Techblog
How companies can benefit from digitising workflows
There has been a lot of talk of how going digital can improve productivity and reduce human error. One key trend that seem to sweeping businesses is Digital Transaction Management (DTM). What exactly is DTM? And how can it help companies digitise approval workflows?
How can you benefit by digitising workflow?
Digital Transaction Management enables businesses to conduct and manage document-based transactions without paper. It helps to streamline different workflow processes that can sometimes hinder productivity. DTM can really improve processes that often include the passing of assets between various parties like business and consumer, business and client, and business and employee.
Discuss about security of DTM. And also to mention Singapore’s Electronic Act approves use of e-signatures in courts.
DocuSign for example, is a DTM platform that helps companies automate approval work flows in many different areas such as customer service, accounting, legal or human resources.
For example, DocuSign simplifies HR workflows as it helps streamline hire forms and benefit forms among others. New employees can also electronically sign NDAs and this improves the hiring or employee onboarding process. Companies can also keep employees worldwide up-to-date on company policies and obtain electronic acknowledgement.
Businesses looking to streamline workflow and approval process can also benefit from DTM platforms. Docusign optimises the process of signing off and approving requirements. Additionally, businesses can also route documents to ensure the right individuals are approved in the correct order.
Digitising approval workflows benefits many industries and its departments
Digitising such workflow processes helps reduce cost and time – and as a result improves productivity as there is less room for error as well. Additionally, it also promises security at the highest level. DocuSign, for example, uses advanced authentication methods to validate the identity of all transacting parties. These methods include texting an SMS code to another device (2FA) or even using voice authorisation. DTM platforms like Docusign also make tracking important assets easier.
DTM platforms can help various industries and the departments within as well. Below are some examples.
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Banking and financial services
Compliance is a very important part of the banking sector - as the industry is very highly regulated. DocuSign helps improve maintain compliance standards more effectively as opposed to normal paper and ink methods. Docusign provides a more robust authentication method as well as secure encryption. Another feature that will be of great benefit to the banking industry is DocuSign's tamper-evident seal.
Banks will also find it useful that DocuSign enables loan documents to be completed faster. The platform ensures that banks will have an error-proof signing experience. Routing documents is an intrinsic part of many banking processes. Docusign allows you to streamline the process by electronically routing documents. This enables users to add other users to the document so they can approve or even request action on a particular document.
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Insurance
DTM platforms like Docusign can have many benefits for the Insurance industry including processing new policy application forms. In fact, Docusign speeds up the process significantly. This can reduce the chances of customer defection. It also ensures that trailing documents and other important documents are signed and filed correctly. It enables insurance agents and companies to make sure that all records are updated when customers make changes.
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Legal departments
DTM platforms like Docusign also help legal firms as well as in-house legal departments to improve their efficiency by automating their documentation. It also helps them maintain compliance. Docusign ensures strict security including a strong encryption. You are also able to see who has viewed and edited a particular document ensuring a rich audit trail.
Crucially, you are able to check on the status of your agreements and contracts as it is all stored in one central location. You can then easily send reminders using Docusign. This helps save valuable time.
Docusign also help save costs as legal firms and departments can avoid hefty printing and courier fees. These savings can then be allocated to more important areas that can help improve productivity and efficiency.
How should businesses start digitising? Go step by step
Transforming a company’s approval work flow can take a significant amount of time to execute and requires a change in mind-set.
Mr Denis Branthonne, the CEO at construction company Novade that is starting to digitise and automate workflows said: “The way to [digitising workflows] is to go step by step. The reality is when you move from paper to digital, it’s a very complex exercise where you need to think very deeply about how you work. It’s not something that happens right away. You try one process, first version, second version, etc. All companies need to do this but they need a constant incremental approach”.
In conclusion, digital transaction management platforms can benefit many different businesses and industries in various ways.
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DTM platforms help streamline approval work flow processes such that it helps increase productivity and even reduce costs.
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Many various industries can benefit from DTM platforms like Docusign.
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Docusign ensures high security and tracking ability which is crucial for highly regulated industries like the banking sector.
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Insurance companies can also benefit from Docusign as it helps customers fill up the form faster and reduces the risk of customer defection.
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Legal firms can also benefit as Docusign speeds up the process and can help save valuable time and money.
DocuSign is a trusted and secured digital transaction management platform used by enterprises. Empowering over 225,000 companies with 85 million users worldwide, DocuSign lets companies send, track and sign documents anytime, anywhere on any device, reducing time spent on manual paper-based process of approving documents. Find out more about DocuSign here.