Global growth opportunities for document management cloud
Web based document management systems facilitate storage and retrieval of an organization’s documents and data from any location. They track various data types as well as track and coordinate versions created by various users to facilitate collaboration. They effectively replace paper documents that are prone to error and misplacement along with additional costs of maintaining old-fashioned file cabinets.
Document management systems have come a long way from the days of paper documents to the electronic software systems that emerged in the 1970s. Modern document management is based on the cloud to facilitate collaboration and seamless access from any geographical location. These web based systems – which operate over an internet connection – can handle all types of data as well as effectively store, index, and retrieve files from virtually any device.
In this blog post, we look at the benefits of document management cloud, key trends, and opportunities for growth in the industry.
Why web based document management?
Document management – paper or electronic – is essential to the operation of any enterprise. Here are some of the reasons why the majority of companies have turned to cloud-enabled document management systems.
→ Improved security
Cyber threats are increasing at an unprecedented rate as intruders target private records and intellectual property. Even as they aim to ease access to crucial documents and data, organizations must watch out for vulnerabilities. A 2019 report published by McFee showed that at least 52% of companies experienced better security in the cloud as compared to on-premise IT environments. This is because web based document management setups have built-in security processes such as role-based permissions, automated backup plans, and digital archiving.
→ Increased affordability
Cloud computing has made it possible to implement a robust document management system without breaking the bank. In addition to the lower initial costs, document management cloud also helps reduce operational costs by overhauling manual processes. Organizations are able to digitize their data and eliminate cumbersome paper storage and expensive file cabinets while streamlining communication.
→ Eliminate redundant work
Disconnected systems can make document sharing a manual, redundant, and difficult process. This in turn leads to lost productivity and decreased efficiency. Documents may be received in different formats, forcing employees to spend time reconfiguring for their system. Document management cloud systems unify content on one platform so that users can seamlessly access and share the data they need without having to convert it or send emails requesting a different format. As long as employees are authenticated, they can access whatever file they need on a moment’s notice, and from any location in the world.
→ Achieve real-time visibility
Most legacy document management applications update periodically, which increases the risk that different people are working on different versions of the same file. Document management cloud puts files in a centralized location so employees can easily find the latest version. Once edits are made, changes are updated automatically to ensure that workers on different workstations are seeing the same thing. Web based document management systems also have a built-in search function so that authorized users can gain real-time visibility into whatever data or document they need to work on.
→ Create a unified point of reference
Lack of transparency in document creation may result in version control challenges. Workers may not know what information is the latest version, which can put compliance and quality at risk. Business management may not be able to ensure document authenticity without an audit trail showing users, workflows, and sign offs. A web based document management system takes charge of version controls so that any authorized employee can reference the document’s evolution and add their own edits. It seamlessly creates an audit trail that can be relied on as the single source of truth.
Global growth opportunities
According to Mordor Intelligence, the global document management system market is expected to grow at a Compound Annual Growth Rate of 13.04% between 2020 and 2025. New demand in this market is driven by the need for enhanced efficiency in the workplace and improving cloud storage technology. Web based document management systems are expected to gradually eliminate the traditional paper file setup.
The Asia Pacific region is currently the fastest-growing market for cloud document management technology, with much of the new demand seen in the following areas.
- Banking sector – banking tends to be one of the most regulated sectors of the economy. Financial institutions are required to keep up with the latest compliance requirements. Implementing a cloud document management system that supports legal and regulatory framework is one way banks can achieve this compliance. As new rules are created to protect sensitive data amidst intensifying cybercrime, there’s been increased demand for document management cloud in this sector.
- Virtual learning – the COVID-19 pandemic helped speed up the adoption of virtual learning solutions. Students at all levels need to be able to learn without interacting in the physical school environment, and experts predict that this shift will persist even after COVID. Virtual learning trainers and volunteers need an effective way to manage a diverse variety of documents, which has resulted in increased demand for cloud-based document management in this sector.
- Healthcare sector – healthcare institutions often lack cohesive patient data in electronic health records. There’s an increased need for reliable and effective management of documents generated during the provision of healthcare services. Healthcare facilities see an increased need to reduce the use of paper files and minimize operational costs, which has helped drive up demand for web based document management systems.
Other global sectors that have shown increased opportunities for cloud document management providers include manufacturing, media and entertainment, government and public sector, telecommunications and IT-enabled services, retail and consumer goods, energy and power.
Choosing the right cloud document management system is crucial so you can make the best out of your cloud data storage. Accrets International consultants can help dozens of corporate clients migrate to the Microsoft Sharepoint system and customize the technology based on desired workflows. We also create a cloud document management migration strategy and help our clients choose a technology that best suits their business.