The COVID-19 pandemic has drastically changed the landscape of almost every industry across the entire world. This is especially true for businesses that typically deal with customers and clients in person, such as restaurants.
One of the most significant adaptations that companies have made is the process of reviewing and completing agreements remotely. But, this practice will still hold plenty of utility even once COVID regulations have loosened.
Not quite sure what benefits online document signing can provide? We’ve got all the info you need to know.
Let’s take a look at why you should continue to sign documents online, even in a post-COVID world.
1. Increased Security
Document security is something that should always be heavily prioritized by every party involved. In some cases, having document related data become compromised could have a large number of consequences.
This is especially true in scenarios that involve financial data, trade secrets, etc.
Unfortunately, the cybercrime industry is projected to reach an all-time high in value by the end of 2020. This means that more hackers than ever will be attempting to compromise valuable information from businesses.
They also typically target smaller companies, as they don’t always have the most contemporary protective measures in place. With an electronic document signature, however, you’ll be able to implement additional security measures to help keep your data safe. One of the most prominently used is multi-factor authentication.
This will require the other party to confirm their identity before they are able to access the document. An unauthorized party won’t be able to see the contents of the document, strongly reducing the chance of a data breach occurring. Since a single data breach could cause significant financial loss, it’s imperative that you take this factor seriously.
As you may expect, being able to access an agreement from a remote location carries a significant amount of convenience. For example, businesses that work with international clients will most likely run into time zone-based conflicts, which could easily cause delays in obtaining a required signature.
By signing a document online, though, they can review the terms at their own pace before providing their signature. Afterward, the process can move forward as quickly as possible by providing the other relevant parties with the same level of convenience.
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3. Timeline Tracking
Sometimes, documents can require signatures from a large number of parties. These may also have to occur in a certain sequence, such as if an upper-level employee needs to sign their approval for each step of the process.
As time goes on, it can be difficult to remember exactly where you are in the timeline of the document. This could result in a situation where every party is waiting for someone else to provide their signature, causing progress to stagnate.
With electronic document signatures, everything occurs digitally and you’ll be able to see exactly where you are in the document’s timeline. This means that you can pinpoint who is currently required to interact with the document, allowing you to save as much time as possible.
For example, specific terms that were established early on in the document timeline could have been incorrect. But, if a supervisor or manager signed off on them, you can investigate more efficiently where things went wrong.
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4. Centralized Storage
Any document that you sign online will be stored in a centralized location. If you need to access the document again in the future, you’ll be able to do so in seconds.
For example, it’s not uncommon to encounter the need to review the terms of a previous agreement. It should come as no surprise that attempting to locate a physical copy of a particular document can be a tedious process that takes far longer than anticipated.
It’s also not unlikely that the copy is misplaced or misfiled. Depending on the situation, this could have detrimental consequences for everyone involved (such as when attempting to pull client information).
Implementing this form of digital storage will allow you to forego the need to manually store and organize data. This is an attribute that can easily create a seamless process that provides a more positive experience for everybody involved. Over time, this could have a positive impact on your overall revenue.
5. It’s a Paperless Process
As time goes on, more and more businesses are beginning to become environmentally conscious.
In fact, some businesses and individuals will avoid working with other companies that don’t take the necessary steps to reduce their carbon footprint. Signing documents online can significantly reduce the amount of paper that you use on a daily basis.
Over time, this results in a significant reduction in the impact that your business has on the environment. Even if going paperless with electronic document signatures doesn’t affect your capability to work with different clients, it still provides a notable benefit in itself.
For some entrepreneurs, this reason alone is enough to convince them to implement an electronic document signing policy.
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Deciding Whether or Not to Sign Documents Online Can Seem Complicated
But the above information will make the process far smoother for your business.
From here, you’ll be able to ensure that you can benefit fully from having your company sign documents online, even after COVID-19 has subsided.
Want to learn more about what we have to offer? Feel free to reach out to us today, request a demo, and see how we can help.
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