With the advent of digitization and e-stamping, proper documentation and maintenance of records have become easy. The use of digital technology for legal documentation has become paramount as it helps to manage various tasks such as verification and authentication, record keeping, storage and retrieval, maintenance, and so on. Digitization and e-stamping are two very effective methods that can be used by organizations to maintain proper documentation. Digitization refers to the process of converting paper documents into a digital format so that they can be stored electronically on a computer or laptop, or in the cloud.
E-stamping refers to electronic stamping which means using computers or laptops for creating stamps instead of using physical stamps. Both of these processes are paperless and facilitate the storage of all documents in a digital format and also prevent the chances of losing, misplacing or causing any other damage to the documents. Documentation includes keeping a record of all the activities and transactions that took place in an organization in a systematic manner and with digitized records and e-stamping, the process of documentation has become more efficient and quicker. To ensure efficient documentation and seamless workflows, businesses can work with a reliable document scanning company to convert all records into digital format.
In general, any document that needs to be notarized or needs legal verification requires stamping in order to be valuable. Manually completing tasks might be time-consuming. With the rapid advancement of digitization, e-stamps or digital stamps are now available in banks and other locations where stamping is required, such as notary offices, making the process easier than before. Today, stamp papers are an essential part of any commercial transaction. When a document is properly stamped, it becomes legally valid and accepted as evidence in a court of law. Online documentation is a simple, quick, and painless procedure. Getting the stamp paper signed is a difficult task, especially when you need to move things along quickly. You can upload your documents after converting the paper record to a digital version so that others who need to sign it can readily view it.
4 Ways How Efficient Digitization and E-stamping Helps Organizations
- Quick documentation: Collecting documents, having them stamped, and then filing them where needed is a time-consuming process, but scanning services make it simple for you. The documents can be uploaded to the portal in a matter of minutes. Once the stamps have been uploaded, the e-stamp paper may be verified because it comes with a certificate of authenticity. The certificate’s authenticity may be easily verified using the certificate’s number or any other data.
- No fraudulent activities: Taking the documentation process online eliminates the possibility of any fraudulent activities. The most significant concern is data security. With advanced technology, you can keep track of all your actions during the documentation process and makes them available to you whenever you need them. It only permits people who have access to it to sign, therefore if you offer access to an X person, a Z person will not be able to sign the documents.
- Solve the problem of paper shortage: One of the most significant advantages is that there will never be a paper shortage issue. When you go to buy stamp papers, you may find yourself empty-handed because they are out of stock. However, with e-stamping, this issue is no longer an issue. You don’t have to wait any longer because there is no need for paper and it is readily available online from licensed suppliers and banks. It opens a whole new universe of possibilities for getting your paperwork done quickly.
- Go paperless: Converting all documents into their digital form and you can use e-stamps to go paperless at all times. Everything is easier now that e-stamp is accessible for purchasing and selling homes, renting a residence, and even enrolling with numerous insurance providers. Going paperless also helps the environment while allowing you to do some tasks more quickly. You will have no trouble getting your documents signed and submitted wherever they are required.
4 Areas of Business That Are Impacted by E-stamping
- FMCG: Since the Fast Moving Consumer Goods (FMCG) market is so reliant on vendor-based services, vendor onboarding and contract renewal are critical aspects of the business. The manual process of onboarding suppliers needs acquiring stamp paper, printing the document/agreement on it, and having it signed by all parties engaged in the transaction. When more than two parties need to sign an agreement, the time it takes to execute it can range from a few days to a week or even more. However, a digital scanning solution combined with an optional eSign service can reduce vendor onboarding time from a week to a day. Furthermore, the transition from a paper-based to a digital system saves time, and money and also cut down operational costs.
- HR departments: Every business has a Human Resources department that prepares employment contracts. Instead of using the company’s letterhead, these employment agreements can be printed on Stamp Paper. Similarly, Human Resource consulting businesses establish a large number of employment agreements on a daily basis. It’s always best to describe the terms and conditions clearly, and have the employment agreement printed on Stamp Paper as a mediator between a firm and its employees. Employment agreements can be integrated with digitization and e-stamping. It also makes signing agreements easier for candidates because they can be prompted to digitally sign the contracts.
- Financial institution: Loan agreements must be printed on stamp paper, putting stamp paper at the heart of all transactions in Fintech, NBFCs, and many banking activities. It is a time-consuming process to manually purchase stamp paper and collect the physical signatures of applicants on sanction letters, consent forms, mandate forms, and agreements. Using a digital scanning and stamping technology in conjunction with an eSign system streamlines the loan approval process and improves the client experience.
- Home Rental Network: Home Rental Networks rent out properties to individuals and families on a daily basis, collects rent from homeowners etc. Renting requires the creation of rental agreements, which need the use of stamp paper. By combining rental agreements with stamp paper, a digital stamp can make the process of drafting rental agreements easier. This saves time and effort by eliminating the need to manually get stamp paper and print the agreement on it. When used in combination with an eSign solution, the agreement can be shared with the parties who need to sign it, minimizing the amount of time it takes to complete the process.
Document scanning services help organizations to digitize the vital records is one of the most important for any organization to make sure that there is efficient documentation. The document scanning of records helps with the effective transfer of these records from one place to another and makes it easier for people to access these records without any problems. The e-stamping process also helps in ensuring that these records are maintained securely so that there is no possibility of any type of data breach or manipulation.