Standardization of Digital Transaction Management through the xDTM Standard

xDTM StandardCompanies are realizing the need for digital transaction management, due to its ability to make document-based transactions more efficient, easier and faster. It allows organizations to eliminate manual and paper-based tasks in collecting information, signatures and payments. In return, companies that have implemented digital transaction management (DTM) realize high returns on investment, reduced document processing errors, and unmatched customer experience and loyalty. With the office becoming more digital, this type of transaction management removes the complexity associated with accomplishing many types of transactions at different times, from different people in different locations. Globally, three quarters of large organizations have initiated DTM practices, and the market is set to reach $30 billion by 2020.

Need for secure digital transaction management

However, the modern digital office meets several challenges such as possible confidential and security breaches for private data and information. Thus secure transfer of signed documents through emails must be done carefully. In fact, with the rise in online data security breaches, the need for secure document exchange can no longer be ignored. The exchange of documents between parties must involve strategies such as encryption, for instance. Another challenge at the heart of the digital office is the use of various platforms, methods, procedures and policies in digital transaction management – which has called for the need of standardization.

Standardization of digital transactions

Standardization of any system allows interoperability of components and assures users that what they buy will be useful on other platforms floated by various players in an industry. Standardization will bring together various industry players providing different types of services and equipment. The xDTM Standard has, therefore, been developed as a result of need to organize digital transaction management and allow use of best practices by professionals. The cloud-based service will allow companies to manage digital document-based transactions while ensuring a set of rules, standards and policies are observed. The parties are also to use predictable, consistent and trustworthy systems among themselves. The xDTM Standard is now supported by over 300 organizations in different professions.

The xDTM Standard: Requirements, Methods and Procedures

The xDTM Standard is built on eight pillars, namely security, compliance, privacy, availability, universality, interoperability, enforceability and scalability. The standard will seek to comply to various policies depending on the industry in question.

Security: The system will ensure that all data and information is secured from illegal access and unauthorized leakages by implementing industry-standard encryption and offering secure access privileges as required, in addition to ensuring that other proactive measures are taken to improve data security. This will help curb crimes related to stealing sensitive customer and company data, for instance. First, a document will need a digital signature that can be proved to be authentic (not forged or tampered with): the signature allows an audit trail of the document. Signature authenticity and document integrity sits at the center of security of transactions. Methods such as type-to-sign, biometrics, Electronic notary, and Digital Certificates have been applied in authenticating electronic signature. Authenticity of a document is proved using the digital signature and the audit trail. Examples of electronic signatures being used include DocuSign, Adobe EchoSign and RightSigniture.

Privacy: Privacy of transactions is an important aspect in business today and many organizations are required by law to keep customer private data confidential. The xDTM Standard will allow people and organizations using the digital transaction management systems to have the discretion to reveal desired information. In addition, the xDTM Standard will ensure that such private data is not sold.

Compliance: The compliance with industry standards, laws and policies is verified by carrying out recurring third party auditing. the transactions will comply to ISO 27001, HIPAA controls, and SSAE 16, among other policies.

Openness: In addition to allowing collaboration, use of open gateways and APIs through the xDTM Standard will help in availing the data continuously.

Universal: The computer environment is already diverse, with different programming languages and devices, for instance. Unification of systems required that the xDTM transactions work uniformly across these diversities.

Scalability: The volume by which digital transactions by large organizations increase over time is unimaginable. Thus, the xDTM platform must be able to accept high volume of transactions while maintaining good performance.

Enforceability: The system will ensure provision of reliable and transparent platform that can provide an audit trail track for historical transactions in cases of regulatory and legal needs.

xDTM Standard will allow secure use of digital electronic signatures when companies are undertaking contracts and negotiations. Already, different countries around the world have laws allowing use of digital signals in carrying out international business. An example is the Uniform Electronic Transaction Act (UETA).

What type of organizations to implement DTM?

Large-scale firms with global presence are technically realizing that DTM is unavoidable since paper-based transactions are virtually impossible. Local firms are realizing that paper-based transactions can not cope with modern fast-paced business environment. In addition, there are calls for adoption of smart methods that will cut down on environmental footprint. Thus DTM becomes a standard for all firms.

The Genuine Importance of Value Analysis Management

The central objective to any project is to get a task done properly within the confines of a set deadline and to accomplish this, it must either be at the set budget or if you’re lucky, even under budget. Of course, there will never be any guarantees made prior to any specific objective, especially in the regards to whether or not it will succeed. If a business incorporates value analysis management (VAM) in it’s purest form, the chances for success become far greater with it than they ever could without it.

value analysis management

A System All It’s Own

One of the greatest aspects of utilizing VAM is that it is it’s a system all it’s own, it can keep tabs with various projects in the particular areas of the work, the time that is used and the finances spent during the entire process. Because of this highly sound system, project managers will never become frustrated over an overwhelming amount of systems that need to be integrated.

