All businesses, from single person start-ups to global enterprises, are being forced to reconsider their current strategy in light of a broadening digital footprint. With our personal and working lives being governed by technology, customers now expect their purchasing and customer lifecycle experience to be a digital one; those who utilise the technology available for the good of their customers are most likely to lead as we venture further into the digital era.
I can attest to this from personal experience, as it greatly frustrates me when a supplier to my household decides to waste their money and my time by sending me ‘document packs’ for signature – placing the burden on me to scan/fax/mail/courier the ‘packs’ back to them.
Having documents arrive at home introduces delays and, on more than one occasion, leave me time to change my mind; time kills deals, even in the B2C space! Unfortunately, my bank/insurance company/pension provider/utilities company etc frequently expose me to such processes, which makes me scratch my head and ask ‘why wouldn’t they rather save money and significantly improve my customer experience?’
The Benefits of a Digital Platform
Aside from the obvious environmental benefits of going paperless, there are plenty of easy-to-quantify savings to be had by eliminating manual, paper-based processes. Just by calculating the amount you spend on paper, ink, postage and long-term document storage that encompass a paper-heavy business, you begin to appreciate the potential savings. However, the benefits go way beyond these obvious hard-dollar savings.
Digital Transaction Management (DTM) is one of the platforms that is offering huge benefits to organisations of every size, industry, and geography, in three key areas:
1. Immediate financial gains – by reducing the transaction time, organisations see needle-moving financial benefits and huge ROI
2. Transforming the customer experience – instead of waiting days, weeks, or even months for transactions to be completed, progress can be made almost instantly. This speed delights external and internal stakeholders and elevates the organisation that provides a superior service
3. Readily demonstrated compliance – every document has a readily accessible digital audit trail, making compliance for industry laws and regulations fast and easy
For those of us heavily involved in the tech industry, digital is second nature. But what about those who don’t move in these circles?
Embrace the Digital Age
DTM has emerged as a new category of cloud services designed to digitally manage document-based transactions. It removes the friction inherent in transactions that involve people, documents, and data to create faster, easier, more convenient and secure processes.
Organisations that embrace the digital future can speed execution, lower operating costs, reduce errors and provide superior customer experience. By staying digital, these companies avoid the traditional pitfalls of lost or missing data and documents, breakages in processes, and lack of visibility into workflow.
Transitioning to a fully digital business needn’t be a challenge, whether you’re a small business or an enterprise. The technology available has empowered us to achieve our goals, be it developing new solutions and products or delivering a better service to customers.