Electronic Signature Industry Insights Q1 2021

Electronic contracts and e-signature online solutions are a highly effective way to carry out business activities aimed at growth and sustainable development. In fact, the traditional signatures and papers are said to be going out of the trend pretty soon and this is not a prediction, but an analysis based on tangible observations.

The ongoing COVID-19 pandemic has transformed a lot in the present world. It has not only severely affected the lifestyle of people, but also some of the business organizations that have been led to think on different terms as opposed to their traditional working methods. Things such as contactless transactions, online meetings, payments, and education have become very common amidst the COVID-19 outbreak.

As the pandemic continues to push all of us with immense thrust, the electronic mode of doing things has become an important part of this change. It was hence postulated that if there is any time or period in which all humans are supposed to go online or entirely paperless, it is now. Although 2020 was the beginning of this realization, 2021 will be the year when the entire world realizes that working effectively has nothing to do with a physical presence.

In this scenario, the online signature software applications are gaining a strong foundation in the market. Some of the best reasons behind the widespread electronic signature adoption are cost-effectiveness, efficiency, no waste utility, and eco-friendliness.

Some of the major updates that marked the first quarter of 2021 in terms of using Electronic signatures include:

1)Implementation of Robust Laws: Each transaction becomes valuable in case it is supported by the law. Therefore, one of the most important reasons for using an electronic signature is the laws that are being made in countries to validate the use of e-signature online across the world.

This includes the government agencies as well. In many cases, the government of many countries has made it compulsory to use online contracts for completing the transactions so that direct contact with a person or an object can be avoided. This is because there was a risk of COVID-19.

Hence, if you run a business then the digitization of the paperwork will offer much more accuracy, precision, and speed to the entire process. In fact, it will also put you in a much better spot in the future market conditions when digital contracts become more usual. The total amount that is spent today and the overall transition to the e-signatures can save the organizations from all the struggles that might be faced tomorrow.

2)Remote Work Is Preferred Increasingly: Much before the pandemic happened, many employees all across the world were preferring to work remotely, from a setting they were most comfortable in. In fact, so many of them were quitting their full-time jobs and working as freelancing professionals.

However, when the COVID-19 pandemic hit, the trend of working from home was adopted by not just the freelancing professionals, but also the employees working for some of the best companies in the world. And this is not to say that working from home has led to any kind of decrease in the productivity of employees. Rather, so many organizations have actually reported better productivity because of the remote working model.

3)Electronic Signature in Remote Working: Way before the COVID-19 forced so many people to work from home, many professionals were already preferring to do the same. So many organizations were outsourcing work to professionals or other companies remotely as long as the productivity didn’t get affected.

This method saves infrastructure and utility costs. Since the employees working from home showed better productivity, the implementation of e-signing software was more and more recommended. The sudden outbreak of COVID-19 pushed this trend much forward, and now most people and organizations all over the world are open to e-signature and paperless transactions.

In case an organization is still using the physical paper for the documentation purpose then that is a clear reflection of now moving ahead with time and that is never good. One must not let the relationships with stakeholders get hampered if the company has to develop. If you have been thinking that the adoption of an online signature solution is only a temporary craze then you must rethink because the trend of remote working is only going to increase in the coming time.

4)Youth Prefers Technology: The millennials and Gen Z are surrounded by technology much more than it is surrounded by human beings. The young play on mobile phones, they shop at the click of a button, order food in a jiffy, and study on their devices.

From the point of making notes on a handheld device to making presentations for a project, almost everything is done on the devices. Other than this, they also don’t like any kind of delay or slow processing time.

Almost every transaction performed is entirely paperless. When this situation is prevalent right now, you can well imagine the future while getting an idea of the impact that digitization will be creating on the world.

5)Environment-Conscious: Most people use paper solutions at the cost of the environment’s safety. This is also a well-known and accepted fact on a large scale. In addition, physical paperwork comes with printing, scanning, mailing, faxing, and stationery costs.

Taking the responsibility of environmental control, we should all do our bit in controlling the business waste. Implementation of an online signature solution is the key to reduce the business waste generated from the wide use of paper.

6)Secure Transactions: The year 2021 is perfect for adopting online contracts because it is safe, and ensures maximum authenticity. Since the technology of encryption has improved much more than before, it has become possible to track a document’s process in real-time.

The importance of safe and transparent processes has increased much more and therefore, the use of advanced technologies has also increased for ensuring noninterference. Any trustworthy application for signing documents comes with maximum encryption.

Conclusion:

There is no doubt that the online signature solution is in immense popularity because of the benefits that it brings to the table. The solution is safe, accurate, fast, easy, and simple when it is about closing a deal or completing important documentation.

Beginning from the ESIGN Act of 2000 in the US to the formalization of laws for ensuring the use of online signatures, the world is moving quickly without making any compromises on safety. The year 2021 is hence perfect for embracing all the new technology changes because they have been introduced for the benefit of the masses.