What’s Digital Transaction Management?
How it drives digital transformation.
How does workflow automation deliver DTM?
What’s Digital Transaction Management (DTM)? It’s a category of digital Cloud-based services designed for managing document-based processes, using cornerstone technologies like workflow automation and other business process management (BPM) tools.
DTM is a grail for enterprises pursuing digital transformation so they can be more secure, agile, efficient and competitive. That’s why organizations are investing enormously in the potential of DTM as a tool for business process management. Workflow automation is a cornerstone of DTM implementation because it can quickly empower enterprises to address the costs and inefficiencies of last-gen processes, setting them on the path to total transformation.
“The Global Digital Transaction Management Market is expected to grow at approx. USD 125 Billion by 2023, at 31% of CAGR between 2017 and 2023.”
Market Research Future, DTM Market Research Report – Global Forecast 2023
The Digital Transaction Management mandate
Digital Transaction Management is all about removing friction and error from transactions that involve people, data, and documents, in order to create faster, more secure and convenient overall business processes. Those optimized processes can then form the foundation of an enterprise that’s truly pursuing digital transformation.
Without adopting DTM, other digital initiatives may fail, since the operational backbone of the organization is outmoded and inefficient. As the scale and pace of commerce and government accelerates, so does the need to eliminate delays, mistakes, and costs which can hamstring an enterprise’s ability to keep up with customer or constituent expectations. Digitizing operational processes isn’t even an option for many organizations, but a mandate.
Forrester found that…
• More than 80% of decision makers saw a clear or pressing need for a Digital Transaction Management (DTM) solution
• 98% of companies reported revenue impact from poor transaction management
• 37% of companies estimated that revenue loss to be 11% to 25%
Making DTM a workplace reality
The ThinkSmart Automation Platform (TAP) can quickly and easily make Digital Transaction Management a reality for your organization via feature-rich, end-to-end workflow automation.
“What makes ThinkSmart hot is that its customers can use TAP as an end-to-end solution to make their high-volume, costly, or complex business processes significantly faster, less expensive, more reliable, and error-free.”
Aragon Research, 2016 Hot Vendor Report
By integrating multiple DTM and BPM functions into one plug-and-play platform, like drag-and-drop workflow automation design, form design, automatic notifications, electronic signatures, centralized monitoring, automatic archiving and more.
To get the potent benefits that Digital Transaction Management and workflow automation produce:
- Immediate ROI and efficiency gains: By cutting transaction times, preventing errors and eliminating waste, enterprises see DTM/BPM benefits in days or weeks, not months or years.
- Improved compliance: Workflows and digital documents are automatically archived, so there’s a readily-accessible audit trail making it easy to prove industry or regulatory compliance.
- Superior customer experiences: By eliminating wait times and delays, transactions that once took days, weeks or even months now happen almost immediately. That delights internal and external customers alike, and builds your organization’s reputation and customer loyalty.
- Enhanced safety and security: TAP workflow software integrates best-in-class e-signature providers for secure approvals, archives workflows and assets to safeguard against loss, and helps you digitally protect customers’ personal data by eliminating the hazards of paper-based workflows.
You can put DTM into action almost immediately, since TAP workflow software features ease of adoption and the ability to quickly integrate with legacy systems. Putting you one (quick!) step closer to complete digital transformation.