The pandemic has heightened the need for rapid digital transformation across many industries, including the legal and retail estate sectors. In particular, within these industries, remote working has called into question how agreements can be signed off securely and quickly. This is where eSignatures have become an integral aspect of the digital journey for many businesses across industries.
Every organisation has to store personal and sensitive information. This is everything from the personal information of customers and employees to business contracts. Companies have a huge range of documents entrusted to them and these need to be protected in ways specified by information security law. Before the internet, sensitive documents wouldn’t be left on desks for anyone to read, so why would we leave them exposed and vulnerable on our digital platforms now?
A solution that is easy for all employees to use, but that is also robust enough to protect your information is the real key to security. The less employees need to change their behaviour, the more likely the solution will succeed in the long term.
The highest level of security
According to PCI Pal Global Research, cybersecurity has become one of the most important issues for businesses, with 41% of consumers claim that they will never return to a business after suffering a security breach. Not only is the right security vital for protecting your sensitive data, but it is also integral to retaining customers. Digitising the signing process is an easy way to keep all parties on a single, secure platform, which avoids any copies being left on hard drives or email chains.
Some businesses may ask about whether eSignatures are legally binding, especially as they see them as part of their digital transformation process. There are various different types of eSignature, with varying levels of security. Qualified electronic signatures (QES) from the likes of Hellosign are the most advanced and have defined regulatory constraints around how the identity of the signer is verified, as well as how the signature key is protected. Importantly, it is the only digital equivalent to that of a hand-written signature.
By choosing QES, businesses can ensure the safeguarding of their sensitive data for all stakeholders, which is something that simply cannot be left to chance.
Continuing your digital transformation journey
Many of us have felt the annoyance of needing to sign a document that can only be printed off but not having a printer at home to easily do this. Remote working has exacerbated this as we can’t easily pop into the office, and for those industries that rely on daily contract signing, this can have a serious impact on productivity and growth. Our working lives are continually being impacted by new technologies. The way we first interact with a new document is significantly different to 10 years ago, so why is the way we sign it not?
Relying on paper contracts and handwritten signatures is an outdated concept and one that not only wastes time but also resources. Just consider that, in 2020, the average American used the paper equivalent of six 40-foot trees every year. For growing businesses, this is an added cost and an unnecessary burden that can limit growth.
In the cloud, there is unlimited space for business to grow, and leveraging tools such as eSignatures allows you to free up both your business’ and your customers’ space and time.
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Digital tools for a digital world
Digital transformation has accelerated for many businesses due to the pandemic, but the importance of going digital will always be felt by companies. As the way we work continues to become more flexible and agile, our working processes need to do the same and signing documents is a significant aspect of this. Simply put, using the same process of handwritten signatures that was used to sign the Magna Carta in 1215, simply isn’t up to scratch in the digital world of 2021.