What is Digital Transaction Management?
Digital Transaction Management (DTM) has recently emerged as the latest technology in cloud-based document management and document-based transaction management.
DTM eliminates the complications and time-consuming actions involved with document-based communications and processes by allowing users to complete all transactions online and through the cloud. This increases execution time for tasks, reduces cost and errors and provides simple digital interactions with all your documents.
The Future is Digital
DTM and process automation is not only about creating a paperless environment – the goal is to allow businesses to streamline processes, increase turnover time for task completion and eliminate errors. These technologies allow users to have a full audit history of transactions, as well as complete control over authorisation chains and process flows for document creation, management and monitoring.
As industries move more into the digital space with cloud computing and process automation, the use and incorporation of DTM in companies across industries is set to increase dramatically over the next few years. It is expected that it will grow to a $30 billion market by the 2020 year end.
Digital Elements of DTM
- Workflow automation – Transactions are automated and controlled digitally. These workflow chains can be configured by the business user.
- Assembly – Creation, configuration and delivery of documents and data into key business applications
- Agreements – Legal documents and agreements can be created and managed
- Identity – Security and identity proofing for users
- E-signature – Users can sign a document digitally (and securely)
- Integration – Can integrate into external applications and cloud-based document management systems
- Secure Transactions – A secure and centralised transaction centre
- Admin and Control – Users can create and manage users and their permissions for content editing and creation
- Audit History – A full audit trail covering all transactions and their details. This should be admissible in court.
Realyst and Digital Transaction Management
Over the years, Realyst has been working with many private and public sector organisations to help them streamline and automate their contract management processes. However, one vital part of those processes – the physical side of the contacting transaction – has surprisingly stayed stuck in the past. New smartphone and tablet technology has contributed significantly to opening this market.
Organizations that embrace the digital future by signing contracts electronically and sending contracts electronically for signature can speed up their contracting process, lower operating costs, reduce errors, and provide a superior customer experience. By going digital these companies will avoid the traditional pitfalls of lost or missing data and documents, breakages in the contracting processes, and lack of visibility into the contract management workflow.
Our Contract Management Solution addresses all of the requirements for Digital Transaction management and provides a solution to all the short falls of paper-based, manual transactions.