Electronic signatures can be challenging for contract, procurement, and legal professionals. The challenges may originate with electronic signature implementation, or they may come from the shift in focus from old processes toward the new experience, reliability, and scaleability that electronic signatures can contribute to your organizations’ digital transformation initiatives. Learn how to master e-signatures in this blog.
How Business Process Automation is Being Used Today
Many workplace processes are repetitive and time-consuming, leaving employees minimal time to focus on improving their organization. It has been found that 12% of a company’s total annual costs may be used for administrative tasks and contract management. These expenses can be eliminated by implementing technology-enabled automation, also known as Business Process Automation (BPA), that will significantly improve workplace processes. By 2021, companies are estimated to be spending $12.7 billion on these solutions, leaving those relying on traditional methods to plummet. By investing in BPA, your business can begin focusing on the research, strategy, and development that will position your business as a leader in any industry.
Electronic signatures are not new to contract management, but you may be skeptical of the validity compared to a wet signature. Rest-assured, electronic signatures are just as binding as hand written signatures with the same legal clout. If you're stressed about contract deadlines and signature delays negatively impacting negotiations and your ability to close more deals, read on to find out how e-signatures can help your organization.
Electronic signature (Esignature) is not a new concept in business practice. In fact, telegraph signatures were once legally acceptable. Times have changed, of course. Even the traditional wet signature seems to be a thing of the past for many companies. In mid-2000, eSignature was ruled by Congress to ensure the same legal standing as a traditional handwritten signature. ESign even has its own national holiday, June 30th, if you plan to mark it on your calendar.