Which Industries Must Use Digital Signature Solutions and Why?

Digital signature technology has been around since the start of the new millennium. In 2000, the United States passed the Electronic Signatures in Global and National Commerce Act (E-SIGN). The Act ensured that e-signatures hold the same legal status as wet ink signatures and are acceptable for executing any documentation in U.S. states and territories.

The global e-signature market is anticipated to reach $61.91 billion by 2030.

Digital signatures have become essential to workflow improvement. For instance, during the pandemic, several businesses took the help of digital signatures to engage with their customers efficiently and effortlessly.

With the emergence of COVID-19, eSignature business users have increased by 50%, while individuals using eSignatures have grown by 13%.
Also, 69% of eSignature users are more likely to continue to e-sign over in-person signing.

People worldwide find it a very convenient, easy-to-use, and cost-efficient solution for businesses and individuals. This technology eliminates the need for an in-person visit, saving countless money spent on traveling, fuel, scanning documents, printing, and physical wet signing. On the other hand, irrespective of the business type or size, eSignatures provide a wide array of benefits along with the convenience of online signing.

Dive into the below session to know which industries can and must incorporate electronic signature technology into their workflows and operations to see a tremendous impact.

• Architecture, Construction & Engineering:

  The architecture, construction, and engineering industries frequently deal with original ideas that need approvals from higher authorities. Building or floor plans, engineering drawings, business proposals, material lists, estimation reports, etc., are transferred from one department to another in order to meet strict deadlines and safeguard intellectual property rights. Any minor error or delay in document processing could result in unnecessary extra expenses or legal actions.

  Communicating with dozens of engineers, zoning regulators, contractors, and construction team members becomes overwhelming. In addition, providing hundreds of pages of contracts, agreements, or other documents, getting approvals, obtaining signed documents, and maintaining the document records worsen the situation.

  E-Signature solutions are a lifesaver for organizations dealing with thousands of documents on a daily basis. Online signature apps are essential for confirming the authenticity and validity of the relevant documents. Moreover, digital signing makes it easier for employees to track documents like purchase orders, work contracts, estimation reports, and subcontractor agreements whenever required. Cloud storage saves physical space and makes documents easily accessible to authorized persons. Here are some documents that can be e-signed:

  • Invoices
  • Purchase orders
  • Worker contracts
  • Property agreements
  • Estimation reports
  • Subcontractor agreements
  • Building and floor plans

• Accounting and Tax:

  Accounting and Tax industries deal with sensitive and confidential information that needs higher security and authenticity. Therefore, any minor error or misplaced documents can lead to significant penalties.

  With digital signatures, you can sign any contract within minutes, securely. While signing any confidentiality agreement, assisting customers in forming an LLC, or asset acquisition agreement, digital signatures offer a legitimate way to receive the client's approval. A few of the documents in accounting and tax firms that can be e-signed are:

  • Employee agreements
  • Separate contracting agreements
  • Attestation letters
  • Tax documents
  • Audit reports

• Human Resource:

  Digital signature services are the most crucial in the human resource industry. The human resource industry deals with the primary asset of any organization - the employees. Organizational productivity and growth start with only its employees, which makes it equally crucial for organizations to take care of their needs. This requires HRs to create employee appreciation and satisfaction programs and policies. Consequently, the human resource industry deals with larger sets of confidential data that cannot be shared with unauthorized persons. Right from hiring documents and offer letters to employee information sheets, insurance documents, healthcare reports, benefits, compensation, and exit forms, there are countless documents unique to each employee that needs to be handled by HR.

  E-signature technology is one such solution that can help reduce the administrative burden on human resource professionals, automating document workflows. Electronic signatures are end-to-end encrypted, ensuring integrated security in your documentation and reducing data loss or theft risks. Moreover, it makes it easier to manage larger data sets, eliminating the need for additional resources and physical storage. Here are examples of HR documents that can be e-signed:

  • Hiring documents
  • Employee onboarding forms
  • Non-disclosure agreements
  • Insurance papers
  • Exit forms
  • Salary slips
  • Offer letters

• Healthcare:

  The focus on the healthcare sector has been renewed in the last few years. Many new technologies are simplifying processes to take the excessive pressure off medical professionals. One such technology is the electronic signature, automating document workflows to reduce the administrative burden. Specific healthcare organizations have predefined rules and regulations. They are legally obligated to employ digital signatures to exhibit their authenticity to administrative bodies. With digital signatures, you can avoid unauthorized access to confidential documents, lost files, data theft, document misplacement, or data alterations. Physicians can e-sign documents such as medical supplies forms, invoice copies, prescriptions, etc. A few of the healthcare documents that can be e-signed are:

  • Prescriptions
  • Medical supplies forms
  • Invoices
  • Insurance forms
  • Patient intake consent forms
  • Staff hiring and onboarding

Also Read: Prevent Signature Forgery with DrySign Digital Signatures

• Finance:

  Every organization, irrespective of size, has an integral part: its finance department. With hundreds of employees and clients, it becomes overwhelming for finance professionals to manage the documentation. In addition, any error or delay in their processes can severely harm the organization. On top of that, receiving a physical signature adds up to the total cost.