VAM can analyze the exact amount of the work that has been rendered, give a precise estimate of the entire project’s cost and the exact date, the project’s performance and when the project will ultimately become completed. Another great component of VAM is that it will keep a fail-proof record of the budget’s real-time movement throughout the entire process.

Matters of Variance 

A specific type of examination which is utilized in value analysis management is titled the variance and it is an aspect which will focus on the differences between the projected baseline and the reality of the resulted performance. There are three specific levels that the variance will be ultimately measured on, they are “the planned estimation”, “the actual plan” and “the final estimate”.

The indefinite process as to which variance will likely result in will strictly depend on several elements, which include the specific industry, the incorporated perimeters and the given standards. You must always thoroughly examine the data when figuring in the variance aspect. It is an absolutely essential that it is completed and there must always be a standard in providing precise information when assuming all of the various calculations. It will be those differences in the final tally that will provide you with the exact reality of where the project stands and where it should go from there. It can also enable a person to precisely track the exact location of a specific problem which will more than likely prove to be detrimental in the end.

The real benefit that will be achieved by adequately using VAM is that when the project is being done to the best of ability,the work will be properly defined in it’s best terms and finally produced with the lowest amount of finances expended during the process. These special values can be felt by employees on an individual basis and it is also be seen and felt as a team.

VAM Helps you Come Out the Winner

When a company instills the proper usage of value analysis management, the productivity and the goals will be looked at on a cohesive level that will inevitably mean true success shared by all within the company. Examining, every step-by-step of of such a crucial business function will always assist you in coming out the winner and that is why Value Analysis Management was ultimately designed.

Amazing Chatting Amenities by PHP Chat Software

PHP Chat Software Application for WebsitesLive Chat software has been criticized to miss some essential chatting gears. Despite this, if you need to meet a simple cost efficient chat tool, PHP chat software is the solution.

PHP Chat Software operation is based on a double structured layout. It incorporates installation requirements at the same time offering online amenities. One can therefore access PHP services from any location; internet connection and a computer device is the only required arsenal to be armed with. In order to get maximum services of this software, one needs to be equipped with high coding skills related to its field though.

Its features have been advanced in that, JavaScript, HTML, CSS among other programming languages are not necessary for users to run their accounts. To make it more simple, PHP system has availed an HTML code that can be directly copied to the consumers’ websites. If you are further equipped with coding skills, you may add additional setups to boost your account to higher performance levels.

Control features have also had a wide coverage in PHP overall structure; there are 16+ skins compatible with the PHP website. Users can also have a variety of chat clients; they are: standard flash clients, HTML5 and small size clients. The software is delivered in different languages covering diverse individual’s needs around the globe. The App has also been availed in versions compatible with, Android phones, Apple phones and their respective tablets. In addition to that, an admin panel is provided for users with paid chatting accounts- they can control their chat room accounts as they desire.

Graphics advancement has not been left out, there are pages where chat room statistics are displayed. For example: list of chat room members, usernames, online and offline users among other information. That’s not all, there are still plenty features encompassed, if you are a social network devotee, there are good news for you here, sharing of files or linking your chatting account to your personal social network accounts (Instagram, Facebook, twitter…) has been enabled.

Chat room features
• Integrated profile structures: User profiles can be integrated into chat fields (private, flash emotions, avatar, post-notifier and smilies rooms).
• Hosted chat facility with no payment necessity.
• Video support for paid accounts.
• Hand raising icon.
• PPV/PPM enabled for paid accounts: Users can scoop an extra income by use of this feature due to increase in traffic to their websites.
• Video conferencing.
• Presence of virtual gifts.
• Operator integrated layout: Customers’ chat accounts can be easily converted into chat rooms.
• Direct sign in: Users don’t have to use separate web pages to access their chat portals.

• There are two types of server modes provided. One can either select a paid chat service or a free one. The paid one is however recommended as it comes with more features; users can have increased traffic, revenue and loyalty for their websites.
• Fast installation procedures that can only take a few minutes depending on one’s internet speed.
• Automatic HTML code generation that has the link to one’s chat room which can further be linked to their websites.

It is a web based database that incorporates both system and user support facilities to its end customers.

Users have to be skilled with PHP coding to link PHP live services to their websites.

PHP Chat Software features have basically been designed to provide wonderful experiences to its customers. You can either choose a free or a paid chat account. The App can be found on different online App stores. Thumbs up to PHP Chat Software creators.

Tech Bubble Burst, Is It Happening Soon?

Technology Bubble BurstLooking around at the tech companies in the world, most have what is negligible or no revenue. However when it comes to value of companies especially the big tech companies, the estimated value comes at an illogical value of even more than $ 1 billion, with no way of give good reason for such estimated values. This on the other hand clearly shows that there is a boom in the tech world and to a larger extend signs of a tech bubble burst can be seen.

How tech bubble comes to be?

