Ease of transactions is one way for businesses to acquire a reputation for being smart and forward thinking, and the technology behind digital transactions means that businesses now have another way to make their systems more efficient.
The technology behind digital transactions is cloud technology, the use of large groups of servers – or networks – as well as aspects of virtualization to manage process-heavy operations. Traditionally, transaction management has involved an often burdensome combination of people, documents, and data, with the result that transactions become bogged down in inefficiency and delays. Digital transaction management results in faster, more efficient processes, using such technology as e-signatures, document transfer and certification, and secure archiving.
Digital transactions offer businesses an obvious improvement in efficiency and this is as true for business-to-business (B2B) operations as it for business-to-consumer (B2C) systems.
The increase in the use of digital systems in general has created an expectation that a business transaction, no matter what level it is at, is more likely to be a digital one, so those organizations that embrace digital transactions management have an advantage over those competitors that are falling behind.
On a B2B basis, digital transactions management reduces the time it takes to get a deal done and ensures full compliance with legal and regulatory requirements by leaving an easily accessible digital trail. In respect of B2C transactions, the time factor is also relevant, with digital technology meaning that customer transactions can be completed almost instantly, rather than the days, weeks, or months it would have previously taken. To use an example, take an organization that sends “documents packs” to customers for them to sign and send back. Moving that process online using digital management technology not only saves the company time and money but also results in a much improved and efficient customer experience.
From a simple cost perspective, the switch to digital transactions is very easy to quantify. First, there are considerable savings to be made in paper, ink, and postage. For the environmentally conscious business, the benefits of going paperless are plain to see. The costs saved from eliminating the need for the long-term, physical storage of documents should not be overlooked either.
The security of transactions is something that has always been a challenge for businesses both large and small and yet another benefit of digital transactions is the enhanced security features. An example would be the security features behind mobile wallets – the use of smartphones to make electronic payments. The data used in the transaction is encrypted and changing constantly, making mobile wallets very difficult for fraudsters to access. Some contactless transaction systems also use fingerprint verification, for additional peace of mind.
Enhanced security is also a feature of digital signatures technology, which draws on a widely accepted standard called Public Key Infrastructure, or PKI, to create encrypted data matching a signed document. PKI also ensures that the signature is marked with the time at which the document was signed, so that if the document were altered after that time the digital signature would become invalid.
To get a true flavor of the growth in and potential of digital transactions technology, it is worthwhile studying some of the individuals behind the emergence of this particular industry. Keith Krach’s site will give readers an idea of how strong leadership and entrepreneurial vision has driven the growth of DocuSign into one of the leading names in electronic signature technology and Digital Transaction Management services. As CEO of DocuSign, Krach recognizes the global potential for a business focused on the more efficient exchange of contracts and signed documents.
As digital commerce becomes even bigger, the potential for expansion of digital transaction technology expands also, and the sector is likely to experience surging growth in the years ahead.