3 Key Benefits of Digital Transaction Management

In recent years, cloud-based services have taken the business world by storm. The benefits are many, from significantly reduced operational costs to improved business efficiency and data security. As a result, more and more companies of all sizes and in all sectors are making the shift towards cloud computing solutions.

Digital transaction management, aka DTM, is a category of cloud-based services that allow users to digitally manage their document-based transactions. Digital signing, workflow automation, secure cloud storage, real-time monitoring, and role-based access control are just a few of the functionalities that put DTM software at the heart of digital transformation. Hence, it comes as no surprise that the global digital transaction management software market is expected to reach €14 million by 2027.

How can your business benefit from digital transaction management?

Companies everywhere use documents to transact business with their customers, recruit and hire new employees, and share information about their business activities and financial performance with stakeholders. Making the shift to digital transaction management can transform the way you manage documents for the best and boost efficiency across your whole company.

In this article, we focus on the 3 key benefits of DTM for businesses.

1. Workflow automation improves business efficiency

Digital transaction management software helps you automate repetitive, time-consuming tasks related to document-based transactions. This minimizes the risk for human error and improves consistency significantly.

Let’s say you need to send a contract out for signing. The contract needs to be signed by multiple parties in a specific order. A DTM solution allows you to set up a predefined document route based on specific rules and conditions. Once the predefined route is created, all you have to do is click send and the system does the rest.

DTM provides a quick overview of the status of your documents and allows you to set up automatic reminders to make sure all agreements get signed on time.

With repetitive tasks being handled by DTM software, employees have more time to focus on the work that matters and provide a better customer experience.

2. Digital signatures speed up contract turnaround time

Digital transaction management platforms allow businesses to digitize their signing processes and get contracts signed faster.

With digital signatures, customers, candidates, employees, and other stakeholders can sign documents and agreements conveniently from anywhere and on any device. By making it easier for customers to sign agreements, you will reduce the number of lost leads and improve contract turnaround time.

Providing an effortless, digital signing experience will help you outperform your competitors and close more deals.

3. Cloud storage saves businesses money and stress

The cost of printing, storing, retrieving, and filing paper documents represents a significant business expense.

Even though paper, ink, stationery, and postage may seem relatively inexpensive, they can easily add up to large costs for your business. On top of that, storing paper documents in-house takes up valuable office space which could otherwise be put to better use.

Storing physical records in a secure offsite facility also comes at a cost. Not to mention that it makes it much more difficult to find and retrieve critical documents when you need them.

Digital transaction management software securely stores your documents in the cloud so you can easily access and retrieve them in a matter of minutes.

The best part? DTM ensures your data is stored in a safe and GDPR compliant way, so you don’t have to stress about it anymore. Say goodbye to legal risks that arise from poor document storage and achieve effortless regulatory compliance.

In today’s business environment, digital transformation is a must. And there is no better way to start than by implementing a digital transaction management solution.