Exploring the Value of eSignatures

What is the Value of eSigs?

by: Isabella Janovick, Marketing Manager, Anacomp Inc.

A paperless office is becoming more of a reality with new technological applications and tools to assist in unnecessary paper consumption and paper copies. For every 30 sheets of paper, 39% is thrown in the trash. The average employee signs 500 documents a year at an estimated cost of $6.50 a document. This figure is based on several factors such as copying, scanning, tracking and storage. Businesses in sales, finance, operations, legal and more are now adopting eSigs applications as part of their business process workflows. eSignatures assist these verticals with smart automation, reduction in errors and costs, legal risk mitigation, and build a better customer experience.

There are two main types of eSignatures, electronic and digital. The term “electronic signature” means an electronic sound, symbol, process, attached to or logically associated with a contract or other record and executed or adopted by a person with the intent to sign the record. Unfortunately, these signatures can be problematic with security since any individual can type in another individual’s name without authorization. A digital signature, on the other hand, requires the signer to have a certificate-based digital ID or “fingerprint.” This ID is unique to both the document and the signer and binds them together. With digital signatures there is more protection against fraud, forgery, and tampering. Digital signatures assist organizations with higher authenticity, accountability, and data integrity.

Examples of eSigs Use

-          Sales contracts

-          Insurance forms

-          Work orders

-          School permission slips
-          Lease agreements

-          Bank documents

-          Corporate communications

-          Purchase orders

-          Applications

-          Submissions

-          Medical records

The development of this concept has given many different types of businesses relief from their paper issues. Along with cost savings and environmental waste reduction, the use of eSigs have proven to aid both the signer and the vendor. Both parties can be confident in the reduction of legal and security risk, compliance, catching errors and boosting automation.

sources:
http://www.arx.com
www.wikipedia.com
e-Sign ACT
https://www.fdic.gov

Isabella Janovick is the Marketing Manager for Anacomp Inc.