Digital transaction management, a category of cloud services that digitally manage document-based transactions such as agreements is rapidly gaining steam. Not only are digital processes easier, more secure and less error-prone, but they also make for a better customer experience. Therefore this factor is a key business differentiator and an increasingly critical priority for a majority of companies.
Seven Best Practices For Implementing DTM
Why you should implement Digital Transaction Management ?
In 2016, Forrester interviewed some leading enterprises and have realized significant efficiency, revenue and customer experience gains as a result. To successfully implement Digital Transaction Management, companies should:
- Excite their executives about customer experience: Excelling at customer experience requires sponsorship and collaboration among the C-suite to deliver the technologies that the business technology agenda demands. These principles apply heavily to Digital Transaction Management initiatives and require executive sponsorship of implementations and ownership of outcomes.
- Think big, move fast: Digital transformation can be a massive undertaking that requires fundamental changes to the way that a business operates. Although, businesses know this effort to be, it’s often more than companies are willing to bite off at once.
- Embrace user-centered design: For Digital Transaction Management, user-centric design means taking an “outside in” customer or internal worker perspective in designing the new approach. You must map the flow of a document of each person across the complete journey.
- Restructure processes to take advantage of digital innovation before automating: Digitization requires companies to dissect their processes for efficiency and effectiveness before automation. Respondents confirmed this was one of the most critical drivers of success.
- Include customers in the design process: For any customer-facing process that you are redesigning, understanding the end customers’ desires for interacting with your company should be a critical component of process redesign.
- Invest time in education: Analog-based companies have a number of concerns about DTM. Digital Transaction Management solutions are often more secure, more compliant and more private than analog processes. Therefore, addressing these concerns requires decision-makers to understand their firms requirements.
- Align with partners with deep expertise in digital transformation: Respondents across the board attributed much of their success to their partners’ expertise in everything from integration to training to marketing.
What do we conclude ?
Analog processes are quickly becoming obsolete, and siloed digital point solutions are only adequate replacements at best. End-to-end solutions that address enterprise wide needs are driving the most significant impact to organizations’ digital transformations.
Most importantly, companies must seek to continually improve their tactics in order to create exceptional customer experiences.