A new approach for digital signatures kicked off the financial year for the New South Wales Government.
All agencies now have to adopt electronic signatures for supplier contracts as of July 1 2022.
The mandate applies to all businesses that supply to the government.
Digital government minister Victor Dominello said the new requirement would help suppliers by making it more affordable to do business with the NSW government.
The move is expected to save the NSW taxpayer $36 per agreement.
Nick Slater, ANZ Regional Vice-President at DocuSign said electronic signatures would speed up procurement processes for businesses.
“Electronic signatures make procurement processes much faster and more efficient. Our research shows that agreements can be turned around 80% faster than paper-based processes, whilst also providing an audit trail of its status,” Nick said in an interview with PASA earlier this year.
NSW Government’s new system is expected to streamline 4000 contracts worth around $150,000 a year.
Prior to the changes, agencies were required to disclose all contracts valued at $150,000 or greater on eTenders within 45 days of signing. Agencies then manually uploaded relevant contract details.
“The old process to collect wet-ink signatures can be complicated and time-consuming as users need to print forms and recruit witnesses,” Mr Dominello said.
“Using electronic signatures saves time and reduces operational costs as they are collected online in just minutes, they eliminate the need for paper and printing and are also more secure as only intended recipients can access the documents.”
The buy.nsw procurement platform now has electronic signature capability and the technology now discloses digitally signed contracts and the registration of government suppliers.
How procurement professionals can introduce e-signatures into their business.