The Paperless Transition
We have the legal foundations and the technological ability to go paperless
, so why is there not widespread acceptance and implementation of a completely paperless environment?
Legislation The Uniform Electronic Transaction Act (UETA, 1999) and the Electronic Signatures in Global and National Commerce Act (ESIGN, 2000) ensure the validity and legal effect of agreements entered into electronically. This legislation facilitates the use of electronic records and signatures in interstate and foreign commerce, giving them the same legal validity as paper and manually signed signatures.
Technology Legally compliant and secure technologies exist to create, present, sign, encrypt, tamper seal, share, transfer, store, and audit electronic documents. Electronic signature technology and electronic vaulting technology are web-based so they are relatively simple to implement, requiring no software installation or IT maintenance. These electronic technologies streamline workflow processes, dramatically increase efficiency, and easily integrate with existing applications and procedures.
Some features of electronic signing technology include:
--web-based click to sign and digital signing pads with thumbprint capture ability
--Irrefutable identity verification established prior to signing
--tamper-proof encryption and binding to prevent unauthorized alteration of documents and signatures
--software ensures accuracy and completeness by eliminate signing errors or omissions
--comprehensive audit trail of all document and signature activity
--electronic vault to manage, protect, and store authoritative copies of documents to insure legal and industry compliance and enforceability
The promise of technology to dramatically increase efficiency, reduce costs, and improve service levels are delivered through elimination of paper. Barriers which once prohibited organizations from going paperless are no longer: it is legal, quick and easy to implement, and positively effects the bottom line.
Benefits:
--data integrity: improves data, document, and signature accuracy and security
--reduces business cycle time
--improves compliance and reduces risk: quality control and regulatory checks performed electronically
--increases transparency: all parties have access to information concurrently, review not dependent upon physical location of documents
--convenience of 24/7 web-based signing and access of documents
--eliminates material costs: paper, ink, envelopes
--eliminates delivery costs: shipping, postage or courier fees
--eliminates the physical storage of documents: saves office space or the cost of offsite storage
--eliminates the time and labor costs associated with printing, signing, scanning, mailing, filing, and storing paper documents
The question is no longer, can I implement a paperless system? Now, one must ask, what prevents me from implementing electronic signature and electronic vaulting technology?
So go ahead and make the decision to go paperless and watch how this one decision will exponentially impact your organization, your industry, and your world.
by: Carol Ventura
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