The Online Digital Signature Way

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11 October 2008

Automation is one of those popular business buzzwords.

And it makes sense why.

Who wants to spend all day seeing to repetitive tasks that can easily automated?

Technologies like digital signing give organisations better ways to engage with employees, finalise contracts and build customer relations.

These tools bring benefits across all industries.


Manage your Documents Digitally to Save Time and Money

 Functions like digital signatures and other automated workflows can largely be grouped under Digital Transaction Management – cloud-based applications to manage document-based transactions.

These solutions are quickly gaining traction:

     Research shows more than 65% of businesses are moving towards ditching paper in favor of digital processes.

     Aragon Research also estimated this market would grow to $US300m by 2020.

 In this post, we’ll take a look at some of the most practical ways this type of technology can help teams work better.

1.  Improve Productivity with Automated Workflows

Process makes perfect.

It’s a fact: businesses with clearly defined processes perform better.

The thing with technology-based applications is this: digital tools streamline processes that are already working well.

According to a Forrester survey, more than 40% of business leaders adopt digital tools to improve efficiencies.

So, if you’ve got a well-structured workflow, implement automations on the routine, repetitive tasks.

Salesforce, cloud computing software and CRM, helped McKinley Equipment to generate 42% additional revenue by automating workflows.

Using its Customer Success Platform, sales team work on a lead, convert the prospect and generate a customer quote from one system. Once the order is placed, an email is automatically generated detailing the next steps and thanking the customer.

2.  Automate Follow Ups to Avoid Costly Contract Delays

How much time do you spend finalising a contract?

Add on the time it takes to chase down a signature, and you’re looking at days – even weeks - wasted.

Not only that, but poor contract management  - including missed deadlines  - can end up costing you up to 40% more for supplied services, according to estimates from KPMG.

The beauty of a digital-based platform is that it will send out the reminders for you, so you never miss a due date again.

If you need to get a document signed, state your due date and the system automatically sends out reminders for you until the task is complete.

3.  Reduce Delays with Data Accuracy

One of the biggest problems with the paper-based processes is the potential for human error.

Incomplete documents or incorrect information can add weeks onto the process, and they can be costly. More than 30% of the costs related to contacts can be reduced if you eliminate contract inaccuracies.

Here’s how to use Digital Signing to Meet Business Deadlines


Evolve Scientific Recruitment, an Australian-based recruitment agency, has offices nationwide.

Documents often have to travel from candidates to Evolve offices around the country.

Several pages need to be completed before the candidate can even step on site.

The challenge with paper-based contracts was that incorrect or incomplete contacts delayed employment.

They approached Secured Signing to reduce the time it took to finalise the contract to better serve candidates and employers.

With digital signing software in place, Evolve Scientific Recruitment added a business rule validation prompting candidates to fill in all fields before the document can be sent on.

Candidates can also upload all their relevant documentation to the pack and complete the process anywhere, from any device.

The result?

A signing process that can take as quickly as one hour.

Read the full case study on Secured Signing’s website.

4.  Easy Integration for the Best Customer Experience

There’re two important things you need to consider when selecting a digital signing solution:

     Security

     Integrations

To gain a better idea of what’s on offer, you can have a look at the platform’s API (application user interface).

Leading digital signing solutions will make use of advanced personalised X509 PKI Digital Signature technology, increasing compliance and reducing business risk.

It should also be easy to integrate your existing system with the platform.

An open API eliminates the need for your customer to sign into yet another login interface.

In practical terms, it means your client doesn’t even know they’re being routed via the digital signing software.

You can read more about Secured Signing’s API here.

5.  Additional Party Notifications with Real-Time Updates

The contract lifecycle has several stages.

Once a document has been signed, this usually triggers a new process with a different team.

Additional part notifications are useful in the following cases:

     A copy of the signed contract might need to be archived with the records team.

     Payroll may need to start its own procedures once an employment agreement has been finalised.

     Maybe you have to keep your manager posted on the progress of signing.

You can have the digital signing platform send real-time notifications to any number of additional parties throughout the signing process.

If you configure these notifications, it’s one less step for you to manage manually.

Conclusion

Document management can be a time-consuming process. But it’s the backbone of your business.

Organisations that don’t embrace digital tools may get left behind with outdated processes that block growth.

Finding the right digital signing solution lets you automate routine, resource-intensive tasks, so you can focus on adding value and pushing the business forward.


