Compliance issues can become apparent when you try to ensure document security and privacy using a manual system. Similarly, taking an undefined approach to admin tasks such as document storage, signing, or auditing can make your business non-compliant.
The solution? An affordable esignature API pricing solution. With this document management software, you can explore how to create digital signatures in PDF files without worrying about compliance.
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In this blog post, we’ll discuss the common challenges associated with document management and explain how an eSign API can help overcome them.
Table of Contents
What are the common compliance challenges?
Here are the issues most organizations face in the quest for compliance.
Data security and privacy
Security gaps appear when organizations pay little or no attention to document security. Unauthorized tweaks, removal, modifications, or document leaks violate laws concerning data protection and privacy.
When sensitive information gets into the wrong hands, it could lead to severe regulatory violations and dire consequences for your organization. So, you need to set up controls in appropriate places to limit how documents can be retrieved or changed.
Compliance with regulatory standards
Industry regulations require organizations to standardize document formats, naming conventions, metadata, and so on. You should also implement version control, use multiple authoring features, and minimize duplications.
Due to the sensitivity of some company documentation, admins have to dispose of records after a certain period. Meeting such compliance demands is only possible with a dedicated software solution that automates these tasks.
Version control
Before documents are approved for use, they often undergo several revisions and edits from different participants. When you insert a signature in PDF documents, a newer version of the same file is created.
In organizations that work with a lot of paperwork, such as a law firm or large business entity, the risk of document versions getting lost is high. To ensure your staff does not work on outdated copies, you should update the company’s version control policy and share it with stakeholders.
You can also automate how updates and newer versions of documents are stored and accessed to reduce the chances of breaking compliance regulations.
Remote access and collaboration
When integrating a document management system into your operations, you must consider options that allow easy file access. Since many team members work remotely, they often communicate via calls, messaging, and documentation.
Instead of worrying about getting physical signatures, you can authenticate documents using electronic signatures in PDF formats. The easier it is for teammates to collaborate on files quickly, the more prompt communication gets, thus increasing productivity.
Communication
Standard communication channels present their challenges, as documents and important information could get lost in a pile of messages. Long email threads can also create room for communication gaps and delays.
While these channels work for sharing written messages, they are no match for document management and online PDF signature tools. These platforms allow you to get documents signed in minutes and still communicate effectively with document collaborators.
Duplicating records
When you share the same file with people at different times, they may save the file locally to their devices. In industries where policies and regulations are ever-changing, relying on manual methods can be time-consuming and cause bumps in a smooth system.
Quite often, you’ll end up with duplicate versions of the same file. Without a centralized hub for sorting and viewing files, variations of the same document can clog the workflow and reduce efficiency.
Data storage and residency
Another risk with document management lies in ensuring compliance measures regarding document storage. Data residency rules vary by industry and geographical location, so organizations with multiple offices in different countries need to adjust their data management culture to suit their current location. This includes adjusting the settings on your online signature software to avoid storing user data beyond the specified limit.
Reporting and auditing
Auditing is the most significant compliance challenge for most institutions. If information isn’t organized properly, it becomes difficult to pull data for specific queries.
Software for document tracking centralizes data under one accessible and secure platform. This allows managers to obtain and store reports using different combinations and queries, such as location, department, time, and so on.
Benefits of using an eSign API for compliance
An eSign API, like Lumin Sign’s, for example, allows you to integrate signing into your apps, simplifying compliant document management. You can use it to draw signatures online on personal and commercial documents.
Let’s consider the key benefits of using the best eSignature APIs.
Authentication
An eSign API provides a seamless and transparent signing experience. You can see who opened the file and track the changes made.
Instead of chasing down people to sign documents, embedding an eSign API into your documents makes it easy to nudge signatories to open the file faster.
Besides, every signatory has to go through an authentication process before they can sign the document.
Streamlining processes
eSign API reduces redundant and repetitive administrative processes by incorporating electronic signature functionalities into document management. It automates the process of collecting digital signatures by automating document upload, status tracking, and storage of signed copies.
You can work with multiple document formats, although PDF is the most accessible in terms of formatting retention. Non-technical users can use it to insert an electronic signature in a PDF.
Data encryption
An eSign API protects your data using several encryption protocols. This means that only users within the system or document chain can view the contents. Businesses can embed eSign API within their platforms instead of paying for a standalone third-party tool to sign documents.
Adhering to compliance standards
An eSign API can be used for contracts, medical records, and service agreements that must conform to industry-specific compliance standards for electronic document exchange.
In addition to this, you can keep track of all business from a single system to ease reporting and audits.
Conclusion
In conclusion, an eSign API allows you to track, store, and log files and gain insights into how the document is used, stored, or shared. As workloads increase and the paper trail expands, this tool will help your team adapt quickly and seamlessly.
Whether you’re on a budget or looking to scale your business, adding an eSignature API to your toolbox will guarantee security and compliance. They can then be integrated into your business software, streamlining interactions with other platforms and processes.