For many years, the term document management was largely associated with legal professionals, as a solution for a document intensive and security focused industry. However, as the document management industry has evolved over the years, so too has its customer base.
Today, the use of digital communications has made it evident that businesses of all sizes and industries need to invest in document management solutions. Those that do not will be missing out on a major competitive advantage.
The amount of unstructured data generated by a company (emails, social media messages, etc.) is growing at an exponential rate. In fact, up to 90% of all content in existence is considered to be unstructured data. For example, in 2014, the total number of email accounts is said to have reached 4116 million – 24% of which were business related users. As unstructured data continues to increase, corporations are tasked with finding new ways to effectively organize and manage their files.
Businesses that effectively manage their unstructured data with a document management solution have found that there are a number of benefits beyond the realm of increased security and compliance.
Why is document management the secret ingredient?
While many professionals have seen document management as a way to manage compliances and legal exposure, there are additional benefits that illustrate its immense value. Document management is a strategic tool, capable of unlocking business opportunities, boosting productivity, and increasing customer satisfaction. Businesses have used document management solutions to identify market trends, target new verticals, and even stimulate innovation.
In order to accomplish these feats, companies must look for a document solution that provides functionality and ease of use while helping their employees locate, share, manage, and archive documents more efficiently.
What to look for in a document management solution:
- User experience
- Simplified administration
- Low IT footprint
- Security and compliance
- Powerful search
Document management has always been the go-to solution for companies looking to stay on top of their ever expanding unstructured data. However, innovative leaders are beginning to understand how document management can improve productivity, gain strategic benefits, find new business opportunities, and develop product innovations…all while revolutionizing internal organization and efficiency.