Till next time,

John Webster


General

9 August 2018

You may have heard about digital signatures, but you’re not sure whether it has any practical benefit for your business.

The case for digital signing is compelling.

     Eighty-percent of companies who implemented digital signatures saw a return on investment in the first year.

     Twenty-five percent saw ROI within three months.

But the most immediate impact is the massive boost to productivity companies have seen on the back of digital signatures.

We’ll discuss some of the most valuable uses for digital signatures using real-world examples.

Faster Turnarounds to Complete Sales Contracts

Saleforce ditched wet ink for digital signatures, and immediately reduced the time it takes to complete sales contracts.

Key outcomes:

     Turnaround decreased from an average two days, to as fast as one hour

     Over 90% of contracts completed on the same day

     Less manual work for staff – freeing sales to focus on generating revenue

Salesforce is expanding the use of digital signatures to its procurement department, where digital signatures allow teams to track and manage the contracts throughout the process.

A Simple Process to Finalising Legal Agreements

The legal industry generates a vast amount of paper.

And along with the flood of paperwork, comes hours of document prep: scanning, signing, printing and storing volumes of documents.

There’s a campaign to change this approach, arguing that digital signatures can save “countless hours, even days and weeks”.

 The uses of digital signing in law provides:

     Enhanced security: each document comes with a visual audit trail

     No room to alter terms, conditions or dates of signatures

The practical benefits include reducing the number of hard copies the legal department needs to manage and cutting down on storage costs.

Improved HR Processes

Like the legal sector, human resources consume reams of paperwork in its core functions.

Recognising this, a tax company set out to find a way to streamline its hiring process.

The Australian operation of H&R Block hires hundreds of new agents around tax time each year. Time went into preparing the documents, tracking which had been signed and storing the final contracts.

H&R Block opted for Secured Signing’s digital signing solution. Now District Managers can send up to a thousand employment contracts in one sitting, with new hires  and managers signing from wherever they are across the country.

H&R Block realised an immediate return on investment. There was a reduction in turnaround times, and staff praised the more convenient option.

Better Customer Experience

There’s a surge of growth in the global digital signature market.

Along with the rise of digital signatures, smartphone penetration is already at 90% in some parts of the world. Customers expect to do everything online, and they’ll look for businesses who can extend this electronic experience.

Most customers don’t have access to printers at home, and the need for a physical signature may end up costing you the deal as customers opt for digital tools.

Companies who rely on paper-based processes risk frustrating customers due to delays caused by errors and unsigned documents.

More companies are allowing customers to complete the following actions using digital tools:

      Information forms for new customers

     Quote approval

     Statement of work

Conclusion

Companies across industries are answering the call and meeting the customer’s need for a simple and quick electronic experience.

Internally, companies recognise digital signatures remove the hassle of many routine administrative tasks to make way for firms to focus on the work of growing the business.

Digital signatures help companies to craft more competitive offerings, and better workspaces: building businesses who can prosper in the new economy.

Till next time,

John Webster


General

21 March 2018


Question: What is most important when selecting an e-signature platform?

 

Answer: Firstly, congratulations for deciding to ditch paper signatures and implementing an e-Signatures solution. Your team and customers will thank you when they experience first-hand the increased efficiency and improved customer experience as a result of a digital signing solution.

 

Now, it’s important to understand that e-Signatures solutions are not created equal! The biggest difference to understand is what technology they use, even if you are not a tech expert. Not all signing solutions meet the requirements set out in the Electronic Signatures in Global and National Commerce Act 2000("ESIGN"), which made signed electronic contracts and documents as legally binding as a paper-based contract. For more information on this check our legal page.

 

We’ve listed our 5 must have features you should have when selecting an online signing platform

 

