- 11 January 2019 00:33
Dynamic Document Handling Needs to Create Growth Opportunities for Digital Transaction Management Vendors
Digital transaction management solutions are designed to manage the transactions on digital platforms, allowing businesses to process transactions based on documents. With a number of benefits including compliance, the return of investments and improved customer experience, the digital transaction management is a next-generation solution for enterprises. Categorized in cloud services, the digital transaction management solutions include high-end authentication, e-signatures, and non-repudiation. In the modern age, businesses are changing the way they interact with the prevalence of emerging technologies such as cloud computing, internet-enabled devices, and others. Moreover, enterprises are using digital transaction management solutions for digitizing and securing documents owing to which the digital transaction management vendors are gaining a majority of opportunities in the landscape.
The rapid technological developments in the global scenario are expected to boost the application of digital transaction management even further. The application of digital transaction management solutions and services is gaining traction globally. The adoption of digitalization is expected to fuel the application of digital transaction management in the forthcoming decades, representing substantial profit gaining opportunities for vendors. With the accelerating demand for managing services, there is greater dominance expected by the digital transaction management solutions over services. Large enterprises are greatly utilizing digital transaction management solutions.
Booming Opportunities Witnessed in Australia and New Zealand
Companies is Australia and New Zealand are constantly developing quick and secure applications, owing to which there is significant demand for solutions such as the digital transaction management solutions. Moreover, the ease of accessibility and significant attributes are making the solutions segment an effective choice for incorporation. The burgeoning use of digital transaction management to make documents universal across particular enterprises has contributed to major opportunities for the vendors.
Adoption of Electronic Signatures Contribute to a Substantial Demand Escalation
There is growing use of electronic signatures across various application segments. Apart from saving resources such as time and money, the use of electronic signatures makes agreement and business processes work seamlessly. Businesses in Australia and New Zealand are increasingly adopting electronic signatures to improve the way they interact and carry out their processes. Moreover, the introduction of the Electronic Transactions Legislation Amendment (Government Transactions) Bill 2017 by the NSW (New South Wales) Parliament, has fueled major developments in the incorporation of digital transaction management solutions and services. The new amendment aims at reducing transactions conducted on non-digital channels by nearly 20 percent in the coming decade.
Similarly, the use of electronic signatures was also introduced in the real estate sector by the NSW ministry. With an aim to become the first state allowing complete digital processing of property transactions, NSW has incorporated electronic signatures in real estate deals. According to officials, the introduction of electronic signatures would not only reduce time to settle property transactions but also provide greater security and time to read documents.
ANZ Bank to Streamline Business Process with the Adoption of Digital Transaction Solutions
From conventional manual management of data, large enterprises in Australia and New Zealand are moving towards digitalization to further simplify their business processes. Moreover, the BFSI (Banking, Financial Services, and Insurance) vertical is expected to showcase a significant growth in terms of the deployment of digital transaction management solutions. The ANZ Bank, for instance, is a rapidly growing bank owing which it recognized the need to switch to digital solutions that could simplify the management of rapidly increasing transaction volume. For this purpose, the ANZ Bank chose Ebiz Cipta Solusi, the Nintex partner for automating the approval, authentication, and other related processes on the existing SQL Server and Microsoft SharePoint installations, along with Nintex Advance Workflow and Modern Forms.
Flourishing Opportunities in the Near Future
With the emphasis given to digitalization, the digital transaction management solution and services providers would have proliferating opportunities in the future, as companies are adopting these solutions to improve their businesses. Moreover, the benefit of accessing documents and enterprise data in a universal format simplifies the management of data even further. This would be fostered by the rising use of connected devices and digital platforms for data management and accessibility. Although digital transaction management simplifies the process, there is a growing need for improved security and data protection while these digital transaction management solutions are being adopted.
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