Understanding of events in the tech world and how there seems to be a bubble burst comes with taking a keen interest in tech companies. Investigating further one can literally see a burst of inflation rates than what they were previously predicted to reach. One way this comes about is that the interest rates given to the tech companies are always valued at 0%. With the borrowers, being the tech company paying interest loans at no charge money gotten is cheap. Still when it comes to savings, they go ahead saving the money in low risk to risk free bank accounts giving them the upper hand and thus gain money. However in the tech world the tech burst comes to be as the investment is done in extremely risky assets that have massive returns and thus the valuation comes to be. This way money for the investors comes up in the end leaving no money for the company. The result that occurs is the stocks and other investment assets in relation to the company go up.

Reality on the ground

In recent times comparisons in software trading and number of deals being done show that there is a massive decline in the amount of money placed by investors in companies. This is for the simple reason that the numbers of deals are significantly fewer than what was previously traded. In the long run the tech companies end up being overvalued with no real money in the company, showing that the tech bubble burst is about to happen. Strong evidence showing that the tech bubble burst is happening soon is that mass money coming in can be traced to IPOs that are losing money. With tech a company using the trick to go public shows the bubble clearly. With the profits reported always being shown in negative the need to raise the revenue seems to still be working, but on a larger scale. The tech companies then overvalue the stock overpricing it in the process making it go even higher creating bubbles.

Revenue usage

When it comes to usage of the money, a simple trace ends up leading to the salaries of top management and engineers in such tech worlds. With surveys showing that engineers get an absurd amount of almost $ 100,000 each the money is spend as fast s it comes in. This usually leaves the tech companies in disarray, as with successful new project currently in the market a negative profit is usually shown. This in the need leads to layoffs when the stock valuations are done.Will there be a tech bubble burst soon? The answer to this lies with the tech company’s overvaluation of their stock and lack of investment in the company. However looking at the evidence, it seems to be a ticking time boom.

Get Your DTM’s – Digital Transaction Management

Why This Topic? 

The name, Digital Transaction Management, is something that most people will look at, screw up their faces and say, “What is that?”

There are going to be those out there who deal with these sorts of things every day. But, what about those who could benefit from the use of Digital Transaction Management and do not know what this is about?

digital transaction management

Already two questions and no explanation. This article will provide an overview of What Digital Transaction Management is, what it can do and where can you go to get it. So, read on and we all should learn something new every day, and Digital Transaction management is the lesson for today.

What is Digital Transaction Management?

We are not discussing Digital Terrain Mapping, but Digital Transaction Management. Just thought to clear that up in case there was some question.

Digital Transaction Management is the topic, and first is to address the issue of what exactly is it? Digital Transaction Management has some names that we will leave to others, and it allows for the tracking of transactions across multiple layers of infrastructure technology infrastructure.

What Does Digital Transaction Management Do?

That sounds pretty complicated and from a technical perspective, it is. From a perspective of the concept of Digital Transaction Management, it is simply following transactions as they move through a corporation’s computer systems so that they can be managed effectively.

Transactions can be managed by content, context or any variable established by those who want to be able to understand better what is happening. In this, the objective is to be able to isolate problems with data management that may include transactions that become stalled in the system or possibly disappear.

The goal of Digital Transaction Management is to ensure appropriate information is available, allowing managers to understand and address the needs of the organization towards the management of digital business transactions.

Benefits of Digital Transaction Management

Dealing with a transaction on digital platforms is much faster than carrying out the same transaction with a paper trail. With Digital Transaction Management, the total process is completed digitally, and can include originating documents, signing, transportation between parties and storage.

In the “old days” originating documents were printed on paper, signatures were affixed manually, and documents were transported between the parties with by some means that may have included postal and courier services. For a period, documents would be out of the management control of the parties, adding to the risk from lack of direct control.

Digital Transaction Management is now moving to the forefront, especially with Cloud Services being great platforms for the access to, and storage of Digital Transactions. As the complexity of transactions and certainly systems continue to grow, organizations will have to understand the need for an implement Digital Transaction Management.

How Do You Know You Need It?

Companies can benefit greatly by buying into Digital Transactions. There can be lower operating costs and customers are beginning to expect professional organizations to use digital forms for transactions and may migrate to other companies for goods and services, where the new coming standard for digital documentation is already being embraced. As well, there is less chance of errors and loss of documents.

Quite a bevy of benefits but how do you know you need Digital Transaction Management? The answer is straightforward. The day your organization enters the world of Digital Transactions, Digital Transaction Management should be a priority part of your information technology systems.

There is no magic moment when an organization will suddenly know they need Digital Transaction Management, but it should be an integral part of your systems for managing digital transactions.

Closing the Door

Some may think, what does “Closing the Door” have to do with Digital Transaction Management? The business world is in transition. The old way of handing transactions is ending, and we are closing the door on the paper trail.

With that door closing, the new door for digitally managing transactions is now opening. Companies and people see the benefits of speed, lower cost, safety of management of the transaction, faster and more efficient transportation of documentation and ease of storage and are moving towards Digital Transactions.

So, one door is closing, and the new door is opening. Digital Transaction Management is a new field, and companies should look at it with excitement and opportunity for staying ahead in the future.