If your business uses the internet to store files or enter into contracts and agreements, you may want to consider Digital Transaction Management (DTM) solutions that improve processes and accountability. DTM is a new kind of business solution that works in a cloud environment to digitisesignature and contract management processes. So that you’re fully informed, here is a short overview of DTM and the benefits such a solution can have for your business.
What is DTM
Digital Transaction Management is a new cloud-based solution that enables management of documents in a digital environment. It is particularly relevant to business processes that rely on documents or images, such as contract management, content development or drafting of plans. If DTM is implemented at the creation of the document, the business is able to manage and record access, use, and distribution right through to the document’s archival or destruction. DTMs are best executed when implemented in conjunction with a Customer Relationship Management or Enterprise Resource Planning solution.
Benefits to the Business
Businesses who have implemented DTM have reported better management of their document-related activities. The processes are completed in a timelier and more cost effective manner. They’ve found there are less errors and improved compliance with regulation and laws, reducing the risk to the organisation and its stakeholders. Customers and project partners are reported to be happy with the process as it is quick to implement and convenient to manage.
DTM typically includes digital signature capabilities. This allows stakeholders to legally enter into agreements and contracts in virtual environments. Digital signatures are encrypted, so there’s no danger of fraud or identity theft. DTM manages invitations to participants involved in the agreement process, will authenticate the identities of the participants, collect any disclosures and consent, and manage the workflow process. If you’re interested in learning more about digital signatures, check out the blogs of high-security digital storage specialists such as Your Digital File– they’re a veritable treasure trove of information.
DTM provides a framework for the management and storage of documents in a cloud-based environment. You can be assured that your documents will be stored in a way that complies will all relevant laws and regulations. Files are usually heavily encrypted for increased security. There is also the facility to monitor when documents have been accessed and changed, providing an accountable, auditable trail.
DTM provides solutions for managing alternate or multiple versions of the original file. DTM can track files that are distributed to staff, clients or third parties, as well as monitor these copies to ensure content integrity. Draft versions of the documents can be stored and accessed easily for record keeping purposes. Transaction management features can also be used to monitor when documents are exported or printed, allowing the contract manager to follow up on the status of any offline versions.
DTM can include inbuilt workflows that enable contract managers to monitor and control the necessary tasks beyond the signing of the document. The workflows can be established to help staff and stakeholders manage any compliance obligations and can automatically produce reports outlining adherence. The contract manager also has the ability to set specific controls and privileges around access to ensure that staff and stakeholders can only access documents relevant to their role.
DTM will continue to increase in importance as more agreements and contracts are implemented and stored online. If your business manages a lot of online documentation or enters into business agreements in online environments, you should consider when a DTM will save you time and money.