Digital Transaction Management: Know it All!

• 24 March 2017 | 1060 Views | By Mint2Save

Digital Transaction Management or DTM is a set of practices and tools that has emerged to become one of the fastest ways to transform an enterprise by getting rid of paper processes. It is a category of cloud-based software and services that are designed to digitally manage document-based transactions without paper. Digital transaction management removes the friction inbuilt in transactions that involve the documents, people and data and transaction, both inside and outside the firewall create quicker, easier, more convenient and safe processes. Somehow, DTM is an addition of digital asset management, but it also focuses more on the assets which are passed between the parties. Few DTM’s main components include:

• Authentication or identity proofing
• E- signatures
• Document archival
• Workflow automation
• Transaction meta processes (like access control and auditing)

How Digital transaction management is beneficial in each aspect of the business?

1) In Human resources departments, DTM can be used for new hire paperwork, share information about each interview, get offer letters signed, payroll forms, and non-disclosure agreements.

2) In sales, it can be used for compensation agreements, sales team can send documents for clients to review and sign without getting lost in email chain, referral agreements, new customer sign-ups, by sending non disclosure agreements and contracts and terms and conditions agreements digitally.

3) In Finance departments can use it for invoice processing, receivables, payroll documents, asset transfer, and retirement accounts.

4) In IT, DTM can be used for access management and maintenance authorization.

5)  Legal teams can use DTM for contract management and internal compliance and other legal paperwork.

6) Procurement staff can use it for purchase orders and statements of work and executives can share boardroom meeting minutes, agendas, shareholder information, and other documents that require security.

7) In the marketing department, it can be used in event registration, mass mailing, customer communication approvals, Brand compliance or audit, event or vendor approvals and many more.
Digital transaction management can be used by employees at every level of the organization and within every department of your business to share information, send and receive documents. Whether they work in your office, at some other location, or telecommute, this cloud based DTM solution makes your business more efficient and effective for your employees which ultimately helps in more productivity.

The standard for DTM is called xDTM, and it is needed for security, privacy, universality, availability, enforceability, openness, and compliance. Many CEOs and executives from companies such as Microsoft, FedEx, Docusign, Intel, and UPS help to manage this xDTM standard. DTM helps experts to create best practices in different fields, from doctors to lawyers to government workers. For example, when DTM used in a finance, the security standard might get top billing, whereas when DTM is used in a healthcare, the privacy standard might be absolute.

In recent, according to Aragon Research report, about 70% of large companies will have a Digital Transaction Management (DTM) initiative. Rest 30%, well, they risk losing market share and the capacity to adapt as unpredictable future needs emerge.

Some of the advantages of adopting DTM are:

1) It helps to automate your entire transaction processes. This includes workflow that can be configured with a business client.

2) It helps in digitization or transforming all of your business paper processes to digital processes by incorporating in front office systems and processes with the back office. This is skillful by integrating the creation, delivery and storage of data and documents into one key system.

3) DTM will help to integrate your applications and services that include cloud-based document sources. This will give a secure transaction center for your sensitive data; this will provide a full, tamper-proof audit trail of transactions which will help in court proceedings.

4) It is important to Start today. With the right thought an organization can introduce DTM into existing business processes and go digital. Now, no question arises whether to implement DTM but when and for which processes, DTM should be used.

Some best leading software tools for Digital transaction management are DocuSign, Box, Kofax, Fluix, Mi-forms, Captricity, and many more.

Organizations that hold the digital future can lower their operating costs, speed execution, reduce errors, and provide superior customer experience. By staying digital or by using the digital transaction management system, the companies can avoid the traditional pitfall of missing data and documents, breakages in processes, and lack of visibility into the workflow.

                  For fast, convenient and secure use Digital Transaction Management.