  1.  Solution that uses Public Key Infrastructure (PKI) Standard for signing. – This digital signature technology provides unique signing keys for each signatory. The user based digital signatures solution seals and protects your electronic document with the first signature. X509 Standard also allows for independent vendor solution for self-verification of signatures at your work station. You are not reliant on a single signing platform to validate signatures. This means you are not locked into one provider forever. 
  2. Date and Time Stamp – ensure your eSignature platform includes a date and time stamp for each signature. This is an important requirement used to evidence when the signing took place exactly
  3.  Audit log – look for a detailed audit trail of the signing process and one that is sent to all parties involved as soon as the document has been signed. The registered information gives a precise reference to verify activities and time frames related to the signing of documents and sensitive data. An audit trail report can be used as a proof for review purposes, and in case of a dispute.
  4. Tracks changes – don’t be exposed, ensure the Digital Signature solution automatically detects any changes made to the document after signing and immediately invalidates the signatures. It should also promptly notify all parties involved.
  5. Video ConfirmationVideo Confirmation provides the highest confidence in the identity of the signer as it provides unchallengeable proof of who signed the document. The video recording captures the signer performing gesture specific to the document which is recorded in the audit log. The location and password for the confirmation video are contained in the signed document.

 

For more important features, check out our website www.securedsigning.com .

 

Till next time,

John Webster


General

1 February 2018

Security underpins everything we do, it’s in our name, and with this passion in mind we continue to ensure we offer our customers secure digital signing technology. With increasing cyber fraud, document and user security is more important than before.

While the current digital signing process is already very secure, there is always room for improvement to avoid signature fraud. Secured Signing offers additional methods for proof of identity, resulting in enhanced security and identity validation. 

Video confirmation, driver license and passport ID Checks – document verification, RealMe and data matching can be included in the signing process in Secured Signing. Our video confirmation feature provides proof of who signed the document by capturing the identity of the signer in real time. The video recording captures the signer performing gestures specific to the document, which are then recorded in the document log. The location and password for the confirmation video are also contained in the signed document. To enhance security even further, a tamper proof mechanism of the digital signature ensures the video confirmation details cannot be altered without invalidating the signature. This complements the inherent authenticity and reliability of public key infrastructure (PKI) digital signatures.

Invitees can also verify their driver license or passport with ID Check process, with matching mechanism to document content as part of the signing process verifying ID documents as valid. Alternatively, select government online proof of identity platforms which are integrated with Secured Signing, such as NZ RealMe. 

Put simply, Secured Signing is a highly secure way to sign documents online. The combination of ease of use for the signer and absolute compliance confidence for the document owner is without peer.

Check out this quick video showing how video technology is used in the signing process

If you want to protect your business from cyber risk, be sure to contact Secured Signing today

Till next time,

John Webster


General

June 6, 2017

Financial services companies must know who is signing their documents. If there is any doubt that the correct person has signed the loan, agreement, authority to proceed, or whatever the document may be, the business leaves itself open to fraud, is exposed to unnecessary risk and faces the possibility of loss, not to mention becoming non-compliant with 'Know Your Customer' legislative requirements. Secured Signing provides the most robust verification of signer identity with the world first use of video confirmation as part of the signing process.

Online signing by its nature provides much stronger confirmation of who is signing your documents than simply sending documents by post or email and taking it on faith they have been signed by the correct person. The addition of video recording of the signer, in a way that is uniquely and irrevocably tied to the document being signed, provides a degree of confidence in signer identity that cannot be reasonably challenged. It is a genuinely innovative approach that provides a degree of confidence in identity that is unmatched by any other signing method. It builds on the already robust authenticity of the underlying PKI Based digital signatures used by Secured Signing and existing additional identity verification tools such as two factor authentication and identity document searches.

Let's drill into how the process works to really appreciate how robust and reliable this new approach is.

Video confirmation is quick and simple for the signer. They are asked to activate the camera on their device and record themselves performing specific gestures. It takes less than 10 seconds. The required gestures are specific to the document being signed, recorded in the document log and are analysed in real time. The nature of the verification and the changing requirements make it impossible to pass the verification using an image or pre-recorded video. Video confirmation provides much stronger confirmation of identity than static biometric verification such as facial or fingerprint recognition.

The confirmation video is retained in a secure, encrypted repository. The signed document contains both a reference to the location of the video confirmation and the password required to access it. The tamper proof mechanisms inherent in PKI based digital signatures means neither the reference nor the password can be modified, without invalidating the signature. All documents signed with Secured Signing can be verified independently to confirm the document content is unchanged. Video confirmation enhances the inherent security and authenticity of PKI based digital signatures with the recorded video of the person signing the document.

Video confirmation is available to all Secured Signing customers now. Once enabled in My Settings, the option to require a signer to provide video confirmation is available on the signing workflow screen. You can try Secured Signing, including video confirmation of identity for free.  Register for your account now.

'Til next time
Cheers, John