Digital transaction management, aka DTM, is the process of streamlining document workflows with the help of digital solutions called digital transaction management software.
With the help of digital transaction management software, companies can digitalize and automate numerous processes – from document routing and signing to data collection via web forms and secure storage.
What are the key features of digital transaction management software?
Digital transaction management software can do much more than digitalize document-based processes and act as an electronic filing cabinet. Here are the key features that make digital transaction management software one of the most powerful tools for businesses.
DTM software allows you to send documents for digital signing directly from the platform, thus saving you a lot of hassle. The recipients can sign the documents electronically with their national eID, which helps you get contracts, agreements, and policies signed much faster.
Plus, digital signatures can authenticate the signer and ensure that no one made changes to the document after signing. Therefore, they are far more secure than handwritten signatures.
According to the eIDAS Regulation, digitally signed documents are legally enforceable and can hold up in court.
DTM software can make your life easier by automating recurring tasks such as routing documents, sending reminders, and deleting unnecessary data.
You just have to set up the automation rules, and the software will follow them to perform specific actions without any manual intervention.
Let’s take the example of an annual report that you need to get signed by multiple signers in a particular order. You can use automation rules to define the signing order for the annual report based on each signer’s role (e.g., board member, auditor, managing partner, etc.). Once you have saved the template, you can reuse it for other annual reports.
Digital document management
Similar to a document management system, a digital transaction management tool allows you to manage and store your documents electronically.
With DTM tools, you can:
- organize documents into folders
- use the search bar to quickly find and access files
- share files and folders with coworkers
- grant permissions to documents to specific user roles
- get an overview of your documents’ statuses (pending, signed, rejected, etc.)
- encrypt and securely store documents
What are the benefits of digital transaction management?
Thanks to their features, DTM solutions can help you increase efficiency by automating repetitive tasks and reducing document turnaround time with the help of digital signatures. They also make it easier for you to ensure regulatory compliance and keep business documents safe.
1. Cost and time savings
With the help of automation, DTM software takes the legwork out of document-based processes, thus leading to significant time and cost savings. Plus, they can seamlessly integrate with your other digital tools, so you don’t have to spend time switching between platforms anymore.
Employees get more time to focus on the work that matters, documents get signed faster, and all the costs associated with paper-based processes are gone.
2. Safe and compliant document transactions
DTM solutions employ encryption, role-based access control, audit trails, and other security controls to ensure the safety of your business documents.
Plus, they make it easier for you to comply with the GDPR’s data retention requirements by allowing you to schedule the automatic deletion of documents.
3. Happier customers
Digital transaction management solutions make it more convenient for your company’s customers to sign documents.
They can open and view the documents on any device and sign them using their eID.
With digital transaction management, customers get an effortless and modern signing experience that will set your business apart from the competition.
4. High availability
DTM solutions are cloud-based and offer much higher uptime than most on-premise systems. Plus, they allow your employees to access the documents they need to do their jobs from anywhere and on any device.
In the age of hybrid work, cloud-based solutions, such as DTM software, are crucial to ensure that your employees are just as productive when working from home.
5. No more human errors
Manual processes are prone to human error. No matter how capable your employees are, mistakes happen. Forgetting to delete documents when they should be deleted, sending the documents for signature in the wrong order, or failing to follow up with a recipient who hasn’t signed are just a few examples.
By following clearly defined rules to carry out processes, digital transaction management solutions prevent human errors and improve process consistency and accuracy.
Penneo Sign: Digital transaction management for EU businesses
Penneo Sign is a popular digital transaction management software used across various devices by both businesses and individuals.
The platform offers document workflow automation, digital signatures, secure file management and storage, data collection via web forms, and the possibility to send registered letters. It also provides pre-built integrations with different apps that businesses use every day. Plus, the platform allows organizations to build custom integrations with the help of the Penneo API.
Penneo Sign is a game-changer in the EU’s digital transaction management market and boasts top-notch features such as:
- Workflow automation: Set up automation rules for each type of document. The systems will route the documents to the right signers in the specified order (based on their role). Save the signing flow as a template and reuse it for similar documents.
- Digital signatures: Penneo allows users to create advanced electronic signatures using their electronic ID. Digital signatures can confirm the signer’s identity and ensure the integrity of signed documents.
- Sign multiple documents with a few clicks: With Penneo Sign, you can sign multiple documents in one go. No need to create separate signatures for each individual file anymore.
- Web forms: Penneo Sign allows you to create and send out PDF forms for data collection. Plus, senders can also request the signers to sign web forms with eID.
- Automatic reminders: With Penneo Sign, you can schedule automatic reminders to be sent out to people who haven’t yet signed. Thanks to this feature, businesses can get documents signed faster.
- Encryption: Penneo Sign encrypts stored data to protect it against unauthorized access. As an extra precaution, you can also enable end-to-end encryption when sending sensitive documents.
- Automatic data deletion: Different types of documents are subject to different laws and regulations when it comes to data retention. With Penneo Sign, you can schedule automatic data deletion for each file, so you can stay on the right side of the law.
Level up your digital transaction management with a free trial of Penneo Sign!