In today’s world, where businesses are embracing paperless processes, it becomes even more critical to replace traditional document signing methods with digital sign-offs. Revv, an electronic document management system, provides three document sign-off features to accommodate users’ intent and context of sharing documents:
eSign: It legally binds a document between parties (within and outside the organization).
Send for acceptance: This feature can be used in documents that don’t require an electronic signature but only need recipients’ consent for closure. This feature sometimes also works as an alternative to an esign.
Send for approval: Some documents demand a review and approval from internal teams before sharing with third parties. The ‘send for approval’ feature expedites such end-to-end approval workflow and makes the process more efficient.
This blog explains how to create an electronic signature in documents and how to eSign a document through Revv. It also highlights the features and relevance of a cloud-based document management system.
What is an electronic signature?
An eSignature or electronic signature is a legal way to approve electronic documents and is a superior alternative to hand-written signatures.
It is defined by the US Federal ESIGN Act of 2000 as ‘an electronic sound, symbol, or process, attached to or logically associated with a contract or other record and executed or adopted by a person with the intent to sign the record.’
In present times, where businesses are connected across the world and functioning remotely than ever, electronic signatures have become critical to authenticate documents digitally and securely.
The electronic Signature market was valued at USD 2.28 Billion in 2018 and expected to reach USD 17.20 Billion by 2025 with a CAGR of 33.47% over the forecasted period.
Electronic signature for legal documents is valid, enforceable, and it speeds up the process.
Which documents need electronic signatures?
Electronic signatures are used in documents that need to be legally enforceable. Here are some examples of those documents:
- Non-disclosure agreement (NDA)
- Non-compete agreement
- Commercial lease agreement
- Sales agreement
- Shareholders agreement
- Founders agreement
- Master service agreement
Read the blog on 20 essential business documents that every organization needs to function well.
Why are wet signatures a practice of the past?
A wet signature is a traditional method where a person physically signs a document with a pen or seal.
Wet signature no longer fits with the evolved business practices of today’s fast-paced digital world.
Here are the key challenges with wet signatures:
Demands physical presence: Wet signatures rely upon the physical company of signatories and the exchange of documents. The unavailability of either halts and delays the overall process.
Cumbersome process: It requires the recipients to go through a laborious process of download-print-sign-scan-upload-send documents, which leads to significant time wastage. The trouble multiplies when the documents are shared in print copies. Physical papers can get lost in transit, and tracking down the missing documents becomes a fatiguing task.
Prone to forgery: A hand-signed document is not tamper-proof and can be altered.
Security risks: Paper documents with wet signatures are vulnerable as they can easily fall into the wrong hands or get stolen. Without any digital tracking mechanism, it is impossible to trace who all accessed the document.
Storage issues: Paper documents call for a big storage space. Organizations always face the challenge of expanding the storage area as the pile of documents increases.
Inefficient: Imagine when several pages in a document need to be signed by different people. Much time gets lost in sharing, coordinating, signing, and sending the documents back. This stretched exchange of documents can stall the progress of an important business deal.
Requires huge financial investment: Signing documents is an essential step towards business success and advancements. Every day numerous documents are shared within and outside the organization for signatures. This demands substantial monetary investment in ink, papers, copiers, printers, dispatching, and storing the documents.
Detrimental to the environment: Paper-heavy organizations contribute to increasing carbon footprint in many ways. More demand for paper means cutting down more trees, more factories for paper manufacturing, and more vehicles for logistics, which becomes fatal to the planet earth.
In short, wet signatures are tedious, outdated, and create impediments in an organization’s progress.
Manual document management can lead to a data breach, missing documents, incoordination, etc. Here are a few scary tales of businesses dealing with manual ways of document handling.
You can do away with all such issues by implementing a document management system in your organization.
What is an automated document management system?
A document management system or document management software is a web-based tool that helps manage electronic documents. You can create, edit, track, store, and send documents for eSign using document management systems.
The tool comes with various advanced features like version control, app integrations, etc., that enable organizations to have better records management.
In short, information management in businesses becomes a breezy affair with an electronic document management system.
