A Forrester Research survey found that documents with electronic signatures reduced the error rate by 80% and improved productivity by as much as 85%. These are just some of the statistics which highlight the potential disruptive power of technologies like eSignature and eIdentification in transforming digital businesses.

As the digital age marches on, businesses are relying more heavily on moving the entire transaction life cycle to a digital platform. Here, we look at some of the ways how businesses are benefiting from technologies like digital trusts services, eID and so on.

It’s about speed and productivity

Many digital businesses rely on rapid delivery of services and convenience as their primary USP (Unique Selling Proposition). Anything that slows down this rapid service delivery (like signing paper contracts) can affect their business model. This is why digital businesses are adopting electronic identification, eSignature and trusts services at a much faster rate than ever before. According to the Forrester research survey, 65% of the queries related to eSignatures were received from companies which already use the Software-as-a-Service business model.

It is apparent that SaaS companies, which rely on immediate product/ service delivery would see a major benefit in the ability to quickly and effortlessly enter into contracts. Even traditional businesses would see the benefit in this. This is why the robust and secure framework offered by eIDAS is so relevant to the European market. It provides businesses with the contractual and transactional security and enforceability that they need to operate on a fully digital platform.

New Call-to-actionIt’s about security

Although electronic identification and trust services help greatly with the turnaround time to transact or enter into a contract, it is still done without compromising on security. In fact, these technologies provide an additional level of security and trust to all parties engaged in the transaction. Furthermore, a digital process allows for real time and automatic monitoring and greatly reduces the chance of fraud and the time taken to detect it. Such a system also allows for better auditability in the future.

The eIDAS regulation provides businesses with the necessary level of security and trust to enter into contracts and deliver services on a digital platform. This is true form a legal enforceability point of view as well.

New Call-to-actionIt’s about convenience

As the world becomes ever more connected, the number of product or service providers that a consumer can choose from increases exponentially. This has meant that the focus has been shifting heavily towards the consumer and his or her preferences are more important than ever before.  It is this cutting-edge competition that has forced businesses to adapt and adopt technologies like eSignatures which provides the consumer with a much better service experience.

eIDAS provides for seamless and convenient electronic identification and authentication for immediate service delivery for digital businesses. The framework works just as well for cross-border transactions across the EU and this is the level of service that most consumers have come to expect.

Conclusion

The focus of today’s digital businesses is definitely on improving the customer experience to the greatest extent possible. However, they have to do this while also guaranteeing security and ensuring the legal enforceability of the contracts they enter into. Regulations like eIDAS provide the complete framework to achieve these goals in the EU and create a modern and unified digital single marketplace.

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References

 Image: Unicorn, courtesy of Emre Ayaroglu, Flickr (CC BY 2.0)

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