Signatures are vital for business. They grant permissions and approval in countless scenarios and carry a lot of weight. Just as it’s important to give signatures, it is essential to protect them. In the past, this meant traveling long distances, mailing important documents, or waiting for visits from key players. Now, however, digital signatures are changing the game. If you use electronic document management, you have the ability to save your company time and money while also increasing security through digital signatures. Here are four reasons to employ digital signatures as part of your enterprise document management.
Paper is one of the most expensive parts of doing business. While digital signatures carry plenty of higher-level benefits, they also provide the simple advantage of lower costs. No more mailing documents for signatures, printing individual copies for different parties, or creating backups. Instead, maintain all the essential documents and signatures within your enterprise document management system.
A significant flaw in wet (pen on paper) signatures is the potential for forgery. Using a notary for every document is cumbersome and expensive. Electronic signatures allow a wide range of protections from forgery, including digital validation certificates, unique credentials, and secure hyperlinks. With these security measures in place, you gain assurance that the signature is exactly what it appears. Additionally, in the case of doubt, you can access information about the exact time and location the signature took place.
Even requiring internal signatures becomes a major headache in many organizations, halting workflow and creating roadblocks. In contrast, digital signatures keep your projects flowing smoothly. Any required signature includes automatic notifications for relevant signees. Every team member can track the status of the project in the meantime. Also, using digital signatures allows you to maintain an entirely electronic document trail in your enterprise document management. No need to print documents for signatures and later scan them in. Instead, your workflow is unimpeded and your audit trail complete.
Most importantly, the law upholds digital signatures within enterprise document management programs. In fact, a digital signature is just as legally binding as a wet signature. Laws supporting e-signatures (The E-Sign Law and the Uniform Electronic Transactions Act) are federally supported and used by federal agencies. By choosing good practice and digital signatures, you meet all legal requirements for quality governance.
Paper signatures cost your company time, money, and effort. To reclaim those resources and to regain security, utilize the digital signature functions in your enterprise document management. Interested in learning more? Contact MaxxVault today for more information.