Gone are the days when physical documents needed to be sent back and forth through the mail to sign deals and contracts.
The cost was overwhelmingly high for the industries because of the paper and shipping costs. Moreover, the use of paper for agreements left a huge impact on the environment due to constant deforestation.
Today, the industries are not the same and are connected globally. Shipping costs for the documents to the countries can damage the financial system.
However, the good news is that times are changing, and users can now sign documents online through apps like Dynamics 365 Electronic Signature.
But is it all possible? Yes, as Microsoft is already offering the feature to integrate e-signatures through Microsoft 365 electronic signature by DHRP.
It helps companies get agreements done, from sales to contracts, along with the approval of the invoices.
Not only did electronic signatures simplify and speed up the procedure for these businesses, but they also met a critical pandemic need: the ability to sign papers offsite.
Previously, we explored the difference between manual signatures and eSignatures. Now, we will discover which industries are adopting electronic signatures. Besides, how does the Australian Law implement the electronic signature app usage?
Let’s find it all in this article.
Understanding Australian Law for E-signature
Electronic signatures or methods that support commercial transactions have been legal in Australia since 1999. However, there is some new legislation, too.
The Australian Senate enacted the Corporations Amendments (Meetings and Papers) Bill 2021 in February 2022, making it permanent legislation and allowing corporations to hold hybrid (in-person and remote) meetings as well as use technology to execute, sign, and share corporate papers.
The Bill consists of two Schedules, and 1st one is about the use of technology for meetings and signing.
The standards that an entity must achieve to be deemed fit to employ electronic signatures are as follows:
- A strategy must be used to indicate the signer's intention to sign the document as well as identify the signer.
This is accomplished by creating a unique signature that uses means only available to the signer, such as a private key and sensitive information, to confirm their identity. This method may contain a consent prompt for the individual who desires to sign.
Examples of Electronic Signatures
Electronic signatures do not need to adhere to a specific format. Instead, they can be applied in a variety of ways, each with unique qualities. As a result, we may identify the following examples of common applications of electronic signatures today:
- A certificate authority can issue digital certificates.
- Token. Although it is considered a digital signature, it is rarely utilised nowadays and is largely used in the banking industry.
- Biometric data are used for identification and signature.
- Authentication with a username and password (in one or two stages).
- A digitalised handwritten signature.
Top Industries Adopting eSignatures in Australia
As enterprises around the world undergo digital transformation, e-signature acceptance is also increasing. Although eSignatures have obvious efficiency and cost savings benefits, many companies are still hesitant to use them.
However, the good news is that with Microsoft’s electronic signature in the picture, businesses have restored confidence in the e-signatures.
Mainly because they can integrate the same signature into any of the Microsoft tools when needed. Just use the right configuration and sign away your agreements from Teams, too.
The industries that have stepped forward and are utilising the eSign application benefits are as follows:
1. Healthcare
Healthcare in Australia is one of the prominent sectors. If you ask patients or clinical practitioners about the procedures, they will show frustration about the lengthy process.
At the same time, managing vast data and registration was also challenging. So, the organisations are stepping up while complying with the laws.
Privacy regulations, secure electronic storage, and appropriate electronic document and signature formats are all ongoing concerns. Electronic signatures that meet federal requirements can boost compliance, increase security, and reduce paper waste.
How is it used in the sector?
Managing contracts and signatures for physicians, patients, vendors, partner organisations, and other staff efficiently is a critical component of successful healthcare company management.
- Client Documentation
- Approving Medical Bills
- Streamlining EHR
- Release of Information (ROI)
- Clinical Trial Forms
2. Government
In 2023, the government announced that it would add e-signature to its procedures, ensuring that cost cuts are estimated at over $156 million annually and that hundreds of thousands of hours would be saved.
This digital technology is now helping productivity across government agencies by automating operations and removing the need for time-consuming paper-based processes.
This reduction in actual paperwork can reduce paper use while also enhancing security efforts.
