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Why IT Falls Short of Digital Transaction Demands

 
 
By Dennis McCafferty  |  Posted 04-23-2015 Email
 
 
 
 
 
 
 
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    Split Sentiments
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    Split 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.
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    Tech Gap
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    Tech 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.
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    Biggest Business Drivers for DTM
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    Biggest 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%
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    Purchasing Power
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    Purchasing 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.
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    Top Enablers of a Digital Business
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    Top 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%
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    Steady Progress
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    Steady Progress

    63% said their organizations use DTM for documents at least seven out of 10 times.
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    Cashed Out
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    Cashed 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%.
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    Most Common Issues Encountered Due to Analog Processes
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    Most 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%
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    Top Roadblocks to Digital Transactions
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    Top 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%
 

While an overwhelming majority of IT and business decision-makers feel that digital transaction management (DTM) plays a key role in organizational success, most feel that existing tech solutions are not addressing this need, according to a recent survey commissioned by DocuSign and conducted by Forrester Consulting. The resulting report, titled "Digital Transforms the Game of Business: Digital Transaction Management Emerging as Key Solution," defines digital transaction management as "a new category of cloud services designed to digitally manage document-based transactions. DTM removes the friction inherent in transactions that involve people, documents and data to create faster, easier, more convenient and secure processes." However, an overall lack of relevant skills is keeping companies from implementing DTM initiatives, in addition to the high cost of such projects. As a result, organizations are losing significant amounts of revenue due to poor transaction management. This increases the pressure on IT-especially since the tech department oversees the acquisition of most DTM solutions. An estimated 400 global IT and line-of-business decision makers took part in the research.

 
 
 
 
 
Dennis McCafferty is a freelance writer for Baseline Magazine.

 
 
 
 
 
 

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