In January, Aragon Research, an independent research and advisory firm, named Nintex a leader in digital transaction management (DTM). The report explores the current DTM landscape, what the future holds for the category, and the best technologies available on the market.
At Nintex, we’re invested in helping organizations pursue digital transformation by embracing process management and automation. Leveraging a process platform like Nintex in a DTM solution is hugely valuable to achieve this goal. In this blog we’ll explore:
- What is digital transaction management (DTM)?
- How is it currently being adopted by enterprises?
- The benefits of leveraging DTM technologies
What is digital transaction management?
Digital transaction management is a term applied to a group of cloud-based software and services. The core purpose of DTM is to effectively manage and ultimately optimize digital business processes.
This can range from simpler functions like e-signature to larger and more complicated functions like workflow and content creation. It involves the automation of tasks like document generation, reviews, and signatures – and the processes that surround these tasks. By digitizing and automating processes, organizations are able to accelerate time to outcome and improve profitability.
Embracing DTM is an important step on an organization’s journey to digital transformation – it’s key for the creation of faster and more intelligent processes.
But it’s not as widely adopted as you’d think.
DTM: A work in process
In their report, Aragon wrote that digital transaction management (DTM) is growing 25 percent a year – but less than 35 percent of existing document processes are fully digital.
Aragon found that most enterprises are still in a discovery phase, meaning they’re trying to understand how their processes can be optimized and potentially looking for a solution to help them achieve this.
For example, many organizations still rely on paper forms to complete approval processes. Paper forms must be printed, physically shared and signed, then returned to the relevant stakeholder. This process is time-consuming and inefficient, potentially delaying approvals and successful outcomes.
Organizations may resist change in order to lower costs or prevent disruption for their workers – but this leaves them unable to create the agile framework that they want. To overcome this challenge, they need a DTM solution that will allow them to improve their document management processes without disrupting their existing systems.
The benefits of DTM
Business can leverage DTM solutions for a large variety of purposes. From invoice generation to purchase orders, customer forms to onboarding, DTM has enormous scope for digital transformation. Some key benefits of using the Nintex Platform for DTM include:
- Eliminates paper-based processes – according to Aragon, enterprises are still spending 1-2 percent of their operating costs on paper processes.
- Allows organizations to create simple, digital processes that are aligned with their business goals.
- Increases accountability for processes within lines of business, giving workers more control over the processes they perform every day.
- Improves risk management and compliance by automating and standardizing document management processes.
- Eliminates repetitive administrative work so that employees are able to focus on higher value work.
- Creates high-quality customer experiences that provide organizations with a competitive edge.
- Enables workers to use apps from their laptops or devices no matter where they are.
DTM is a growing category of cloud services – what might it look like in the future?
Nintex, Adobe, and the future of DTM
We are leaving the era of content management, where the focus was on storing and managing documents and moving into one focused on putting content in motion and streamlining document-based customer and employee journeys.Aragon Research Tweet this
This means that organizations are going to adopt DTM at an increasing rate, and they’ll be looking for the most intelligent, cost-effective, and scalable solutions. To get the best value from their investment, organizations need solutions that offer a wide range of tools from which every worker can benefit.
The Nintex Platform is that solution, offering all the aspects of DTM that businesses need. Nintex has partnered with Adobe to create Nintex Sign, which enables the use of intelligent e-signatures in workflows. The variety of functionalities that Nintex offers for document management makes it the perfect vendor for organizations who want to leverage the potential of DTM.
To find out more about how Nintex is at the forefront of digital transaction management, contact us today