The paperless office may still be a long way away, but the digital contract is becoming a reality for an increasing number of businesses. Digital signatures are now being used to protect documents in a variety of fields including life insurance policies, rental agreements, invoices and employment contracts. In the US, it is estimated that 50% of documents could be being signed electronically before the end of the decade. In Europe, which has been slower to adopt the technology, the market is expected to expand rapidly as new EU regulationS clarify the necessary legal framework and allows more flexible technical solutions to be adopted. Cost savings and efficiency improvements Firstly, there is no longer a need to print the document, copy it, fax/courier/post it, copy it again when returned and then archive it in a filing cabinet. Why wait for a senior manager to return from holiday or a sales conference to approve a deal? Workflow and digital signature approval solutions allow you to upload documents, add signature fields, apply legal notices, send documents to internal or external parties and store and retrieve copies online. They also allow signing on the move from mobile devices. This makes managing and tracking contracts easier, less time consuming and less stressful. Email notifications inform people when it is their turn to sign and remind them if required. Status tracking means you can see at a glance where the document is in the approval process. Management features allow other staff to prepare and check documents prior to senior staff applying their digital signatures. Most of all, digital and ‘live’ signing improves the user experience and, thanks to cloud-based solutions, is quick, easy and convenient.
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