Many businesses are going digital now. What does it really mean to go digital? There are many definitions and opinions on this. But going digital is a process. A process a company or business goes through to reach a goal of becoming more accessible to clients and consumers. The objective is to find ways, tactics, tools, strategies and plans to make better processes, to make things easier for both the business and the client. Being digital means reaching more clients through new and innovative pathways. One of the innovations that help businesses become digital is a digital signature software. This software cuts time and expenses by offering a quicker way to get signature. If before, you have to shuffle the document around to have the signatory affix their signatures on it, with the use of this software that won’t be the case anymore. There are many industries that are using this software now, here are four some of them.
Healthcare
It’s not just businesses that are benefiting from digital signatures. The healthcare industry has already been using this new way of signing papers and things are looking up. Health care professionals, the hospital administration and the care providers all agree that using electronic signature tools has helped quicken the process and eliminate papers in their day to day activities. Contracts, procurements, billings and onboarding are being streamlined. Gone are the days of endless waiting just to be admitted or discharged. Acquisitions of new instruments and equipment have also been quicker. McKinsey & Company claims that it is time for the healthcare system to go all in on becoming digital.
Research says that 87% of doctors use a tablet device or smartphones in their place of work. The use of their mobile devices has gained them 1.2 hours of added productivity every day. And using the eSignature ensures that information and access to it are available anywhere and anytime. There are some who might be asking if the digital signature is compliant to the Health Insurance Portability and Accountability Act or HIPAA. Well, this depends on the software vendor. But most eSignature software has complied with the requirements of the HIPAA.
Using digital signature tools have helped the healthcare system expedite the signing process. Signature can be gathered in just minutes instead of hours of looking for the doctor you need to sign the papers. The productivity of the staff and personnel has also increased. What is more is that the efficiency of the operation is also better. There will be less time in managing papers and more time interacting with patients. There will also be less administrative work for the cares will help them focus more on work. Lastly, experience is better for both the customers and business people.
Real Estate
We all know that acquiring or renting a property requires a lot of contracts and agreements. That also means tons of signatures from both the buyers and the agents. Every year, the documents are getting more complicated. There are more regulations to be followed, more mandatory disclosures, more assurances. This has made the lives of agents harder. With so many papers to sign, it is not impossible that one blank might be left out or forgotten. Using electronic signature tools for real estate agents has become a necessity. Here are some of the things you need to know about how the real estate industry is shifting to digital signatures.
- The ESIGN Act of 2000 has made it possible for digital signatures to be legally binding. Using them is the same as wet ink signatures and they are valid for legal documents like contracts and purchase agreements.
- Researches show that industries that use digital signatures have increased their turnaround time to up to 80%.
- The use of the best electronic signature tools allows clients to complete required documents from their computer. Those without computers can even use their smartphones or tablets. This has made buying real estate easier and more efficient. There is no more need for courier fees when you can send the documents through email.
- Security is the biggest risk when using digital signatures but eSignature tools are strict with their security measures. Be warned though, that not all software vendors will be alike. Read reviews of electronic signature tools to have an idea on what a certain software and vendor is like. Pick a software that takes security very seriously because you don’t want identity theft and security breach.
Government
The ESIGN Act is now in its 16th years and it has helped many businesses flourish. But it is not just in the private sector that electronic signatures are thriving. The government, both locally and nationally, has been using the best eSignature software available. In fact, it has helped the government sector flourish too. The paper works are easier for the employees, the citizens are happy and the country is saving money. Procedures are also done quicker than they were before. The government using digital signatures has really helped the both the government and the people they serve. Here are some specific ways that the government is being helped by electronic signatures:
- The process of in-house operations is being streamlined. There is no need to wait and search for the mayor or the governor to sign a much needed document. Emailing the file is much quicker and they can sign it immediately. More time saved couriering documents is more time spent doing productive things.
- The government conducts business and having an electronic signature software helps doing business more efficient. Signing contracts and orders are done more quickly allowing projects to finish quicker. There is also less expenses on paper and ink, saving more money for the projects of the government.
- Because the transactions made within the government offices can be done quicker and more efficiently, citizens are happy. There are less lines and people can do more now instead of spending the whole day processing papers, permits and requirements.
Wealth Management
Wealth managers are in charge of their clients’ financial and investment portfolio. They are in charge of giving advice on which stock to buy or what business to finance. With that being said, they would need a lot of signatures from their clients. They in turn would also need to sign many documents. This has necessitated the use of eSignature tools. Not only does it make signing quicker, it also makes transactions more efficient. The wealth manager wouldn’t have to go his or her client to have a contract or agreement signed. A simple email would do. There is also less risk of forgetting to sign everything with the use of the eSignature tools.
Digital documents contain sensitive information, more so, when dealing with money and stocks or other investments. This is why security should be one of the top priorities when choosing the best electronic signature tools. You can do your research before deciding on what software to get. You could also read reviews of digital signature software to know which the best in the market is currently. You would be able to know, which a winner among the real life users is. Their opinions will be valuable when choosing a software.
Insurance
One industry that is using the electronic signature software is the insurance trade. And it is making a killing using this software. This is one industry that requires a lot of signatures and they are very glad that digital signature is available. Here are some more truths to why the insurance industry should make use and continue to patronize the digital signature technology.
- There are many or like all are users of smartphones and the internet. There is a large market out there that mostly relies on digital means. Your clients are likely to invest in you if you offer digital options. Most of your competitors already do, so it is time to up the ante.
- You can save a lot of money using digital signatures. There would be less need for papers and inks if you use digital signatures. And since you can do most of your work online and in your home, you wouldn’t have to acquire an office space. This is another savings for your company. Although, a base of business will still make you look legitimate so keeping an office is still necessary.
- Customers are happier when they can avail of your product without leaving the comfort of their homes. They wouldn’t have to go to the office just to sign an insurance contract or agreement. You would have repeat clients this way and they might also recommend you to others.
We can see from the article above how these industries have embraced the technology of digital signatures. They are benefiting so much from the software that more and more businesses are going digital. Whatever your trade is, a digital signature software can find a place in it. Imagine the money you can save and the operations that can be made more efficient. With this tool, processes that take a lot of time before can be done in just a manner of minutes.
What is the best digital signature software available in the market? Read the reviews and find out.
Jeev Trika
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