by Nicole Speciale
Workflow and Content Automation (WCA) is a new category of content that emphasizes document process automation. Machine creation and routing of documents is starting to replace the human creation of documents. WCA arose out of Digital Transaction Management (DTM), workflow, and Customer Communications Management (CCM). Here are five key trends driving the WCA market.
1. Business Transformation
Businesses are transitioning to become fully digital. This means that content processes are being automated so that transactions can be sped up. At the same time, increasing the rate at which deals close should not compromise the quality of the customer’s journey.
2. Business Leaders at the Forefront of Change
The rate of change and innovation is reaching new levels. Enterprise leaders, like CEOs and senior executives, are at the forefront of the shift to digital. In particular, advanced DTM capabilities are in demand for routing and creating critical documents. Here are some reasons why business leaders love WCA: accelerating revenue, improving accuracy and profitability, reducing risk, improving operations, and enhancing the customer experience.
3. Automation and Eliminating Manual Processes
If enterprises have to rely upon software applications that prevent the business from evolving, then they will not be able to execute plans and react in real time. Therefore, business agility must be supported through newer approaches like content automation to remain competitive.
4. Faster Digital Transactions
Faster digital transactions mean significant time is saved. Often, this difference is fifteen minutes rather than two hours. For sales, leveraging DTM can have a massive impact on results, and the time spent creating proposals can be directed toward furthering other business aspects.
5. Fully Digital Is the Goal
Phase one of Digital Transaction Management involved signatures but has expanded to include automated document and agreement generation. While certain business practices involving transactions are already automated, many more will continue to arise and become enterprise must-haves.
For more information on WCA, refer to Aragon Research’s recently published Tech SpectrumTM for Workflow and Content Automation, 2018.