One report by MarketsandMarkets forecast the e-signature market to grow to $5.5 billion by 2023. With such considerable growth on the cards for e-sign technology, more and more businesses have begun to consider implementing this type of digitisation into their operations. Whilst e-signature solutions can bring a whole host of different benefits, with so many providers out there, it’s important to take a few things into consideration, including the following:
Is It Easy to Use?
One of the main reasons to choose e-signatures over paper contracts/documents is its ease. A main benefit to e-signatures is that people can sign anytime, anywhere, with the help of a mobile phone or tablet. That being said, it’s therefore vital that any e-signature technology you consider is compatible with various different mobile devices, helping you to make the most out of digitising your operations, and increase accessibility.
Another important factor to consider when exploring e-sign options is checking the solution is easy to operate. One of the major benefits that attract people to e-signatures is that they help to streamline operations, and therefore should be easy to transition to from paper-based signings. It’s important for any e-sign technology you consider to be easy to operate, helping to facilitate this transition into digital signing whilst promoting user experience.
Is It Secure
Another major factor to consider when picking an e-signature solution is the level of security the provider offers. There will be confidential and potentially time-sensitive documents ranging from CVs and employment contracts (something commodity headhunters in London and Europe in particular are able to quickly action for candidates) to mortgage documentation, loan agreements and a lot more besides, so security is paramount.
Your documents should be kept safe, especially those with private and sensitive information. In order to help maintain this, it’s best to explore the security offered by the provider, checking for services such as HTTPS encryption, threat detection, secure firewalls and IP login restrictions.
Checking for these security features and more can help to safeguard your documents when digitised, and further help to make the integration of e-sign technology as smooth and successful as possible.
Is It Compliant?
Any e-signature solution should be compliant with both the industry- and country-specific regulations applicable to your business. Compliant e-signatures are a legal and valid form of signing, therefore, compliance of the relevant rules and regulations is an essential quality to have in any e-sign provider.
The regulatory framework for your e-sign technology will depend upon the country and industry you are wanting to use the technology in. It’s important to research the legalities behind this type of technology for your area and industry, helping to make sure any e-signature you use is valid and in accordance with the relevant rules and regulations.
Is It Cost-Effective?
It’s useful to explore exactly how much e-sign technology will cost you, and how this compares to the costs it will reduce (e.g. paper, printing, ink, storage). Working out the total cost for implementing e-signature technology and comparing to the signing process used currently can help to make your decision around e-sign more informed, and thereby more successful if and when integrated.