical customer information. With sophisticated authentication and encryption techniques, retail companies can store documents securely, ensuring they remain tamper-proof and resistant to outside breaches. As compliance with industry regulations like GDPR is necessary in the retail sector, it is essential to maintain a high level of security. With the prevalence of audit trail mechanisms, retail companies can provide verifiable proof of consent to settle cases during disputes.

Bottomline

Electronic signature solutions have revolutionized business operations, transforming multiple sectors across countries. They have proven to be beneficial in improving security, streamlining processes, cutting costs, and much more. This blog has thrown light on the “Top 5 Industries That Make The Best Use of E-Signature Technology. ” Now you can understand the importance of digital signatures in the modern world. They are imperative in the dynamic business world as they offer the best mechanism for document management for all kinds of industries.

If you want to harness the true power of electronic signatures, then go for none other than the cutting-edge emSigner electronic signature solution that has helped numerous clients achieve their business goals. We are more than just a digital signing software; we offer a complete electronic toolkit at your disposal. We offer all that your business requires to blend into the digital ecosystem of the business world and ditch the inefficient paper-pen tradition altogether. 

emSigner is the leading electronic signature solution, offering a multitude of related services and exceptional technical support to ensure the uninterrupted workflow of our clients. To know more about our services, contact our team at emSigner now!