With more enterprises making the move towards digital transformation, many conventional methods of completing business processes have seen a substantial update. As a result, the use of electronic signatures to complete important documents has seen a significant increase in recent years.

Able to offer the same level of legal validity as a conventional “wet-ink” signature, electronic signatures offer multiple enhancement over their predecessor, making them a far more efficient solution for businesses. In this blog, we’ll explore this innovative option and discuss what gives it an edge over its physical counterpart.

Time is money

Being able to conduct and complete business quickly and efficiently saves time and therefore money. As a result, this approach is the cornerstone of every successful enterprise. To sign a document traditionally, you must either gather all parties in one place to add their signatures or send the paperwork via post or courier to signatories. After they receive and sign the document, recipients must then send it back to its originator.

Consequently, signing documents in the time-honoured traditional way can cause considerable inconvenience to parties involved, but also considerably extend the process of completing documentation. In cases where signatories are based in different countries around the world, signing documents can take days and even weeks depending on delays.

Electronic signatures can be added in a matter of minutes from any device at any time and from any location. As a result, they are a far more efficient solution.

Cutting costs

Every business must improve its bottom line to stay ahead of its rivals. Signing documents with wet ink signatures is not only slower, but also more expensive than using modern methods now available. From the costs of printing equipment and supplies to the expense of secure couriers, traditional signatures can rack up a considerable bill. In contrast, electronic signatures involve none of the above costs with processes completed digitally.

Improving data security

Wet ink signatures added to paper documents can be vulnerable to security risks. In transit, they may be viewed by unauthorised individuals, tampered with or even destroyed. When electronic signing solutions are used, all data included in the document is encrypted and only those with appropriate permissions can interact with it. Additionally, before signatures are added, the identity of all signatories can be confirmed and validated and all interactions with a document are tracked if an incident occurs that requires investigation.

If your firm is ready to update its methods and enjoy the multiple benefits of using electronic document signing, it can look to our expert team at Galaxkey for help. We have engineered an enterprise grade electronic document signing solution that is second to none. Designed to streamline the way your company works while ensuring paramount levels of security, our solution uses cutting-edge encryption software approved by the National Cyber Security Centre (NCSC).

If you would like to explore electronic document signing first hand, get in touch with us today and we’ll issue you with a free 14-day trial.