Benefits of e-Signature You Must Know
The 21st century is marked with a remarkable growth in electronic communication. The information society has brought in the implementation of IT on a vivid scale in not only electronic government (G2C;C2G), but also electronic business (B2B;B2C). E-signature is one among the most marked revolutions for, it has replaced a lot of traditionally driven methods which proved to be backdated in every way. Before discussing on the benefits, it is very important that we understand the difference between digital and electronic signature.
Digital signature is that version of the electronic signature which links with itself a “fingerprint” of the document in the identity of the signatory compared to that of the electronic signature/ e-signatures embedded with “Personal Key Infrastructure” (PKI) into the signing process. E-signature comes with varied benefits-
With the world running at a lightning speed, proceeding documents in the traditional method has become a luxury of sorts. The emergence of e-signature has proven to be a blessing when it comes to saving time. A bulk of documentation can be processed at 10 times lesser times than the traditional method which eventually speeds up the work procedure and results in faster progress.
The traditional ink signature method fears tampering and duplicity whereas the e-signature can automatically detect the slightest of the slightest alterations in the signature which proves to be a very protective in its own and the documentation automatically carries a security value.
Cutting transaction cost
The automated e-signing documentation not only enhances security but also takes care of the financial burden as it reduces human error like mistakes in signing which initially can go undetected followed by slowing down of the documentation process and eventually cost problems. E-signatures ensure such safety, saving the transaction cost by pre-fixing the detected errors. Not to forget the obvious cost cutting in expenses such as paper, packaging, copying and shipping. Even though making it a minimal weightage but eventually the cost is added up.
A lot of documentation is delayed due to the absence of the signatory in the required place. The introduction of e-signature has made an effort to bring about a great deal of comfort and convenience for the signatory to sign over the required documents from any part of the world, eventually helping India to build itself as a digital nation.
Citizens owning an Adhaar Id is provided certified authority to use e-signatures for any documentation by the Government of India in the official gazette and the provisions are well mentioned and supported in the Information Act, 2000.
Office space saving
With the advancement of limited space organisation culture, the traditional method of documentation that required managing a separate space to secure and stacking the documents indeed proved to be a hurdle. The emergence of document management feature supported by the e-signature has helped in a major scale in saving the documents electronically which not only cuts down space but also a larger scale of manual labour which eventually adds up to a lesser confusion.