Top ten benefits of digital signatures

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We have compiled a list of the main benefits we’ve seen from companies that have implemented digital signature solutions.  

Blog Digital Signature benefits

The technology we have at our disposal today makes for exciting times, with ever-evolving digital tools drastically changing the way business is done.

As an international provider of digital solutions, SigniFlow is grateful to be at the forefront of this exciting era, and to see the different ways in which our solutions empower businesses of all sizes to streamline processes, become compliant and ultimately serve their customers better.

On the back of this, we’ve put together a list of the top ten benefits we have seen at play in the businesses we serve with our solutions, which have secure digital signatures at their core.

  1. Document Security. Nobody wants to have to go into crisis management mode when important paper documents are stolen, misplaced or destroyed due to a fire, flood or other unforeseen disaster. The fact is, these things happen – and prevention is always better than cure. Digital document management and storage eliminates the chances of physical records going missing or being destroyed.
  2. Company image. Using digital signatures and finalising contracts and agreements so much faster than expectations have always dictated shows clients your business has the latest technology in place, and is serious about efficiency. For one of our clients, the fact that they used a digital signature and workflow solution turned out to be a differentiator when it came to them getting a deal.
  3. Corporate social responsibility. There is without doubt increased awareness and a higher expectation for companies to be environmentally aware nowadays. Using digital signatures and supporting a paperless business model demonstrates that you as a company are aware of the impact using paper has on the environment, and willing to employ solutions to minimise damage. Paper pollution causes serious adverse effects to the quality of air, water and land around us. Not only is discarded paper a major component of landfill sites, paper recycling in itself is a major source of pollution, given all the sludge that is produced during de-inking.
  4. Time management. There is nothing more time consuming – not to mention frustrating – than having to spend hours searching for physical documents that went through a lengthy manual signing, managing & storing process – and straight into a proverbial black hole. Digital Signatures turn hours – sometimes days or even weeks – into mere minutes by allowing you to quickly find the required documents, on a secure server, and then action them.
  5. Simplification of processes. One of our recently acquired customers were pleasantly surprised to see how simple going digital and paperless was, and how quickly our solution was able to save them time and money by simplifying day-to-day business processes. “We initially thought the change to digital processes would complicate things and take so much time to implement, but it turns out it was simpler than any single manual process we’ve done in the past, and our employees were happy and quick to get on board and move away from old manual contract signing and filing systems.”
  6. Customer satisfaction. We love to hear feedback from our customers about their customers, because we understand how much value a customer holds for a company. While organisations stand to benefit hugely from going paperless – in both monetary and time-saving terms – the customers they serve reap just as many rewards, including convenience, speed and efficiency. At the end of the day, a happy customer means a happy bottom line.
  7. Eradication of fraud. It’s no secret that any semi-skilled con artist can forge a physical signature. Digital signatures completely eliminate the risk of forgery, because they are backed by a unique digital identity, based on globally accepted Public Key Infrastructure standards. There is no higher level of security when it comes to signing a document.
  8. Legality. One of the things we frequently get asked by customers, is whether digital signatures are legally valid across all parts of the world. The answer is yes. SigniFlow digital signatures were developed with both security and compliance at their core, and are compliant with European, US, South African and international regulations for electronic transactions and trust services. Our solution uses state-of-the-art digital cryptographic signature technology that allows businesses and their customers to sign documents remotely and securely, with the sound knowledge that they are signing with signatures that are legally binding.
  9. Money savings. This is probably the most immediately raved about benefit see when companies deploy digital signatures. Apart from the obvious money-saving benefits that come with not having to print documents out, such as no more paper, ink, printers and maintenance, there are other associated cost savings enabled by digital document management and storage, such as needing less physical office space (which is often one of the biggest expenses a company has), and document distribution.
  10. Audit trails. In business, the ability to trace documents to their origin is crucial – not only for internal records, but also for the sake of transparency, compliance and protection of company information. Our digital signature workflow system provides businesses with a full digital audit trail, kept with documents in the SigniFlow workspace, stored on secure servers.

