Digital Transaction Management (DTM) sits at the heart of the current enterprise digitalisation and automation waves. All over the world enterprises are digitalising their operations. The rationale for this ranges from enabling innovation to improving top line/sales or efficiency. As a result software solutions that streamline operations by automating labour-intensive processes are seeing continued structural growth in demand:
- IDC predicts that by 2021, at least 50% of global GDP will be digitized, and by 2020, 60% of all enterprises will be in the process of implementing a new IT foundation as part of an organization-wide digital transformation platform strategy.
- According to a 2017 survey by BMC software, 94% of global IT decision makers expect automation to spread from IT departments into all areas of business in order to keep pace with the accelerated digital business innovation.
- Workload automation is one of the key priorities for investment and 89% of global IT decision makers agree that IT automation must be used in new ways to achieve their desired digital business objectives.
The automation of labour-intensive and time-consuming business processes is where DTM comes in. It is a cloud-based service that digitises, automates and streamlines internal and external document-centric processes. As such, DTM systems need to provide several key capabilities:
- The ability to create a document or a series of documents and prepare them for final sign-off
- Circulating/routing of the document internally and externally, ideally with pre-set/automated recipients
- Executing an eSignature in a highly secure environment; this may require internal or external hardware such as signature pads or biometric or other authentication solutions
- Integrate the document workflow with other Content Management and/or Line of Business (LOB) platforms such as Compliance or Know Your Customer (KYC) systems. This is often achieved by integrating open gateways and/or APIs into the DTM application layer.
- Mobile capability in order to support as many of these functions remotely as possible.