In this evolving digital world Digital Transaction Management (DTM) is 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. A lot of companies are already shopping for software and hardware to get the job done. In order to sort through the chaos and find the right solution according to needs, herein listed below are five of the leading software tools for digital transaction management:
DocuSign
DocuSign is an e-signature app that lets you collect signatures and manage documents from any device and any location. It works like this: from your device, pick a document, specify recipients who need to sign it, designate required fields such as address or company name, and send the document to your recipients. After recipients complete their digital signature, the document is stored for records and key stakeholders receive an automatic alert.
DocuSign supports almost any file type and integrates with hundreds of different business applications like Salesforce, Netsuite, SharePoint, SuccessFactors, Google Drive, and Box, so you can collect e-signatures without interrupting your current workflow.
Box
Box is one of the leading private cloud storage solutions for business. They give companies of every size a secure place to store, share, and collaborate on corporate assets, from project proposals to vendor contracts and human resource forms.
It might be the case that we don’t immediately associate Box with DTM, but if that’s the case, we probably haven’t looked at their product lately. Box is much more than a cloud storage server. It’s also a team collaboration platform, a workflow automation tool, and a place to manage transaction documents behind enterprise-grade security. Also, DocuSign is one of Box’s platform partners, which means you can send files to be e-signed from directly inside your Box account. The signed copy will be returned to the Box account and labeled “DocuSigned.”
Then again, Box isn’t the only private cloud storage solution on the market. To compare Box with its top competitor, check out our Box vs. Dropbox post.
Kofax
Kofax is a little different than the first two examples we’ve looked at. They offer a suite of products designed to “transform and simplify . . . information-intensive customer interactions,” which is basically an elaborate reference to business process management.
The Kofax platform combines “smart process applications” (invoicing, claims, application processing, etc.) with a mobile capture system that lets users provide seamless customer service and capture transactional data on the go, whether that be an e-signature, a payment, or an ID verification. Kofax also provides built-in analytics tools which help decision-makers measure and improve process efficiency.
Fluix
Fluix is a cloud-based document management solution designed for mobile team collaboration. A main selling point for Fluix is that it does much more than store files. It also helps teams automate workflows, convert paper documents into digital files, and stay compliant through enterprise security and access control.
Unlike Box, which requires third-party integration for e-signatures, Fluix provides its own built-in e-signature tools, which happen to be pretty robust. Users can collect legally binding signatures by sealing documents from further changes and storing a biometric encryption key to prevent forgery. The platform also includes features for form creation, PDF annotation, and internal messaging.
Mi-Forms
Mi-forms is a kind of wild card in the DTM market. Their product is a mobile forms application that lets users collect data for custom business processes using android, iOS, or Windows devices and digital pens. The forms can pull in not only text and signatures, but other rich data such as GPS, photos, and barcodes.
Users can build their own custom forms using a drag and drop interface and connect them with back-end systems using one of 90 APIs. Administrative features include passwords, user and group management, workflow routing, and more. Mi-Forms is a great choice for any company that uses mobile agents to collect data or work with customers in the field, whether that be a field service company or a merchant services team.
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