Such a tool lets organizations create automated workflows to remove dependencies and errors in business processes.
By letting the users set a fixed path for a specific document. This makes internal as well as external approvals streamlined and makes the complete document lifecycle quicker and error-free.
What are the features of a document management system?
Each organization expects different things from its document management system. Here are some most commonly sought out features –
Professionally vetted templates – Creating each document from scratch is inconvenient and time-consuming for organizations, especially when multiple documents are processed every day. A document management system comes with ready-made document templates. These templates are customizable and easy to use. They save a lot of time and bring consistency to all your documents.
Electronic signature – Document management systems come with the feature of eSign to give businesses the speed they need to win.
Meaningful integrations – The lack of seamless information exchange between applications results in muddled business processes. An integrated document management system fosters rapid processing of huge volumes of information, reduces risks, and cuts down management costs enabling ordered business operations. Revv provides seamless integration with other business platforms/applications like Zoho, Google Drive, Zapier, Slack, and many more, and accelerates the business and workflow processes.
Effective collaboration – Collaboration tools in document management systems enable users to interact on a single platform. You can even record the interactions through notes, chats, etc., for reference in the future. These helpful features foster quicker decision-making.
Automated workflows – Document management system workflow reduces the inefficiencies of a business process. With clearly set workflow processes and workflow tools, steps of a process get defined and better output is achieved.
Cloud storage – Since a document management system is a web-based solution, it comes with cloud storage. You can save huge volumes of data securely without worrying about storage issues.
Incredibly faster and efficient – The paper-driven document management process involves numerous steps and is not the right document management technique in this era. A single platform like Revv, allows you to draft documents, send for eSignature, track activity, store documents, integrate with native APIs, Zapier, and more.
Easy access and convenience – The users don’t have to be physically present to receive the paper documents and sign them. Revv’s mobile-enabled document management system gives users the liberty to sign the documents anywhere and anytime based on their convenience using their mobile device, tablets, etc.
Enhanced security – Revv protects its documents with bank-grade digital signature technology and ensures documents’ safety and security as per the latest industry standards and compliance.
User management – Unrestricted access to all the electronic documents within an organization creates confusion. You tend to miss revisions and updates in a document. You have no information about who opened or made changes to a document. Revv allows you to define user roles by granting specific permissions. This helps in avoiding irrelevant people from visiting and making unwanted changes to a document.
Eco-friendly – Adopting a digital way of signing the documents prevents paper wastage. It saves trees, reduces carbon footprint, and contributes to protecting the environment.
If the above-mentioned features are something that you are looking for, you can refer to this list of top document management systems of 2021 to make an informed decision.
What are the three benefits of a document management system?
A document management solution increases the efficiency of document related processes through various features. It standardizes and optimizes operations and brings much more consistency in the documents produced by any organization.
Here are three pivotal ways in which such a system proves to be beneficial –
Promotes a synchronized way of functioning – When organizations rely on paper documents, a lot of time goes into finding and passing on the right documents to the right people. But with document management systems, employees have wider and easier access to relevant documents. This increases transparency and helps the organization function in a more cohesive manner.
Enhances security of sensitive documents – It is important for small as well as large organizations to safeguard their sensitive documents (contracts, agreements, etc.). But manual handling leaves scope for various loopholes. Implementing a document management system provides better control over an organization’s documents.
Saves time and resources – Businesses always find ways to cut down on the extra costs by implementing new and advanced technology which will help automate manual, repetitive tasks and yet let them personalize when there is a need. A document management system is one such technology that helps save time, energy, and human resources, all the while automating your document management workflows.
Partner with Revv and create an electronic signature in documents like a pro
Revv is a simple document management system that ensures documents getting eSigned is a seamless process. Here are some of the other key features of using Revv’s eSign :
Legally-binding: Documents electronically signed through Revv are valid in more than 60+ countries that have enacted electronic signature laws, making them legally binding and enforceable in a court of law.
Extremely cost-effective: Electronic signature in documents reduces the cost associated with paper and document processing. No ink, cartridge, printing, or mailing supplies are required. Since all the files are stored digitally, organizations spend significantly less money in document-storage.
