Digital Transaction Management
Experienced in document management, ScienceSoft has been implementing corporate web portal solutions with advanced mechanisms for e-document management since 2005.
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Digital transaction management in brief
Digital transaction management (DTM) allows businesses to adopt paperless processes, and speed up document signing and exchange. DTM solutions cover a full transaction lifecycle from document creation and authentication to distribution.
Problems solved with digital transaction management solutions
Digital transaction management is essential for companies that transfer to digital document management. As part of this larger digital transformation initiative, DTM adoption helps resolve a number of business challenges and cuts administrative expenses.
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Time-consuming document execution: document printing, signing, scanning, and emailing. |
Challenging remote collaboration due to no instant access to docs. |
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Document shipment expenses, often higher for express delivery. |
Space-consuming physical document storage. |
How digital transaction management solutions work
Relying on ScienceSoft's experience in diverse document management solutions, we describe the specifics of software for digital transaction management.
Key capabilities and DTM features
Must-have features
Document authentication
- Digital signature certificate.
- A signer’s private key.
- A public key for e-signature verification.
- QA code unique to individuals and documents.
- Non-repudiation mechanisms.
- Instant document status visibility and automated notifications for status changes.
Security and compliance
- xDTM standard certification.
- Compliance to industry-specific standards (like HIPAA, FERPA, or GLBA).
- File encryption and role-based access permissions.
- Secure document archiving.
Optional features
Document creation
- Pre-configured document templates.
- Optical character recognition to extract text from scanned docs.
- Support for different document file extensions including rare ones (.odt, .ods, .xslb, and more).
Document management
- A central document repository.
- Document metadata (e.g., a creation date, a document author).
- Document indexing.
- Versioning.
- Flexible document retrieval.
- Regulated document distribution.
Transaction approval workflow
- Rule-based data validation and document approval workflows.
- Multi-level approval.
- View and edit permissions.
Key types of documents to manage
Digital transactions management solutions will speed up the execution of any documents that need to be signed. At ScienceSoft, we most frequently work with the following industries and business units.
Legal
- Business documents: incorporation docs, bylaws, partnership agreements.
- Rental agreements.
- Licensing agreements.
- Financial documents: income statements, balance sheets, tax records.
- Compliance and regulatory docs.
- Court orders.
Human resources
- New hire forms.
- Employment contracts.
- Employment non-disclosure agreements.
- Independent contractor agreement.
- Sick leave certificates.
- Off-boarding checklists.
Procurement
- Requests for quotation.
- Invitation for bid.
- Seller proposals.
- Supply agreements.
Manufacturing
- Bills of materials.
- Quality control reports.
- Service agreements.
Sales
- Price quotes.
- Sales invoices.
- Sales contracts.
- Non-disclosure agreements.
- Shipping notes.
Healthcare
- Patient onboarding forms.
- Medical records.
- Consent and assent forms.
- Patient contracts.
Key integrations to perform
As a best practice, ScienceSoft integrates a digital transaction management solution into any business systems where documents circulate.
- Team collaboration tools - enables quick collaboration between team members, particularly important in the view of continuing remote working.
- Business management systems - enables fast document execution that doesn’t interrupt the current workflow.
- User-facing applications - enables fast completion of business transactions with customers, vendors and partners.
Tips to succeed with a DTM solution
At ScienceSoft, we always stick to several rules to create effective DTM solutions. We recommend you to note them down too.
- Analyze all the use cases of document-based transactions in your company, list all the applications and tools where the integration of a DTM solution is required.
- To protect document privacy, build a strong cybersecurity culture within your company (especially if your team uses a DTM solution with personal email and messaging tools).
- Embrace intuitive user-centered interface to prompt user adoption (in enterprise-level companies, a DTM tool can be used by up to 10,000 employees).
- Choose a DTM vendor with an app optimized for mobile if your business workflows tend to require document execution on the go.
ROI of DTM implementation
Though only one of the constituents in document management processes, digital transaction management solutions yield palpable financial return. Potential business savings depend on the intensity of document flow in your company but an average ROI for three years since DTM adoption may reach:
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$3.1 million in time savings: employees save about 1.5 hours per document transaction. |
$1.2 million saved in document print and shipping spending. |
$479.6 saved in time and resources needed for manual review and update of docs for ever-changing security and compliance regulations. |
* The data is based on the ROI analysis commissioned by Adobe Sign and conducted by Forrester Consulting. Six companies using Adobe Sign were interviewed for the study.
Best digital transaction management software
ScienceSoft takes a look at the market of DTM solutions and advises you on the top three setting the global standard in digital transaction management.
Adobe Sign
Description
- Best for enterprise-level companies.
- Native integration with Microsoft apps and plug-and-play integrations with the most popular CRM, document management, CPQ, human resources, enterprise resource planning, and team collaboration systems.
- Offers Mega Sign to bulk send a document to multiple recipients.
- Provides enterprise-grade security, compliance with ISO 27001 and PCI, and can be configured to meet industry-specific compliance like HIPAA, FERPA, or GLBA.
- Offers a mobile e-signature app for employees working off-premise.
Pricing
Individual based on the number of users or number of expected transactions. Sign for a 2-week free trial or contact the vendor.
DocuSign
Description
- A suite of applications for end-to-end contract management covering document generation, e-signing, review and approval, and analytics.
- Named a Leader in Gartner’s 2020 Magic Quadrant for Contract Lifecycle Management.
- Reports up to 80% faster e-signed document transactions.
- 350+ prebuilt integrations with popular platforms and tools (Microsoft and Google applications, Oracle and SAP solutions, to name a few).
- Meets global security standards: ISO 27001, PCI DSS (for handling payment data in ecommerce), HIPAA (for handling patient data in healthcare), and more.
- Used by businesses from a variety of industries (namely, healthcare, finances, technology, governmental agencies).
Pricing
4 pricing plans different in functionality scope:
- Personal – $120 user/year
- Standard – $300 for 5 users/year
- Business Pro – $480 for 5 users/year
- Advanced Solutions – request a quote
OneSpan
Description
- Covers full-cycle document execution with solutions for identity verification, e-signature, authentication, and mobile app security.
- Among the top seven providers of risk-based authentication solutions according to Forrester.
- Got the highest Satisfaction score among e-signature products according to G2.
- Global enterprises like Deutsche Bank and IBM among customers.
Pricing
Professional and Enterprise plans by individual request, a quick demo is here.
Need to digitize document management?
At ScienceSoft, we can help your business advance to a paperless office and faster document execution.
Document management strategy and consultancy
- Auditing document management practices adopted in your company, identifying possibilities for workflow automation.
- Defining business gains you strive to achieve with document management.
- Eliciting challenges (if any) to document workflow digitization.
- Conducting technology market research to advise on the best-suited DMS software.
DTM solution implementation
- Conducting business analysis.
- Choosing the best-suited DTM software to support your document workflows.
- Using no-code configuration or low-code development to align the business logic provided out of the box with your business requirements.
- Integrating the DTM solution into your IT environment.
Custom DMS development
- Conducting business analysis.
- Planning digital document management workflows.
- Designing a custom DMS solution if no ready-made software proves incapable to fully meet your business needs.
- Integrating a DMS solution into your IT environment to enable automated of document-based workflows.
About ScienceSoft
Started in 1989, ScienceSoft brings digital transformations across all business areas and processes to companies worldwide. We deliver document management solutions to businesses aiming to speed up document execution and reduce operational expenses.