Everything came to a halt when the world was hit by the pandemic.
Organizations changed their mindsets and shifted strategies to meet the evolving needs. The adoption of work-from-home scenarios, virtual meetings, online classes, online shopping, contactless transactions, etc., became a part of survival strategies. This evolution compelled the companies to discover new ways to cater to their end-users without the physical presence. Thus, technology became their superhero.
The businesses that adopted digital transformation patted their backs and those who did not, started planning for it.
Gartner forecasts worldwide IT spending to grow 6.2% in 2021.
While the highest priority was transforming bigger operations like product development, the smaller processes were underestimated. One of which is online document signing. As per experts, if there were a perfect time to adopt digital signatures, it definitely is 2021.
Discover the reasons why industries must switch to digital document signing in 2021
In the 21st century, printing, scanning, mailing, and waiting patiently for the documents to be signed is a waste of time. As the future of work is changing and the world is becoming more digital, integration of the systems with smart digital signature software is a smarter decision.
Governments are in favour
The first and foremost reason to welcome digital signature is governments around the world are creating laws to validate its use.
For instance, UAE launched UAE Pass- a national-level digital identity service that enables citizens, residents & visitors to access services of federal & local governments with digital signatures. Read more about it here.
In another similar case, Northern Ireland recently announced the digital transformation of the healthcare sector and encouraged to go paperless considering the citizens who are suffering from delays in sharing or approval of records, or incompatible data, and the amount of risk the patients are exposed to.
Similarly, many countries will follow the path of digitizing the paperwork and adopting digital signatures to leverage the benefits of higher privacy, security, accuracy & speed.
Working remotely is the new norm
While work-from-home was a perk, it is now mandatory for many. As per Gartner, 48% of employees will work remotely at least some of the time in the post-pandemic world, compared with 30% before. This can help the companies to save on infrastructure & utility expenses.
Remote working made many of the firms open to digital signatures and also going paperless as it is a highly convenient option to get the papers signed or achieve faster approvals in minutes.
Minimize Risks
Businesses operate around confidential documents. The paper can be forged, edited, modified, or damaged with ease. Therefore, it gets difficult for the employees to safeguard highly sensitive information and stay away from threats & risks.
Embracing electronic signature software keeps the firms protected as they use robust encryption algorithms & technologies. For instance, Cygnature, powered with Blockchain, protects the integrity, unforgeability & imitability of documents signed. This enables 360-degree control over the signing and approval process.
Tech-savvy Generation
The millennials are impatient. They are always surrounded by several gadgets that help them perform things quickly. In short, they adore everything digital. So, when it comes to signing contracts or NDAs, they prefer digital signing options that prevent delays and accelerate the process so that the gen-x can pay attention to the priority tasks.
Paper is costly for businesses & the environment
The physical paperwork comes with a lot of costs for printing, scanning, mailing, stationery, etc. It takes 13 liters to make a standard size paper and 10,000 papers are used in the office every year. This not only adds to the office expenses but the wastage of water is a concern. Furthermore, storing these papers is an additional cost.
It is estimated that digital signatures save US$20 per paper. Therefore, adopting a digital signature is not only a great option for businesses but also the planet.
Wrap Up
With the governments backing up the digital signature, the businesses operating in the work-from-home scenario are encouraged to adopt online signatures. Also, the Millennials preferring digital is another reason to embrace electronic signatures.
Therefore, brands across the globe are integrating Cygnature – a secured signing solution that supports multiple types of signatures, with their business systems. Cygnature makes it easy for users to sign documents from anywhere in the world and anytime within 60 seconds. For further information, contact us at hello@cygnature.io
