Quite a few content management tools include e-signature implementation such as SharePoint, Box, and other content management systems (CMS).
Electronic signatures, digital business, and content management are interdependent. Without e-signature capability, documents continue to be printed for signing, then photocopied, shipped, corrected, imaged back into the system, archived, and shredded. 90% of the time and cost of labor dedicated to managing paper can be saved by using e-signatures. There are also other benefits of using e-signatures such as faster decision making, shorter sales cycles, and improved customer experience.
In the last few years, financial services, insurance, healthcare, and government have embraced digital transformation. A major driver is compliance and risk. Many organizations are concerned about legal risk or they struggle with the constantly changing regulatory landscape in their industries, in part because manual processing is very prone to errors.
Rather than react to regulatory pressure with additional people, manual controls, and process complexity, organizations that adopt e-signatures have these benefits:
- Leverage workflow rules to execute transactions correctly and consistently.
- Capture a full audit trail and electronic evidence.
- Minimize exposure to risk due to misplaced or lost documents.
- Make the process of e-discovery easier, more reliable, and less expensive.
- Demonstrate compliance and reduce legal risk through the ability to playback the exact process that was used to capture signatures.
Let's look at this example: the VP of compliance is asking for transaction records from 5 years ago. How helpful would it be to quickly produce all signed records, in good order and replay the entire web-based signing process for context.
According to Forrester Research, organizations and customers now recognize that e-signature is an important enabler of digital business.
Today, the business is digital and e-signature is a foundational technology enabling end-to-end digitization. Let's look at this example: a customer filled out an insurance application. When the package is ready to be signed by the customer, traditionally it would revert to paper. Instead, documents are handed off to the electronic signature solution. This solution would manage every aspect of the e-sign process, including notifying and authenticating signers, presenting documents for review, capturing intent, securing documents, collecting evidence, etc.
Once e-signed, the documents can be downloaded in PDF format and stored in any archiving system. The e-signature audit trail and the security travels seamlessly with the document, ensuring the record can be verified independently or the e-signature service.
A document centric approach to embedding e-signatures within signed records allows for greater portability and easier long term storage in an CMS solution. Additional metadata related to the e-sign transaction can be handed off to the CMS as well for analytics purpose.
Adopting electronic signatures is quick and easy and does require IT or programming resources. Companies who are looking for a more integrated automated workflow, e-signature plugins for SharePoint, Salesforce, Box are available.
Organizations can quickly and easily enhance approval workflows with a more robust e-signature solution than a checkbox on an approval routing sheet, while also automating archival.
