Transactional content management is a methodology that helps organizations conduct effective business with their partners, customers, and vendors. The transactional content service takes place in stages such as data capture from various sources, classification of data, extraction of classified data into different applications, validation of process that involves data to confirm its accuracy and integrity, and exporting it in the desired format. This service pays attention to the transaction rather than the entire business process. This differentiates it from business process services, making it more precise and focused as a service. Thus, transaction content service is one of the most important segments of business process services and therefore, once transactional content is captured, it can be integrated with business process services.
Tremendous growth in digital content with the increase in online marketing and online customer relationship has made it critical to make use of efficient software solutions for management of transactional data. Also, advances in technology, and evolving business issues such as deficiency management and agenda and minutes management, have increased the demand for transactional content services. These services capture and arrange unstructured data into mission-critical ready platforms and lead to consistent and reliable business results. Furthermore, these services view and access the correct content at the right time from their enterprise resource system without the need of viewing multiple computer screens. Therefore, these systems have applications in certain horizontal departments such as compliance, human resource, and accounts.
The high initial implementation cost and lack of understanding to opt for the right solution for precise needs may confuse businesses. But, due to the industrial revolution, rise in IT sector, and the popularity of cloud integration, growth opportunities for transactional content services have increased. Once familiar with these services, businesses experience high scalability and high configurability.
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Along with banking and financial services, the IT and telecom sector is expected to grow rapidly in the forthcoming period due to speedy technology adoption and optimal workflow prerequisites. Since transactional content services are easier to integrate with other enterprise applications, productivity and overall process efficiency is expected to increase. Healthcare, and entertainment and media sector are also anticipated to increase their transactional content services owing to increasing competition in the market. In order to optimize their business processes and maintain their market position, these sectors are getting rid of paper processes, thus decreasing the overall expense and risk of a paper environment.
The transactional content services market can be segmented into business process type, deployment type, industry vertical, and geography. On the basis of business process type, it can be segmented into document-driven processes and integrated processes. Document-driven processes comprise reviewing and approving documents whereas interactive processes are system-driven processes that process data transfer within one or more systems. On the basis of deployment type, the transactional content services market can be segmented into on-premise and hosted. On the basis of industry vertical, it can be segmented into banking, financial services and insurance (BFSI), government, education, energy and power, defense, manufacturing, telecom and IT, transportation, healthcare, media and entertainment, and others. On the basis of geography, the market can be segmented into North America, Asia Pacific, Middle East and Africa, Europe, and South America.
The key players in the transactional services market include Microsoft Corporation, Open Text Corporation, EMC Corporation, Alfresco Software, Inc., IBM Corporation, Oracle Corporation, Xerox Corporation, Newgen Software Technologies Ltd, Hyland Software Inc., M-Files Inc., HP Autonomy, SpringCM, and Lexmark International.
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