For more information on our solutions, visit our website www.signiflow.com or contact us by submitting an online query HERE or calling us: International Contact Centre Tel: 002710 300 4899 / From South Africa Tel: 011 516 9403.

Still reliant on paper processes? It’s time to pull the plug

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Stop allowing paper processes to drain your business of money and your employees of productivity, and start reaping the benefits of digital.

Doing business in today’s fast-paced, digitally charged world is nothing short of dog-eat-dog. Companies simply have to be able to operate optimally at all times – or risk being devoured by competitors.

Fortunately, with the Digital Revolution now in full swing, state-of-the-art technology and software make it easier for business owners to keep their eyes on the prize at all times, by ridding operations and employees of distractions and impediments to productivity.

Of course, there are productivity drains that remain – and one of the biggest and perhaps simplest to mitigate these days, is paper.

If your company’s processes are still primarily paper-based, you are putting serious – and unnecessary – strain on your business. It’s a proven fact: Relying on manual methods and paper to complete business processes not only hampers productivity, it is also a huge drain on resources.

Think about this: how much time do your employees spend searching through cabinet upon cabinet of paper records to find the document they are looking for? And how much easier and faster could this process be, if the documents were digitally archived, able to be indexed at the touch of a few buttons or with a few clicks?

Imagine employees no longer had to spend their time printing, filing and sorting paper documents, and could rather use their time constructively, while at the same time cutting out some of the physical costs associated with outdated paper processes.

And how much time, money and physical office space could you save if you were to replace paper with the cloud? Consider costs of not only paper itself, but associated costs like printing and courier expenses.

Going beyond the advantages of digital business processes for your business internally, the ability to offer the very lifeline of your business – your customers – speed, security and innovation, is priceless. It’s a well-known fact that today’s customer wants speed and simplicity – which is exactly what digital offers, from onboarding processes to instant finalisation of agreements and contracts online.

Today, it’s no longer a question of whether to go digital, but of when to go digital. And the answer is now. Stop relying on processes that consume resources and drain productivity – and start enjoying the software at your disposal, the digital resources that enable you to streamline operations and elevate your company’s reputation.

DocFlow: Bridging the document automation gap

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G10167-MSSigniFlow now integrates a document management and process automation tool that seamlessly manages business processes, from A to Z.

Document management is without doubt one of the most important functions in a business, regardless of its size. In many ways, document management is the heartbeat of an organisation – the foundation upon which many other functions are built, and that enables a company to run smoothly.

Despite this, many organisations struggle to adequately manage this core of their business, which is heavily reliant on efficient, traceable business processes and corresponding archives.

This is where DocFlow – a powerful combination of document management and process automation systems – comes in. Created by SigniFlow engineers, DocFlow is an integrated extension to SigniFlow workflows, which seamlessly manages the automation of business processes, from A to Z.

Released in 2018,  DocFlow is set to become an indispensable component of businesses’ process and document management in the coming years.

The creation of DocFlow comes in the wake of the discovery of a gap in the document management space. SigniFlow found that a number of clients were in serious need of auxiliary functions, such as meta matching through barcode scanning, barcode decryption, auto filing, and managing physical artefacts that lacked electronic artefacts. Following painstaking research and design by the SigniFlow team, we are now able to bridge this gap.

How DocFlow works

As an extension of SigniFlow, DocFlow works by allowing business owners to create input and output rule-based folders, following the mapping of a business process, to manage the flow of data and documents from the initial input, to the ultimate archiving destination.

Based on pre-configured process workflow rules and security-based user roles, DocFlow manages the workflow of all business documents, through automated and controlled digital processes.

DocFlow utilises the SigniFlow workflow and digital signature signing capabilities to ensure processes that require documents to be signed can be automated, while processes remain fully digital at all times.

DocFlow also allows businesses to link physical paper documents kept in filing rooms or cabinets, or at branches, to digital records using structured file plans – as well as to manage physical documents that are in transit, ensuring that what is sent from a location, is exactly what arrives at the intended destination.

