Digital transaction management refers to the use of computer systems, rather than paper, to manage business transactions in a fast, accurate and secure manner. The aim of this service is to digitize customer-facing processes by focusing on points where assets are passed between parties, such as business and consumer or business and employee.
Being a cloud-based service means that this form of document management software has been designed to speed up the process of signing contracts and helps in reducing the number of mistakes that could be made. This is due to the fact that documents can be signed and transmitted instantly online, rather than having to be printed, physically signed, scanned and then returned via email or traditional post. The systems benefit organisations by reducing transaction time and improving customer experience.
Digital transaction management works by creating digital signatures that are highly secure and authenticated, making them even more legally enforceable than traditional handwritten signatures. The cloud-based management system also allows businesses to access and work on key documents on any device, at any time and anywhere. Digital transaction management has many functions which all aspects of a business can utilise, including:
- Authentication/identity proofing.
- Document archival.
- Workflow automation (submission, approval, confirmation, etc.)
- Sales order processing and new customer sign-ups.
- New employee hires paperwork and payroll forms.
Cloud-based management systems are becoming increasingly popular as they are meeting many important needs. A recent survey found that eight out of ten businesses say that they have a clear need for a specific digital transaction management solution. Adopting these systems for a business can be beneficial for three reasons: business automation, faster time to produce revenue, and overall cost reduction. There are a number of companies on the market that offer various cloud-based management systems that are tailored to many different needs. It would be beneficial to perform a comparison of cost and features when deciding which brand will best suit your business.