Technological innovation continues to leave its imprint on the way organizations carry out their day-to-day activities. Its importance was noted more significantly during COVID-19, where technology was one of the key accelerators that kept systems ongoing. As contactless economy became the new norm of doing business, there was an increase in demand for alternatives to securely send and receive documents digitally. Not surprisingly, organizations have turned to digital signatures as one of their alternatives to ease business-doing as well as facilitate the path toward digital transformation. Digital signatures are algorithms that enable users to validate their authenticity by encrypting their data with unique codes which are extremely hard to replicate or compromise. Despite being a facilitator during the COVID-19, digital signatures play a crucial role in helping organizations in their digital transformation efforts.
Digital signatures help companies become more productive by enabling workers to spend more time on other more productive duties rather than signing papers. By switching towards a paperless company, the organization will be able to improve its efficiency of technical processes, especially for tasks that have high error rates. The company can also enhance the user experience, by accelerating the end-to-end signing process.
Enhanced Efficiency and Security
With digital signatures, the efficiency and security of file collection and storage is optimized. Because the whole process is handled by machines, the verification and identification process is made easier. Some companies, however, are still reluctant to adopt the system given the security concerns. Despite being encrypted and unable to be duplicated, digital signatures make the storing and retrieving process much easy and simpler. Paper documents are prone to be misplaced or lost, something that is not common for digital signatures given their storage in cloud technology.
There are a lot of costs involved in processing paperwork, such as workhours, mailing and supply fees. In a business environment, especially in a post-pandemic one, saving money is hugely important. The money saved by eliminating paper costs can make a huge difference in the organization. Despite the availability of more money, the organization can save time and free up more resources that can help in areas where the organization is underperforming.
Environmental sustainability is one of the pressing issues of the 21st century and one of the key priorities of most companies. Currently, around 400 million metric tons of paper and cardboard are produced each year. By using e signature, the amount of paper used by organizations can be significantly reduced. This reduction will then contribute to less waste being produced, which leads to less air and land pollution.
Going digital is the way forward for gaining a competitive advantage. Digital signatures are of the pillars that will help companies facilitate their transition. Kosovo, one of the countries ceaselessly following global digital trends, is on its way to implementing the legal infrastructure for the digital signature via the ACCESS project. ACCESS, in cooperation with the Ministry of Economy of Republic of Kosovo, is facilitating the implementation and application of e-IDAS (Electronic Identification and Authentication System) by drafting the required sub-legal acts as an necessary legal and institutional framework required for operating e-IDAS.