Friday, July 20, 2018

Electronic Signatures in legal department.

Corporate legal departments once viewed technology as an obstacle that only made their day-to-day operations more difficult. Today, they’re realizing that it can help them to work efficiently and gain a competitive edge. We know how difficult it is to execute a legal document. Each party will have to sign on all the paper in the document for it to be legally binding. Now let's take an example of two parties signing a legal document that consists of ten papers. Each party will have to sign ten times in the document, bringing the total signature count to twenty. By using electronic signatures, the signing can be done in one authentication by each party. As you can see a legal document execution process that uses electronic signatures or eSign is an order of magnitude efficient than the paper and ink process.

Now electronic signatures are able to help legal departments to overcome these barricades by ensuring that the documents are delivered to recipients quickly and securely. Since legal departments avoid the print-sign-scan process, they can quickly provide the recipient with a signed document that is legally enforceable. According to a report by the Association of Information and Image Management (AIIM), 81% of organizations that deployed e-signatures reach their ROI in under a year.

Legal departments use electronic signatures because more work is done in less time. A survey conducted by ALM in May 2014 found that processes requiring physical signatures were lengthened by 1.24 days on average. The technology provides more security and control. They eliminate manual errors. Legal departments can quickly provide signed and compliant documents when an enquiry comes in from another business unit. They reduce the time spent searching for documents.

Electronic signatures eliminate the delays associated with paper processes and provide legally enforceable documents that can be easily verified. Contracts and agreements particularly lend themselves to e-signatures. For a corporate legal department with 10 signers, e-signatures can eliminate tens of thousands of dollars annually. The legal departments are looking to save money and to process a greater information volume with fewer employee resource. And this should begin exploring digital signature options that work best for them.

For more information contact us. We, Finahub, are experts in Aadhaar related products and services like eSign, eKYC, Authentication etc. If you want to know how your enterprise can start using it, please give us a call @ 0484 2388285 or email us at [email protected]