In today’s digital world, businesses are dealing with an increasing volume of paperwork and documentation, leading to a demand for faster, more efficient processes. Traditional manual signing methods are time-consuming, error-prone, and not suited for the modern, remote, and fast-paced work environment.
Current Market Scenario and Challenges
As businesses strive to improve efficiency, the reliance on paper-based processes remains a significant bottleneck. A study by Aragon Research predicts that by 2026, digital transaction management (DTM) and e-signature solutions will eliminate 90% of paper-based processes in enterprises. However, many organizations still face challenges such as:
- Time-Consuming Processes: Manually signing and processing documents can take days or even weeks, leading to delays in critical business operations.
- High Costs: Printing, scanning, and mailing documents incur substantial costs for businesses.
- Risk of Errors: Manual handling of documents increases the likelihood of errors, misplacement, and non-compliance with industry regulations.
How the Industry is Responding to These Challenges
Leading companies across various industries are now using e-signature solutions to address these challenges. However, companies still hesitate to adopt end-to-end automation in e-singing, resulting in a lack of efficiency, security, and speed such solutions offer.
E-signature providers have become instrumental in helping businesses transition to paperless workflows. They offer solutions that automate the signing process, enhance compliance, and improve document tracking.
However, a major barrier to adopting automated signing solutions is the lack of trust in these solutions’ handling of sensitive information, as well as the inclination towards manual signing and document handling, which leads to significant time and cost inefficiency.
Manually uploading, tracking, and signing documents consumes valuable resources, increases the risk of errors, and often results in delays that impact business operations.
Further, the lack of integration with e-singing solutions, document management systems, and workflows can make businesses juggle multiple platforms for document storage, approval, and signing, which not only slows down the process but also hinders compliance and tracking. By automating and integrating document signing with existing systems like ERP, CRM, or HRMS, businesses can eliminate these bottlenecks, significantly reducing turnaround times and boosting overall productivity.
According to research, shifting to automated signing can save up to 85% of document handling costs, an average of 80% of shipping costs, approximately 80% reduction in signing errors, and 66% reduction in document misplacements. Companies that adopt electronic signatures experience up to an 85% improvement in performance, with 70-80% gains in efficiency and an average of 15 days faster contract turnaround times, leading to a 37% boost in productivity.
How Cygnature Works?
Cygnature, a blockchain-based e-signing tool, stands out as a comprehensive solution for automating the document signing process. With features like Contract Lifecycle Management (CLM), Bulk Signing, Live Signing, and e-stamping, Cygnature streamlines document workflows for various industries, including HR, vendor management, and legal departments.
Cygnature stands apart from other digital signing solutions by offering a combination of advanced security, flexibility, and comprehensive automation features. Cygnature uses blockchain technology to ensure tamper-proof audit trails, guaranteeing document integrity. Its multi-layered security includes 2FA authentication, advanced encryption, and the automatic purging of sensitive documents post-signing, making it one of the most secure platforms available.
Additionally, Cygnature supports a wide range of signature types, including Aadhaar E-Signature and legally valid global signatures, catering to the specific regulatory needs of various countries.
Automated Document Workflow with Cygnature
Step 1: Automated Document Creation and Storage
- Bots create documents based on the pre-defined templates and variable fields using the given data for multiple recipients.
- These documents are saved into designated folders and can be downloaded in both Word and PDF formats, ready for further processing.
Step 2: Document Preparation for E-Signing
- The bot picks the created PDF files and uploads them on the Cygnature tool using APIs.
Step 3: Signature Collection
- The uploaded documents are sent for signing from the portal. Signatories sign on the portal.
- As soon as the documents are signed by all parties, the initiator receives an automatic email notification, enabling timely tracking of the process.
Step 4: Document Storage and Integration with External Systems
- After all parties have signed the documents, the bot downloads the signed documents from Cygnature.
- Bot then pushes the signed document back to the source system or the designated folder, depending on the requirement, ensuring seamless integration.