  On the other hand, an electronic signature solution helps expedite reimbursement paperwork, loan requests, bank account opening requests, investment application processes, audit reports, and many more. Moreover, it integrates end-to-end security and legitimacy in your documentation with a smart option to track the document status with real-time mail trails. DrySign, one of the leading eSignature solutions, provides a comprehensive list of features to streamline your operations. With DrySign, you can invite more than one person to sign documents online, search for older documents easily, set reminders to sign documents, and receive notifications, helping your paperwork stay up-to-date. Here are a few of the finance forms that you can e-sign:

  • Application for loans
  • Sincere estimates
  • Mortgage assistance
  • Bank account opening
  • Audit reports
  • eConsent
  • Loan estimate/waiver
  • Broker contracts
  • Underwriting documents
  • Address/beneficiary changes
  • Financial statements
  • Transaction disputes
  • Terms of use forms
  • Tax forms

• Real Estate:

  We are in the middle of the 'Prop-Tech revolution.' Prop-Tech (property technology) is a broad term introducing new technologies to the real estate industry. Unfortunately, despite all the innovations, the real estate industry has been relatively slow to embrace the Prop-Tech revolution.

  Many real estate documents, such as purchase contracts, need to be signed by both the clients and the real estate brokers. In order to make the deals faster and avoid losing out to technologically competent rivals, real estate companies need to adopt more intelligent solutions such as eSignatures. It streamlines your document workflows eliminating all the bottlenecks. With e-signatures, your customers can sign documents from the convenience of their homes, and you can save time and money spent on traveling to acquire signatures. The saved time and money can be diverted toward acquiring new clients. Here are a few real estate documents that can be e-signed:

  • Purchase agreements
  • Payment agreements
  • Certificate of occupancy
  • Home insurance papers
  • Rent agreements
  • Mortgage forms
  • Purchase-sale agreements
  • Lease agreements

• Legal:

  Lawyers often handle countless contracts and legal documents on behalf of their clients. Clients occasionally find themselves making several visits to the lawyer's office to sign and revise agreements and contracts endlessly. Clients can quickly sign contracts and legal documents with the help of digital signatures from the comfort of their homes. It eventually helps prioritize crucial engagements, eliminating the time spent on redundant tasks. Moreover, you can avoid delays and provide your clients with a hassle-free experience. A few of the legal documents that can be e-signed are:

  • Notices
  • Settlements
  • Medical releases
  • Incident descriptions
  • Pleadings
  • Shareholder agreements
  • Real property
  • Disclosures
  • Closings
  • NDAs
  • Policy management
  • Audit and inventory signoffs
  • Purchase orders
  • Statements of work
  • Master service agreements
  • Supplier compliance

• Government and Insurance:

  The government sector already has a low reputation concerning faster documentation, and so does insurance. People feel overwhelmed following up with government employees to get document approvals or signatures. On the other hand, going through insurance papers and the procedure to claim is exhausting. The application of eSignatures helps organizations provide the fastest documentation to clients with integrated security and legitimacy. Moreover, insurance companies need signatures from multiple entities to take their consent for renewing or processing the coverage, which can be done within minutes using eSignatures.

  • Applications
  • Accident reports
  • Change of address
  • Coverage selection forms
  • Medical release authorizations
  • Renewals and cancellations
  • Disclosures
  • Total loss forms
  • Bill presentment

The Bottom Line

Digital transformation is crucial for organizations - even the most traditional ones. This transformation will help your organization improve operational processes and grow your potential customer base. Electronic signature technology has been helping companies streamline their operations for decades now. It makes the process smooth and hassle-free and comes with many benefits. DrySign, one of the leading e-signature solutions, provides a comprehensive list of features and benefits to help your organization thrive in the modern business world. You can define your business requirements and get a solution unique to your business needs. Start DrySigning now!

DISCLAIMER: The information on this site is for general information purposes only and is not intended to serve as legal advice. Laws governing the subject matter may change quickly, and Exela cannot guarantee that all the information on this site is current or correct. Should you have specific legal questions about any of the information on this site, you should consult with a licensed attorney in your area.

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