Upload documents for eSign: With Revv you can upload documents made outside Revv to be eSigned. The file types can be PDF or DOCX. You just need to upload the file, add eSign blocks, and send it to the concerned person.
Fill and sign: With this feature in Revv, you can ask the signer to give more details along with the signatures. With the ‘Fill and Sign’ feature you can give signers the access to fill the forms within the document itself.
Different ways to eSign: Revv gives the signers full freedom to choose the way they want to sign the document. They can give their full name, draw their signature, or just provide their initial.
Revv offers very competitive pricing plans. Users have the liberty to choose between monthly and yearly billing. Moreover, unlike others Revv charges on a consumption basis and not per person. This allows multiple users to access one account.
How to create an electronic signature in documents with Revv?
Follow the below instructions to enable electronic signature in documents through Revv:
1. Revv is a free document management tool. Start by signing up and create an account in Revv.
2. Create a document.
3. Revv’s in-built and pre-formatted template library provides easy access to standardized and ready-to-use document templates. The users have the option to either use one of the templates, create a document from scratch, or upload their own document and edit it in Revv.
4. The documents can be further tailored using the drag and drop document blocks. Alternatively, customize the document by clicking on the plus (+) icon and choosing the required block.
5. Once the document is ready, enter the signer information – name and email id in the ‘signature block’ panel. Click on the ‘eSign’ tab and send it to the recipient for electronic signature.
6. Revv triggers email notifications to the recipient to sign the document.
7. When the recipient clicks on the ‘sign document’ tab, he/she can access the document directly without logging into Revv.
8. Sign the document by clicking on the yellow box.
9. The eSign process is now complete.
10. Revv’s ‘Activity’ tab provides real-time recipient activity monitoring and helps to make informed decisions.
11. The sender also receives the document’s status updates through emails.
Watch a step-by-step tutorial on how to enable electronic signature in documents with Revv
Simplify your document workflow automation with Revv’s document management system
Oscillating between multiple business applications to create a document demands a lot of time and effort. This process can be relied upon only when creating documents is a rare event for you.
But running a business means being surrounded by all types of documents all day long. You cannot be busy creating and sending NDAs at the cost of hampering other business processes.
So, what’s the solution? How to get rid of strenuous document creation tasks?
No-code document workflow automation is the answer.
The process of digitizing and simplifying the entire document lifecycle is called document workflow automation. Here is how Revv, a smart document management system helps you automate your no-code document workflow and create and send documents in bulk at once –
- You can draft loads of documents easily
- You can pre-fill template documents using integration with Google sheets
- You can send multiple documents for eSign
- You can even analyze the documents
- The platform lets you easily connect with CRM and other software
- You enjoy unlimited and reliable storage
|A few guides to help you automate crucial business documents –|
– Guide to automate sales quotes
– Guide to automate non-disclosure agreements
Automating business processes has become the need of the hour. It is important for professionals to align towards the best solution to remain competitive and consistent in the market. Revv is a smart and business-friendly document management solution that
empowers small and large organizations to accelerate their business processes, minimize cost, and maximize productivity.
Securely deliver, eSign, and manage your documents with Revv.
Frequently asked questions
Here are some answers that will help you understand how a document management system, through its eSign feature, helps businesses function remotely.
What is the best eSign service?
One of the best eSign services is Revv. It offers bank-grade security and makes signing documents an easy affair. Moreover, Revv offers you the liberty to choose how to eSign a document. You can ask the signer to give their full name, draw their signature, or just provide their initials.
How to insert a signature into a PDF?
You can leverage a document management system like Revv to insert eSignature blocks in PDFs that are made outside Revv. You just need to upload the PDF, add eSign placeholders in the doc, and send it for signature.
What are the benefits of electronic signature?
An electronic signature is way better than a wet signature in various ways. eSign is safe, secure, saves time and money and if a document management system is used, it will also let you track the activity on the document.
Don’t miss the second part of this blog!
The next post provides valuable information on the ‘Send for acceptance’ sign-off feature, which is an alternative to creating electronic signatures in documents. This feature gives you a direct way to get consent from your stakeholders or clients on your business documents.