A simple signature at the end of a piece of paper seals the deal. It acts as a binding contract between two parties in light of certain terms and conditions.Â
E-signing and the E-SIGN ActÂ
The process of signing the document was always conventional, with both parties sitting down together. It took a turn somewhere in the late 20th century with the concept of digital signatures.Â
However, there was not much inclination towards the idea until we stepped into the 21st century when The Electronic Signatures in Global and National Commerce Act (E-SIGN Act) in the year 2000 came into effect. This Act allowed the e-signed document legal validity and credibility.
COVID and a shift to e-signingÂ
When the COVID era restricted us to our homes, the world saw an amazing transition, especially with regards to education and work. A glaring problem of signing deals while breathing the same air in the work environment was handled with a wave of companies resorting to e-signing, even those which were perhaps not much fond of the idea or did not exploit it. This practice accustomed the world to the non-traditional way of signature all the more, i.e, electronic signature.
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The Dominators of E-signing Industry
Following are the leading companies in the world of digital signature:
- Docusign (2003)
- Adobe sign (2011)
- SignRequest (2014)
Porter’s Five Forces and Docusign’s competitors
To identify and analyse Docusign’s competitors, we shall follow Porter’s Five Forces.
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Rivalry Among Existing Competitors
There exists an intangible force of rivalry among the top tiers of the industry, such as DocuSign, Adobe sign, SignRequest, Signable, PandaDoc, etc.
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Bargaining Power of Buyers
Indeed, the bargaining power of buyers is at full force. To retain its customers, DocuSign must cater to their demands.Â
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Bargaining Power of Suppliers
A company like DocuSign runs services thanks to the softwares provided by its suppliers. Therefore, these suppliers have the power to put forward their demands, and hence put pressure on the company.
If DocuSign fails to offer the desired services, as well as keep its customers, it is likely to be replaced by the other competitors, such as Adobe sign, SignRequest, HelloSign (by Dropbox), etc.
The threat of new entrants always looms over any industry. The digital signature/e-signing industry is no different. Thereby, pushing the company to constantly launch updates and new features to maintain its position as the leading company.
Conclusion
The idea of digital signature did not exist a few decades back. Yet, here we are.Â
E-signing has changed our lives and taken us a step further into the future. We save a lot of time and sign contracts from the comfort of our home – sometimes, even on vacations.Â
Now, where we will go from here into the future depends on how these companies bring in new ideas and provide services. Therefore, tough competition in the industry is not bad, as it continues to push these companies to offer more and the unimaginable to their customers.
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