How is it used in the sector?
eSignature systems streamline everyday government activities, including:
- Contract signing
- Grant applications
- Internal approvals
- Permits and licenses
3. Banking And Finance
Banks and financial institutions are notorious for processing a large volume of transactions and documentation regularly. Implementing e-signatures can improve customer experience, increase security, and lower operational expenses.
Furthermore, e-signatures can be useful for regulatory compliance and fraud protection.
How is it used in the sector?
Electronic signatures can speed up the entire process, from opening new accounts to processing loans and mortgages.
- Mortgages can be signed using e-signatures.
- Mortgage top-ups can be funded the same day, thanks to e-signature and process integration. This reduced time from 13 days (average) to many times longer.
- Increased conversion speed boosts revenue.
- Increased efficiency in the back office
4. Non-Profit Organizations
Non-profit organisations usually handle a considerable volume of paperwork, such as volunteer agreements, event waivers, grant bids, and contracts.
Manually sorting, organising, and storing these documents can be time-consuming and divert attention from the organisation’s primary priorities.
How is it used in the sector?
E-signatures can serve as a catalyst for development and scalability in various contexts, including delivering critical services, assisting marginalised groups, and supporting significant causes.
NGOs can use e-signatures for many things like:
- Management of Documents Simply
- Volunteer Onboarding Management
- Taking Care of Donors’ Data
- Faster Processing Time for Registration Forms for Fundraising
- Convenience of Drafting Sponsorship Agreements
5. Insurance
Electronic signatures for the insurance business allow insurers to automate and accelerate crucial operations, ensuring papers are signed and processed in real-time.
This not only saves processing times but also lowers the possibility of errors and increases client satisfaction.
How is it used in the sector?
By implementing eSignature solutions, insurance companies can improve the client experience by speeding up policy issuing and developing speedier claims processing techniques.
- Medical Underwriting
- Faster Policy Enrollment
- Remote Signing
- Policy Renewals and Changes
- Endorsements and Policy Adjustments
6. Supply Chain & Logistics
The supply chain and logistics industry involves a significant amount of documentation, such as shipping agreements, purchase orders, and vendor contracts.
Electronic signatures help businesses in this sector expedite approvals, reduce paperwork, and ensure secure document exchanges with partners and suppliers. This results in optimised operations and reduced delays, improving overall efficiency.
How is it used in the sector?
- Supplier agreements
- Freight documentation
- Inventory management approvals
7. Retail
Retail businesses in Australia are increasingly turning to electronic signatures to facilitate contracts, vendor agreements, and lease approvals. By digitising these processes, retailers can speed up transaction times, reduce paperwork-related errors, and enhance customer satisfaction.
Electronic signatures also enable retailers to manage store operations and supplier relationships more efficiently.
How is it used in the sector?
- Supplier contracts
- Employee onboarding
- Customer agreements
8. Education
Educational institutions handle a wide variety of documents, including enrollment forms, faculty contracts, and financial aid agreements.
Electronic signatures simplify administrative processes, enhance security, and ensure compliance with educational regulations. Institutions can provide a seamless experience for students and staff by digitising document workflows.
How is it used in the sector?
- Student enrollment forms
- Faculty contracts
- Parental consent forms
9. Recruitment
The recruitment industry involves processing numerous employment contracts, offer letters, and compliance documents. Electronic signatures make it easier for recruiters to speed up the hiring process, ensure compliance with labour laws, and provide a seamless candidate experience.
By adopting e-signatures, recruitment firms can eliminate paperwork delays and improve overall efficiency in talent acquisition.
How is it used in the sector?
- Employment Contracts
- Background Verification
- Offer Letter Approvals
- Remote Onboarding
Conclusion
Now, the mentioned industries are just a few of them. Regardless of the sector, e-signatures have become a compulsion. If you are already a user of Microsoft Dynamics 365, the signature app integration is even easier for you.
Need more on how to create an electronic signature using the Dynamics 365 electronic signature app? Let the DHRP consultants be your guide for it.
Take advantage of our 14-day free trial—request a demo or visit AppSource to claim this offer. For more information about DHRP’s Dynamics 365 add-ons, feel free to contact us.