A Deeper Dive into Cygnature’s Practical Implications and Workflow
One of the largest banks in the country struggled with inefficiencies in their employee onboarding process. Issuing and managing over 200 appointment letters daily, the manual workflow of signing, storing, and coordinating documents between HR and new hires became a major bottleneck. Integrating their HR system (Oracle Fusion) with document workflows required manual uploads, and both the bank and candidates faced delays in signing using Digital Signature Certificates (DSCs). The process of following up for signatures and managing updates across multiple systems was time-consuming, resulting in over 1,000 man-hours spent each month just on signing appointment letters.
Step-by-Step Process Workflow for Implementing RPA with Cygnature for Employee Onboarding
- Appointment Letter Extraction via BOTs:
Cygnet BOTs automatically retrieve all appointment letters uploaded to the bank’s Oracle Fusion (HRMS system) through APIs. The integration is facilitated using Mule, a system the bank utilizes for third-party integrations.
- Upload to Cygnature for Digital Signing:
Once the appointment letters are extracted, they are uploaded to Cygnature, where the digital signing process is initiated.
- Real-Time Verification and DSC Signing:
The HR department signs the appointment letters using a Digital Signature Certificate (DSC) within Cygnature. Simultaneously, real-time verification of the candidate occurs, and the signed letter is forwarded to the candidate for Aadhaar-based e-Signing.
- Data Purging for Security:
After the appointment letter is signed by both parties, the document is purged from Cygnature to maintain security and confidentiality.
- Final Upload and Notifications:
A signed copy of the appointment letter is uploaded back into the Oracle Fusion system, ensuring all records are up-to-date. Additionally, a notification is sent to the bank’s ‘Service Now’ platform, keeping all stakeholders informed.
This automated process saved approx. 1000 man hours for signing and issuing appointment letters reduces manual intervention and enhances operational efficiency in employee onboarding.
Templating and Automation for various Business Processes
Cygnature offers templating and automation features tailored for different use cases:
- HR Operations: Automate the entire HR documentation process, from offer letters to onboarding forms, engagement letters, NDAs, Evaluation forms, and reliving letters. Using Cygnature, HR departments can quickly generate documents for multiple candidates, collect signatures, and seamlessly integrate them into HR systems.
- Vendor Agreements: Automate vendor contract creation and execution. With Cygnature, businesses can generate, send, and manage vendor agreements efficiently, reducing turnaround times and ensuring compliance.
- Legal Contracts: Streamline the process of drafting, reviewing, and signing legal documents. Cygnature’s templating features allow legal teams to use standardized contracts, automate the signing process, and maintain an audit trail for compliance.
- Financial Documents: Cygnature’s e-signing solution securely signs and manages financial documents, supports bulk signing of invoices or various financial statements, and ensures compliance with minimum turnaround time.
- Internal Operations: Cygnature supports the digital signing of internal operational documents, work orders, internal approvals, various operational forms, etc, to streamline internal workflow with reduced administrative burden and enhanced efficiency.
- Invoice Signing: Cygnature’s e-signing solution accelerates the invoice signing and management process. Whether it is the bulk signing of sales invoices or approval of purchase invoices to speed up payment release, Cygnature helps simplify your invoice signing with increased accuracy and improve cash flow management.
Closing Summary
According to the survey, the e-signature market is on a rapid growth trajectory, with the industry expected to grow from USD 7.61 billion in 2024 to USD 118.88 billion by 2032. As businesses face the need for faster, more efficient document processing, tools like Cygnature offer a robust solution for automating repetitive tasks and improving productivity. By incorporating blockchain technology and offering features like bulk signing, templating, and seamless integration with existing systems, Cygnature helps organizations stay ahead in an increasingly digital world.
With Cygnature, companies can automate HR operations, streamline vendor agreements, and manage legal contracts with ease, ensuring the highest standards of security and compliance. Embrace the future of document automation with Cygnature and experience the ease and efficiency of digital signing.
