Why IT Falls Short of Digital Transaction Demands

Why IT Falls Short of Digital Transaction Demands

Split SentimentsSplit Sentiments

93% of surveyed IT decision-makers feel that providing a digital transaction management (DTM) is either important or “very” important, compared to 76% of line-of-business leaders who feel this way.

Tech GapTech Gap

55% of survey respondents said DTM presents a clear need within their enterprise that is only partially addressed by existing solutions, and 28% said it’s a clear need that isn’t addressed well by existing IT.

Biggest Business Drivers for DTMBiggest Business Drivers for DTM

Improving efficiency: 74%, Increasing security and compliance with clearer tracking and monitoring of documents and approvals: 66%, Improving customer experience with faster access to documents and a more streamlined approach: 57%

Purchasing PowerPurchasing Power

Survey respondents said IT is responsible for selecting DMT tools/tech 67% of the time, and that finance does so 16% of the time.

Top Enablers of a Digital BusinessTop Enablers of a Digital Business

Capture and content analytics to transform content to digital: 29%, Multichannel communications such as mobile solutions to digitally connect to the consumer: 24%, Electronic or digital signatures: 22%, Business rules management: 13%, Analytics for improved reporting and monitoring: 12%

Steady ProgressSteady Progress

63% said their organizations use DTM for documents at least seven out of 10 times.

Cashed OutCashed Out

52% said their organization loses more than 10% of its revenue due to poor transaction management-and 26% said they lose more than 20%.

Most Common Issues Encountered Due to Analog ProcessesMost Common Issues Encountered Due to Analog Processes

Errors within human and analog processes: 50%, Cumbersome, paper-oriented tasks such as scanning and document management: 44%, Difficulties in collecting and managing documents from multiple sources: 42%, Difficulties in administering and controlling documents over time: 39%, A lack of security over printed documents: 37%

Top Roadblocks to Digital TransactionsTop Roadblocks to Digital Transactions

Lack of skills to implement/manage digital transaction systems: 45%, High costs of retooling processes: 39%, Lack of available tech: 36%

Dennis McCafferty
Dennis McCafferty
Dennis McCafferty is a contributor to CIO Insight. He covers topics such as IT leadership, IT strategy, collaboration, and IT for businesses.

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