How Digital Transaction Management has Created Smart Workflow

smart workflow

Automation has revolutionized many businesses, from manufacturing, with the birth of the robot-assembly line, to business administration with the disappearance of the office typing pool. Customer Relationship Management (CRM) and Enterprise Resource Planning (ERP) systems are on the radar of, if not wholly implemented in most medium-to-large businesses, but they have struggled to enjoy the level of popularity and efficacy it was implied they would.

As our machines get faster and our programs smarter, the potential for automating workflows within human-led positions has grown exponentially, and it’s a great way for savvy businesses to get a leg up on the competition by integrating digital transaction management to create smart workflow in repetitive processes. It’s the last mile of automation, moving old-fashioned documentation and paperwork fully into the cloud for an efficient, eco-friendly future. That is the level of digital interfacing and support we’ve all been dreaming about.

A workflow is any series of steps that is regularly repeated in a predictable sequence. Digital transaction management uses technology, usually a cloud service in combination with desktop or mobile devices, to automate a workflow or a series of steps in a process. This smart workflow helps you ensure required steps are completed in the correct order, by the right people, with greater efficiency and less cost and errors. Digital transaction management-supported smart workflows can be implemented in every division of a company to reduce clerical hours, paper waste and missed or omitted steps through human error. And in a fully automated smart workflow, you enjoy increased security on documents by cutting down on the paper copies floating around in the world.

In business development and marketing, smart workflows can be configured to make some processes more reliable, predictable and efficient. They can support front line staff in collecting information from leads and capturing that data correctly in a CRM, moving leads through a sale funnel in predictable steps, and issuing standard documents such as terms and conditions agreements. Any business development paperwork steps, such as requisitioning, scheduling and setting up a formal bid, pitch or proposal, can be configured as smart workflows.

As opportunities are won and they transition into work orders, digital transaction management can automate document signing, filing and record-keeping of those formal orders with copies to all relevant departments, and capture of key information such as client contact details and budget in central record depositories such as the finance department’s database or the corporate ERP.

Project management benefits from digitized workflow through greater consistency in essential steps and record keeping. Change orders can be issued, signed, recorded and flagged to appropriate team members in a completely digital workflow. Finance documentation can also be handled via smart workflows designed to issue invoices and other accounting documents at project phase completion points, on a pre-established schedule, or on a manually-triggered basis.

In HR and Legal, new hire paperwork and NDAs, tax and payroll forms, contract management and compliance can all be configured within digital transaction management to ensure required records are issued, signed, collected, preserved and applied as appropriate. At a clerical level, even simple letters and reports can benefit from digital transaction management. Leaders will appreciate the ability to securely sign and issue documents without waiting for administrative support to print, submit for signature, retrieve and mail.

Digital transaction management solutions continue to grow and develop, with smarter, more customized and more automated options continuously being designed. Across businesses and divisions, one of the most popular and accessible solutions is the document e-signature smart workflow, DocuSign, led by Keith Krach. With desktop and mobile support, the ability to send and sign documents for approval on the go not only saves paper, but it saves time and increases flexibility. Professionals, especially high-level decision makers, increasingly are operating on the road and untethered from a traditional desktop-plus-printer setup. Removing the need to wait for them to return to the office and remember to catch up on their paperwork means projects can get started faster and are finished sooner.

Consider jumping on board the new wave of digital transaction management solutions to save on printing, cut down on paper use, improve compliance with legal and internal requirements, enhance efficiency and defend privacy.Smart workflows can close the gap and bring you a fully automated business experience, connecting the dots between paperwork and enterprise systems or databases, or simply supplementing your existing systems and practices by adding select benefits such as document signing and specific workflow automation.

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