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Organizations have used electronic signatures for years, but the COVID-19 pandemic and subsequent move to a distributed work model have brought them further into the mainstream.
When making the move to e-signatures, organizations should follow industry standards and government regulations to ensure they meet validity requirements. After they identify the service they want, know the regulations to follow and all signees agree to use e-signatures, organizations must prove the signature’s validity. Yet, before that process begins, organizations should weigh the pros and cons of e-signatures to understand what to expect with this technology.
Digital signatures are, by definition, electronic signatures. They differ in the security and nonrepudiation that transactions require.
Digital signatures use cryptographic technology to validate the signer’s identity and ensure the document wasn’t changed, which e-signatures lack. Additionally, digital signatures have different levels of security based on the issuing certificate authority and the level of encryption provided.
Most e-signatures include an image of a wet, or handwritten, signature, but that isn’t required. More importantly, the service should comply with the legal standards established in the organization’s region.
While most people understand the convenience of electronic signatures, they may also overlook or take several aspects for granted. Benefits of e-signatures include the following:
Universal electronic signatures bring up a few challenges. Organizations may need backup plans if they can’t overcome a challenge for a particularly critical transaction.
Electronic signatures can future-proof businesses against the different ways people may work over time. Still, organizations must build trust and ensure all parties are familiar and comfortable with e-signatures. They often contain an image of a wet signature, as it can increase trust and limit potential changes.
Additionally, all involved parties must consent to use e-signatures. If one side elects not to, the organization must collect wet signatures from that party, or the transaction can’t take place. If a company moves exclusively to e-signatures, it must determine how to accommodate situations that require hard copies.
To implement e-signature software, organizations must look to software providers. These vendors can handle security and bring a level of trust with their technologies. Organizations must understand their own security needs, and have alternatives prepared just in case.
Part of: Nail down the basics of e-signatures
Many people think e-signature and digital signature are interchangeable terms, but an electronic signature differs from a digital one in critical ways.
Electronic signatures are quick, secure and can support hybrid and distributed workforces, but not everyone trusts or has access to e-signature technology.
In 2020, remote work fast-tracked many digital initiatives, including electronically signing legal documents. But e-signatures’ legal background goes beyond the pandemic.
E-signature software can reduce paper costs and improve productivity across departments. Organizations can explore the following six software options to fit their business needs.
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