An essential for businesses of any size, document management has never been so secure and failsafe.

As of Q1 2019, this powerful new tool will be available for all SigniFlow customers at no additional licence costs, with a basic setup for document archiving.

For more information on DocFlow and what it can do for you and your business, contact the team via support@signiflow.com  or phone:

South Africa : (+27) 10 300 4898

Americas: (+1) 603 717 4248

Europe: (+32) 494 102 095

IT-ONLINE – Simplifying loans applications with digital signature workflow

Posted by IT-Online on Sep 30, 2015

loan applicationFor financial institutions, loans are an essential part of their business, writes Avi Rose, regional sales manager for Africa at DocuSign and Leon van der Merwe, business development manager at Pitney Bowes.

From home loans to vehicle finance, personal loans to credit applications and everything in between, many applications for these services must be processed on a daily basis. The challenge is that at some point in any loan or credit application, one or more physical signatures are required. This has typically meant moving out of electronic channels into manual, paper-based processes. It not only breaks the digital workflow, it is also exceptionally time consuming and paper-intensive, not to mention costly.

In addition, the manual signatory process often negatively impacts the customer experience by requiring the signing parties to be physically present at the financial institution’s branch,  a major inconvenience for customers. However, this issue is one that can be dealt with very easily by adding a digital signature solution to the process. These solutions are fully compliant with all relevant legislation, such as the ECT Act, and eliminate the need to print documents and collect ink-based signatures. This improves the customer experience, reduces the time taken to process loans and cuts costs amongst other benefits.

Traditional ‘wet ink’ signatures introduce inefficiencies into automated and digital workflows, wasting time and money and increasing a company’s carbon footprint. Ensuring that the entire workflow can be completed electronically solves these challenges and improves the firm’s competitive edge, as the ability to more easily and quickly complete applications is not only of significant benefit to customers but also to the financial institution itself.

Up until recently there has been no solution to the challenge of digitising legacy wet-ink signature processes. However, the Electronic Communications and Transmissions (ECT) Act makes allowances for the legal digital signing of documents. Specifically, advanced electronic signatures are now legally valid on documents such as credit agreements, which require a high level of assurance of user authentication. Advanced electronic signature solutions offer certificate-based digital signatures that are legally enforceable because they protect the integrity of the document and the authenticity of the signer.

This in turn ensures that the entire applications workflow can be digitised, which offers numerous advantages. The most obvious saving that can be realised here comes through reductions in the use of paper and ink, as well as in printer and courier costs. In addition, employee effort can be significantly reduced – there is no longer any need to print documents, get them signed, and then scan them back in to put them back into the various digital workflow channels.

The most significant benefit, however, is the significant time saving advantage. With current manual signature processes, it takes days, sometimes weeks, to add all the information and signatures to the required documentation, not to mention the need to send documents back and forth via fax or post. With an advanced electronic signature solution, this time frame can be reduced to a matter of minutes, as these solutions can be integrated into an automated digital platform that efficiently manages document workflow.

For example, a portal can be created where all relevant parties access a single entry point and digitally sign the document with a compliant electronic signature. After authenticating themselves, the required signatories can access this portal from wherever they are in the world, without having to be physically present in a bank or branch office, removing bottlenecks and delays, and improving the efficiency of the entire process. This also ensures that issues with having multiple document versions are eliminated, optimising storage and archiving while also providing a complete audit trail and improving process transparency.

For customers this is a game-changing solution, as one of the biggest hassles and frustrations with financial applications is the time-consuming and inconvenient nature of the process. Using digital signature workflows, financial institutions can gain a significant edge over the competition. The benefits are significant and the business case for electronic signatures is strong, as can be seen by the rapid uptake of such solutions across Europe and the US.

In South Africa, legislation supports the use of advanced and ordinary electronic signatures, and we are currently at a turning point where adoption is imminent. Financial institutions of all sizes, from major banks to micro lenders, stand to benefit from architecturally sound, secure and scalable digital signature workflow solutions that can provide a competitive edge and significantly enhance customer service.