The world has moved firmly into the digital age – and it isn’t just social media or communication that’s made the change. Today, a majority of business processes are digital-enabled – signaling a shift in default practices that demand accessibility online, or the chance of being left behind more adaptable organisations that are doing the same.
Research has shown that digital transformation solutions, such as the e-signature, optimise and speed up business processes dramatically, reducing your turnaround time from many weeks to mere hours. As always, this translates into faster time to revenue, improved service, and further competitive advantages for your business.
THE NEED TO ACCELERATE HAS ONLY GROWN OVER THE PAST TWO YEARS
Covid-19 has had a global impact – changing the way every single person lives and interacts with others in their lives. From large businesses to small traders and self-owned shops, everyone has had to reconsider their business practices – building new networks and structures that can thrive in an environment that simply does not allow for contact between individuals. This effect has been felt across the board, from multiple logistical and operational challenges to straightforward processes – such as getting a contract signed.
Digital solutions such as the e-signature have existed for some time now, but COVID-19 has only served the boost the adoption rates in Singapore and other countries, as companies take to their screens in an attempt to continue operating as normal. While some of the benefits are obvious – such as going paperless, electronic signing also serves to provide a safe, secure system where documents, contracts and the like are signed and approved remotely, allowing business to continue without negative impacts.
E-SIGNATURES EASE COMPLIANCE
Digital solutions were recognised and adapted by regulatory bodies in Singapore from 2020, as the social situation deteriorated, and companies started to search for alternative solutions to keep businesses running strong. One of the most important laws regulating e-signatures in Singapore is the Electronic Transactions Act (Cap. 88) (the “Act”). Singaporean authorities first enacted the Act in 1998 to provide a legal foundation for electronic transactions and create a safe and regulated environment promoting their use
There are several instances in day-to-day life when we come across statements and reports carrying digital signatures. The COVID-19 vaccination certificates, monthly credit card statements, insurance policies purchased and renewed online, digital contract notes, IT returns, e-tendering process are some of the most common documents issued by the local government, banking institutions, regulatory bodies or authorities that have popularised and spread the use of digital signatures in our country.
WHAT ARE THE BENEFITS OF DIGITAL SIGNATURES?
1. Reduce costs and time
They no longer need to create, print, transport, or sign documents manually – allowing countless hours to be saved on time and labour, which will increase their overall productivity and in turn, saving your organization time and cost. Contract management has come a long way from the old tickler and filing system. Regardless of industry, a contract management process primarily requires documents to be printed, manually signed, and physically filed consumes time and labour unnecessarily.
2. Optimizes employee onboarding
Whether you’re looking to streamline your hiring process, or simply get offer letters across to chosen candidates faster – digital signatures offer a better way forward. Our HR DMS digital solutions also help automate paperwork for new hires, reducing your overall cost while enhancing employee experiences.
3. Boost consumer satisfaction
E-signatures accelerate contract processing, reduce the time invested, and improve productivity by eliminating the manual collection of physical signatures. Given the swift acceleration of e-transactions in recent times ,the processeses are made quicker and easier with e-signatures. Since no real signatures are required, consumers are able to pay for their purchases much faster. Digital solutions further reduce the risk of manual errors, reducing the need for retyping and such.
4. Signatures on the go – anytime, anywhere
Signatures used to have to be coordinated – requiring both parties to match schedules, arrange a meet-up, and come to a quick agreement or risk having to redo the entire process. E-signatures aren’t just convenient, they’re vital to enable businesses across industries to deliver a solution to the signer’s desk – no matter where they might be.
5. Enhance Security
Digital Signatures work based on Public Key Infrastructure (PKI), ensuring that digital signatures offer ironclad security and authenticity standards to documents. Digital signatures authenticate the user’s identity, preventing the document from being altered or tampered with.
Encrypted keys in digital signatures further link the signer with this document, offering another level of both authentication and security.
HOW CAN CROWN RECORDS MANAGEMENT HELP?
Ease of use
Little to no technical knowledge is required to set up your new solution. Matter experts from our end set up the infrastructure and guide you on best practices – allowing you to focus on improving your business in other areas. An intuitive interface allows for faster adoption, allowing documents to quickly be mailed to signers so that they can do the needful. This also maintains a digital trail of transactions and communications – allowing you greater visibility into the processes to be optimised.
Disruption to business, even to institute new solutions, is never a good sign. Crown offers digital solutions that quickly integrate with your current process and offerings, allowing you to adapt on the go and never fall behind ever-soaring business expectations.
Crown Records Management uses state-of-the-art technologies and security to guarantee high levels of security for all documents and processes – keeping you safe from potential harm or missteps.
Crown is compliant with electronic signature laws and regulations around the world.
Using Crown’s workflow solutions across functions in an organisation, several documents arising out of everyday work are born digital. These documents are verified, approved and processed digitally completing the digital transformation of your corporate information landscape. Some of the typical use cases in a corporate function are illustrated below:
- Digitally signed and approved offer & appointment letters, memos and appraisals (HR)
- Issuance of digitally signed Invoices (Accounting & Finance)
- Internal approvals for vendor invoices & employee reimbursements are signed off and approved digitally (Accounting & Finance)
- Vendor contract documents for initiation and renewals are issued and approved using digital signatures (Admin & Procurement)
- Work orders and purchase orders are approved and issued using digital signatures (Admin & Procurement)