At first glance, it can seem as though eSignatures are simply a flash in the pan with other modern technological advancements. However, with an annual growth rate of 31%, eSignatures are becoming widely adopted by companies around the world.
These companies are finding that eSignatures are a great alternative to the traditional ‘wet’ signature and have many benefits that any organisation looking to usher themselves into the modern business world can utilise to help their company prosper.
We believe that eSignatures are essential for the growth of any business. That’s why in this article we’re going to take a look at the difference between eSignatures and wet signatures. We’ll also go over the benefits of implementing an eSignature solution into your business and the contract lifecycle.
eSignatures vs. Wet Signatures
The physical differences between eSignatures and wet signatures are apparent — the former is digital whereas the latter is with ink and paper.
However, eSignatures are rapidly becoming more and more widespread due to companies finding that they benefit their company massively over wet signatures —
- Security: An electronically signed document is safe from tampering and destruction, meaning it’s safe from a physical breach, unlike a wet signature.
Contrary to popular belief, the risk of an eSignature being hacked is minimal as long as you’re wary. This is because modern eSignature platforms have many tools like multi-factor authentication and IP logging to prevent this.
- Costs: A wet signature can accrue many costs, between printing, signing, and sending the document.
These costs can add up rapidly and cause your business to have many unwanted costs. An eSignature solution is far more cost-efficient and only requires hardware that you’d find at any modern office.
- Convenience: eSignatures are far more convenient than wet signatures, as they can be signed with just a few clicks instead of having to print out the document and find a pen.
Plus, you don’t need to scan the document afterwards either, meaning you don’t need to physically spend time in your day going to a scanner to scan documents.
- Efficiency: All of this saves minutes throughout the day. When considering how many times a day documents are signed within a business, it’s clear that eSignatures save a lot of time.
All of these can be crucial to the day-to-day success of any business, and so an eSignature solution shouldn’t be overlooked by any company looking to ensure their company can keep up with the needs of a modern organisation.
The Contract Lifecycle
The contract lifecycle is all of the general steps that it takes to sign and legitimise a contract for the standard business. With this, it becomes clear how much time using an eSignature solution truly saves for any organisation.