Today, people are becoming more and more connected in a digital sense, despite being separated by physical distances. In this increasingly connected world, digital transaction management (DTM) is fast becoming a “must-have” technology.
In this article, we’ll explain exactly what DTM is and how it is enabling all kinds of organizations to speed up processes and operate more efficiently and effectively in the current business landscape.
What is digital transaction management?
Aragon Research defines digital transaction management as “a business application that uses cloud-based software and services to digitally manage a wide range of document-centric business processes involving people, documents, data, and transactions both inside and outside the firewall.”
These processes may involve the following steps:
- Review: Checking that a document is correct and complete
- Amendments: Making changes or additions to a document
- Signoff: Documents are approved and signed
- Transfer: Sending a document to all necessary stakeholders
- Storage: Securely and compliantly storing documents
Good document processes are efficient, accurate, and robust, with all necessary documentation created and internal policy (as well as wider regulations) adhered to.
Bad document processes are inefficient and prone to errors and bottlenecks – “weak links” in the chain where processes slow down and stumble or break completely and where backlogs can occur.
Digital transaction management technology is intended to facilitate the former. Its aim is to streamline, secure, error-proof, and speed up processes that surround documents. And, because so many industries depend heavily on such processes, from law and finance to sales and manufacturing, it’s a technology that is being adopted eagerly.
Important for all kinds of businesses and departments
Where there’s a document-centric process, there’s a potential application of DTM to streamline process management.
Contract management, vital to a wide range of businesses, can now be radically transformed, meaning deals are closed faster and business cycles are accelerated. Policy underwriting too can now take place much more quickly, easily, and precisely. Invoice management, the order-to-cash process, accounts receivable followup… the list goes on.
And digital transaction management is arguably even more valuable now than ever before. The worst processes—and those most ripe for change—are often those heavily bound to paper documents and manual tasks. While once these processes may have been merely an annoying, old-fashioned inconvenience, being tied to manual paper processes now poses a very real threat to business continuity.
Manual and paper-bound vs. automated and digital
Consider a process revolving around a document that needs to be reviewed and signed by multiple members of your team. If they’re all working on the same premises, this holds the potential for more than enough wasted time, as the document makes its way from desk to desk, to be manually reviewed, edited, signed, and passed on. But when these employees are based in different locations, with some working remotely and some perhaps even in different countries, such manual, paper-bound processes can slow to a crawl or fail entirely.
But with DTM, documents can be transmitted instantly and automatically to every stakeholder, with automatic notifications for them to play their parts. Digital signatures can be collected swiftly and simply, the whole process is documented automatically with a digital “paper trail”, and all the materials worked on are securely and compliantly stored away in your systems. Using document generation technology, the base documents themselves can even be automatically created according to your own templates and rules, drastically reducing manual drafting time and helping to make sure documents are complete, accurate, and compliant.
Choosing the right digital transaction management solution to speed up your processes
When you’re choosing a digital transaction management solution, there are certain things you should look for. These include:
- eSignature functionality to make signoffs quick and simple
- Integrations with your other digital tools and services
- Low/no-code development so it’s fast and simple to build
- Robotic process automation (RPA) for big manual workloads
- Document generation capabilities to ensure accuracy and compliance
That’s not an exhaustive list, but you can consider those as essential functionality. After all, the whole point of DMT is to make workers’ lives easier and make processes more efficient. If they’re having to manually move information from one app to another, or bridge gaps in your technology ecosystem in any other way, then that defeats the purpose. Pick the right platform and they won’t have to do that.
Nintex: A digital transaction management leader
When Aragon Research reviewed 21 major DTM software providers for their new report, Nintex was named a leader in the market. This was based on the ease, power, and strength of the Nintex Process Platform.
Nintex is helping organizations everywhere to cut ties with their paper-bound processes and legacy systems and adopt new forms of document management that are fit for purpose in 2021’s connected world. And if your business is ready to finally get rid of paper and transform your document-related processes, we’ll be glad to help.
If you’d like to discuss how digital transaction management with Nintex can streamline, secure, and speed up processes in your organization, just get in touch.