How to harness the power of online signatures in your contracts.
Giving your approval used to mean signing on the dotted line with a pen. Today, the line is often digital and the way to sign is often through WiFi. The online signature—you also know it as an e-signature—has become so common, it even has its own day of the year in its honor. No joke: June 30 was officially designated National ESIGN Day by U.S. Congress in 2010. So, why all the attention?
According to the Electronic Signatures and Records Association (ESRA), online signatures lead to an 83% improvement in getting approvals and an 86% savings in document costs.
Online signatures have become the key to business transactions, enabling contracts to be finalized anywhere. Local or global, the dreaded time delay in sealing the deal is nixed.
According to Aberdeen’s E-Signatures & Sales Operations Report: “What makes e-signature so effective as a sales technology is that it enables and enhances superior people and process capabilities, while also maximizing the value of other integrated sales technology. It is the anchor point for a complete, end-to-end sales technology stack.”
“The two biggest challenges that Concord solved were time and e-signature.” — James Sporle, Just Eat Group General Counsel
An all-in-one contract lifecycle management (CLM) platform with a built-in online signature tool can now create partnerships and purchases with greater ease—no separate programs, no email attachments, no paperwork. After all the negotiations have been sorted out, the final (and golden) signature is instantly obtained. And when there’s no downloading of document drafts or version shuffling, there’s less potential for document loss or data leaks.
“Concord has created a more efficient electronic delivery of contracts for signatures which has shaved days off the previous process,” says Jerry D’Alto, Trillium Health Resources Contracts Coordinator. “[It has freed] up administrative time due to no longer having to manually mail out, receive back, and track contracts.
An effective CLM Platform with a built-in online signature tool:
With unlimited online signatures and easy notification to all participants involved in a contract, Concord enables any party to sign a Word, PDF, or digital document from your business, with a secure, one-click link.
Meets Security Requirements
Bank-grade security for all connections and documents ensures identifiable, encrypted, and tamper-evident electronic signatures as well as full privacy of every transaction. Concord combines the broadest range of authentication methods on the market, including: verified email addresses, IP addresses, Mac addresses, technical information from the devices used for signature, sms/email signature confirmation codes, social IDs, SSO, and other third-party IDs, as well as Concord’s account IDs.
Is Legally Binding
The e-signature technology is designed to meet key legality requirements of all major regulations across the world, from the U.S. Uniform Electronic Transactions Act (UETA) to the European Union EC/1999/93 Directive.
Maintains Audit Trail Proof
During and after the signature process, Concord time-stamps each document and seals it using the U.S. Federal Information Processing Standard Sha-1 Secure Hash Algorithm. This process enables you to verify your document signature’s integrity at any time with the certainty that it has not been compromised.
Lets You Retain Data Ownership
With a platform like Concord, you can download any signed document as a PDF at any time. Each PDF includes signature tokens that prove the authenticity of the document. Save your documents on your own servers and still guarantee their validity and integrity, even if you decide to stop using Concord.
Concord’s mission is to help companies achieve scalability and efficiency by automating their most central process, contracts. The cloud-based solution enables over 300,000 users around the globe to create, collaborate, sign, store, and manage their agreements all in one place. Founded in 2014 and headquartered in San Francisco, Concord is built by business, for business.