Recently, a good friend of mine celebrated her birthday in San Francisco. I couldn’t attend the festivities, so I decided to send a bottle of champagne to her hotel room to surprise her. I went to the hotel’s website, called their front desk, and they sent me a verification email and then three forms that I had to print out and fax back. Thankfully I found someone close to me who has a fax machine, and it saved me a trip to FedEx, but I was still stunned, and a bit frustrated, that in 2016, it took almost forty-five minutes to complete something that could have been done in three, had I been able to use a digital signature.
Is this a scenario your customers could be experiencing? For many businesses, the answer is still yes. This blog explores why that needs to change, and how businesses can begin to embrace Digital Transaction Management (DTM).
Customers Expect Digital Alternatives
No matter what industry you might be in – hospitality, industrial, corporate, real estate – your customers are used to digital alternatives. This is the digital era, where things happen instantly. If simple processes, like signatures, are bogged down with tedious paper procedures, you’re at risk of damaging your customer experience or even losing them completely.
If your competitors are using Digital Transaction Management to conduct their transactions faster, customers are also getting to their products faster, which puts you at even greater risk of getting outcompeted.
Get Your Team On-Board: Align DTM with Business Outcomes
By using DTM to streamline your business processes, you will cut down on the frustrating parts of your contract process, thereby improving your customer experience. This should be the number one reason to move toward a DTM strategy.
That said, there is always a little bit of friction involved when embracing a new process; employees can be comfortable and knowledgeable in their ways and can be slow to embrace change, and executives can be just as skeptical. But by demonstrating that significant time is saved for the customer and also for the employee, that ease of ease is significantly improved for the customer, and that transactions remain secure, the case for DTM is difficult to dismiss.
Next Steps: Where is the Best Place to Start?
Digital Transaction Management has the potential to transform a multitude of business processes, but starting with customer-centric documents first, because of the potential for impact, is a best practice. On August 19th, join us for a free webinar to learn more about approaching DTM from a customer-centric standpoint, and come away with a better understanding of the DTM market to start moving faster. We hope to see you there!