5 Reasons Why Esigning is the Future of Procurement
5 Reasons Why Esigning is the Future of Procurement
Procurement is a crucial aspect of any business, and it involves numerous processes such as sourcing, purchasing, and payment. However, one process that has always been a bottleneck in procurement is signing documents. Traditional paper-based signatures require time-consuming physical meetings and mailing back-and-forth. Fortunately, electronic signatures have revolutionized the way procurement professionals conduct their businesses. In this blog post, we will explore five reasons why e-signing is the future of procurement and how it can streamline your operations while reducing costs!
What is electronic signing?
Electronic signing, also known as e-signing or digital signatures, is a technology that enables individuals to sign documents electronically using a computer, smartphone, or tablet. E-signatures are becoming increasingly popular in procurement because they provide numerous benefits over traditional paper-based signatures.
To create an e-signature, a person can use their finger or stylus to sign directly on the device’s touchscreen. Alternatively, they can upload an image of their signature and place it on the document.
E-signatures are legally binding and secure. They use advanced encryption technology to ensure that the signed document cannot be tampered with after signing.
One significant advantage of electronic signatures is speed. Instead of waiting for physical mail delivery and printing/signing documents manually – which could take days or even weeks -, you can now sign them immediately from anywhere in the world at any time!
The benefits of e-signing
Electronic signature or e-signature is a digital form of signing a document that revolutionizes the way people do business. E-signing offers numerous benefits to businesses and individuals, including faster turnaround times, increased efficiency, better security, cost savings and ease of use.
The most apparent benefit of e-signed documents is speed. With electronic signatures, there’s no need for physical meetings or mailing documents back and forth which can take days or even weeks. Instead, contracts are signed digitally in minutes without any delays.
E-signed documents also improve efficiency by reducing manual tasks such as printing out multiple copies of contracts and physically delivering them for signature. This means your procurement process will be accelerated significantly.
Another significant advantage of e-signatures is improved document security; since they are encrypted with advanced technology protocols to prevent tampering than traditional paper-based signatures which can easily fall into the wrong hands.
Cost-saving is another critical advantage of using electronic signatures as it eliminates the need for physical storage space required for storing hard-copy paper files thereby saving you money on operational costs like printing expenses or courier services fees when shipping the documents from one country to another
E-signing software provides users an easy-to-use platform that helps simplify contract management processes and ensures unparalleled accuracy while creating important procurement documentation electronically .
How to get started with e-signing
Getting started with e-signing is easy and straightforward. The first step is to choose an e-signature software that meets your business needs. There are several options available in the market, but it’s essential to select one that offers advanced security features and complies with industry regulations.
Once you’ve chosen a reliable e-signature software, sign up for an account and create a profile. You’ll need to verify your email address, set up a password, and provide some basic information about yourself or your organization.
After creating your profile, upload the document you want to sign into the e-signature platform. Most platforms support various file formats like PDFs or Word documents.
Next, add the recipients who need to sign the document by entering their names and email addresses on the signature fields. Then specify where they need to sign in each document page.
Customize any additional settings like notifications or authentication requirements before sending out signing invitations via email.
By following these simple steps, you can start using e-signatures quickly and efficiently within your procurement processes while saving time and money compared to traditional paper-based signatures.
The best e-signing software
When it comes to e-signing software, there are many options available in the market. However, not all of them offer the same level of quality and security. Therefore, it’s important to choose a reliable and trustworthy e-signing software that can meet your procurement needs.
One of the best e-signing software available on the market is DocuSign. This powerful tool offers an intuitive interface that allows users to easily sign documents electronically from anywhere at any time. Additionally, DocuSign has robust security features such as two-factor authentication and audit trails which ensure that all signatures are legitimate.
Another popular option for e-signature solutions is Adobe Sign. With Adobe Sign, users can create customized workflows for signing documents and automate their procurement processes. The platform also integrates with other Adobe products like Acrobat DC and Microsoft Office Suite.
For those looking for a cost-effective solution, HelloSign might be the perfect choice. Its user-friendly interface makes it easy to send contracts or purchase orders via email for signature without sacrificing on security standards.
Choosing the right e-signature software depends on your specific business needs; however these three platforms (DocuSign, Adobe Sign & HelloSign) have proven themselves as some of the best in class when it comes to procurement related activities due to their reliability and efficiency in making document management more efficient while providing high levels of security.
Alternatives to e-signing
While electronic signing is becoming more widely used in procurement, there are still some alternatives to consider. One alternative is wet signatures, which involve physically signing a document with pen and paper. While this method may seem outdated, it can be necessary for legal reasons or when working with people who do not have access to e-signing technology.
Another alternative is the use of digital signatures, which differ from e-signatures in that they require a unique digital certificate issued by an accredited certification authority. This provides additional security and authenticity compared to standard e-signatures.
Some organizations may also choose to use fax or email as a means of obtaining signatures on documents. However, these methods lack the security and efficiency provided by electronic signing solutions.
Ultimately, the choice of whether to use e-signing or an alternative method will depend on factors such as legal requirements and personal preference. It’s important for procurement professionals to stay informed about all available options so they can make informed decisions for their organization’s needs.
Conclusion
E-signing is the future of procurement. It provides a secure and efficient way to handle contracts and agreements that can save time and money for businesses of all sizes. By using electronic signatures, companies can streamline their procurement processes while ensuring compliance with regulatory requirements.
Whether you’re just starting out or looking to upgrade your current system, there are many options available for e-signing software. Take the time to research different providers and find one that meets your specific needs.
Remember that while e-signing is a powerful tool, it’s not the only option available for managing procurement documents. Be sure to consider other methods as well, such as paper-based processes or traditional wet signatures.
E-signing offers numerous benefits over traditional signing methods and will continue to play an important role in the world of procurement for years to come. So why not embrace this innovative technology today?
