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The INITRANS setting controls Initial Transaction Slots (ITLs).A transaction slot is required for any session that needs to modify a block in an object. The MAXTRANS setting controls the maximum number of ITLs that a block can allocate (usually defaults to 255).
Use a tool (like Ion) to see the specific table of index that has the contention, that's a clue.
Also see this article to tell you how to find the specific table or index, and consider increasing INITRANS for that object.
The maximum value suggested for INITRANS is 100 and settings over this size rarely improve performance.
Therefore a setting of INITRANS to the average number of simultaneous DML users and setting MAXTRANS to 100 will most likely result in the best utilization of resources and performance.
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