According to a recent research note issued by Aragon Research, the Digital Transaction Management (DTM) market will grow to $30 billion by 2020.
What this means for businesses is that paper processes will begin to decline rapidly over the next few years within most sectors.
The net result of this transformation will be a major shift in the way businesses across the board use documents and the critical processes that go into the development, deployment, management and use of those documents.
If you haven’t already started to implement some form of document automation within your organization, your business processes will soon be obsolete, negatively affecting your productivity.
In this evolving digital world Digital Transaction Management (DTM) will be key.
Aragon defines DTM as a “business application that uses cloud-based software and services to digitally manage a wide range of document-centric business processes involving people, documents, data and transactions both inside and outside the firewall.”
Simply stated, DTM is the process of making paper processes 100 percent digital.
The goal of DTM is to securely execute and manage a wide range of business processes involving people, documents and data to deliver better transactions than manual, paper processes — transactions that are faster, more accurate, secure and auditable.
For example, proper DTM implementation could enable your business to interact with customers, prospects, partners and suppliers anytime, on any device, from virtually anywhere.
Transitioning to DTM
Now that you know what DTM is and some of the advantages of adopting it, here are five things you should implement to prepare your organization to embrace it:
- Digitization of all your business documents at the point of origin. This means transforming all of your businesses paper process to digital processes by integrating front office systems and processes with the back office. This is accomplished by merging the creation, assembly, delivery and storage of data and documents into one key system and processes.
- Automate your processes — the entire transaction processes. This includes workflow that can be configured by a business user.
- Integrate your applications and services, including cloud-based document sources. This will provide a centralized secure transaction center. For your more sensitive data, this will provide a full, tamper-proof audit trail of transaction that meets evidentiary standards — and is admissible in court proceedings.
- Become a student. Study best practices. As you work to transition to DTM, make sure you keep up with the latest tips, tools and services. It never hurts to run your thoughts or concerns by a third party.
- Start today. With the right approach, organizations can infuse DTM into existing business processes and go entirely digital. It’s no longer a question of whether to implement DTM, but when – and for which processes.
Mikita Mikado is CEO of PandaDoc (formerly QuoteRoller), a provider of all-in-one software to create, deliver and e-sign quotes, proposals, contracts and other sales collateral. An entrepreneur, executive and former engineer, he works on, speaks and writes about running self-sustaining companies doing innovative things in technology and business.