Efficiency and Speed with Digital Transaction Management
The above photo of the office of the 1940s always amazes me. How many icons of physical office workflow can you identify that are still in use today? If you take a peek around your office, what do you see? The file cabinet, the stapler, the 2-hole punch, the folder, paper documents, and God forbid a type writer. We know these tools work, and they are time-tested, but they certainly come with a ton of drawbacks from an efficiency and speed of business perspective. In a Forrester survey commissioned by DocuSign, respondents identified the top issues in dealing with analog processes:
- Errors Due to humans and analog process – 50%
- Cumbersome paper-oriented tasks such as scanning and document management – 44%
- Difficulty collecting and managing documents from multiple sources – 42%
- Difficulty administering and controlling documents over time – 39%
- Lack of security over physical documents – 37%
- Difficulty maintaining visibility on location and status of documents – 34%
With the highly competitive corporate landscape today, organizations just cannot conduct business at the “speed of paper”, and digitizing key operation processes has become mandatory. One key area of focus has been Digital Transaction Management (DTM). So what is DTM? Below is the Wikipedia definition:
But DTM is just one piece of the pie when looking to drive operational efficiency. DTM technologies, like DocuSign, can enable electronic signatures, but what about all the process pieces that surround getting a document ready to sign? Adding a business process management suite with DocuSign integration can create a smooth process, and add the below value through standard BPM pillars:
- Data Integration Layer – the pulling of information from existing line of business systems can help in the auto-creation of a signed document. Take a contract process where account information is automatically pulled from CRM, instead of manually entering data.
- Digital Forms – Forms can provide consolidated work desk experience for document assembly, and provide for a review and approval interface.
- Workflow – a digital process can be standardized and managed through a workflow. This can automate notifications, approvals as well as escalations during the document build, review and approval phases. With the data it collects, it can also provide insight into the overall process.
- Reports – Providing real-time process insight allows true management of any digital transaction process, as well as the ability to maintain historical data for audit and review purposes.
You can learn more on DTM and BPM at K2 and DocuSign Electronic Signature Process.