It is important to know that the global document management system market was valued at USD 5.51 billion in 2020. The document management system market is expected to reach USD 11.47 billion by 2026 and grow at a CAGR of 13.05 percent over the forecast period 2021-2026. The document management systems market is ever-changing, and is driven by the need for increased efficiency, demand of data security and compliance in the workplace. The improving technologies and efficient execution of document management systems are expected to gradually eliminate the concept of traditional paper files. [17] The organizations can embrace future of document management by leveraging mobile capabilities, integrating with other business systems, exploring blockchain technology, and implementing enhanced security and compliance features.
Document management systems have come a long way from basic file sharing and storage capabilities to comprehensive platforms that drive efficiency, insights, and strategic business value.
Digital technology transforming the document management system: The document management systems have come a long way from basic file sharing and storage capabilities to comprehensive platforms that drive efficiency, insights, and strategic business value. Today’s increasingly digital and mobile world relies heavily on effectively managing documents to thrive. The success of document management solutions is function of managing complex integrations with various independent platforms. It must offer a seamless user experience, secure access controls, data encryption, audit trails, data protection and ease of use. For example, a UK Insurance company receives thousands of documents everyday — forms, letters, cheques, photographs, even video — from corporate and individual customers. The insurer chose to implement a Xerox digital mailroom service and document management solution. Post implementation Xerox digital mailroom service, without disruption to the business, the insurer has gone from highly manual, paper-based processes to highly automated, digitized ones. [18]
Mobile document management solutions: The current age professionals are constantly in move, and they must have constant access to important files and documents. The advanced document management software needs to be accessible from mobile devices, which usually comes in the form of an intranet mobile app. With help of mobile document management system documents can be uploaded, annotated, and collaborated on-the-go without accessing a dedicated workstation. The experience of mobile based document management system must also be immersive and user-friendly. The overall process of mobile document management system help enhance productivity and enabling seamless remote collaboration. It also helps enforce security policies, such as device encryption, remote wipe capabilities, and app-level security, ensuring that sensitive documents are protected even on mobile devices. It enables users to access and collaborate on documents while on the move with the help of mobile apps, employees can view, edit, and share documents from their smartphones or tablets.
Cloud-based document management solutions: The cloud computing has revolutionized software and has had a profound impact on document management systems. It has transformed how document management systems are deployed and accessed. It is the future for document management as it is the easiest, most efficient way to access and organize documents. It facilitates seamless workflows and process automation.
Cloud based document management has emerged as a game-changing solution, revolutionizing how organizations handle their valuable records. Cloud computing provides a flexible and scalable platform that enables businesses to digitize, store, and secure documents efficiently. [19] The cloud-based document management solutions powered by global provider such as Microsoft, Amazon, Google, Oracle and others offers a centralized repository accessible from anywhere, facilitating seamless collaboration, real-time updates, and document sharing. It also, eliminates the need for on-premises infrastructure, reducing costs and simplifying maintenance. For example, an Italian consulting firm Gastaldi International specializes in claims management for insurance and reinsurance companies. The cloud-based document management solutions guarantee secure management of sensitive documents and processes.
The cloud-based document management solutions employ advanced encryption methods, robust access controls, and regular security audits to ensure the confidentiality, integrity, and availability of documents. It enables seamless integration of document management with other business systems that offers many benefits, such as increased flexibility, scalability, and cost savings. It offers unparalleled scalability and flexibility that offers organizations opportunity to adjust their storage requirements as their document volumes grow.
Artificial Intelligence in document management solutions: The AI-powered document management system plays a crucial role in document management. It automates tasks like document classification, data extraction, and even translation. Using artificial intelligence systems organizations are now streamlining processes such as invoice processing, contract management, and data validation, saving time and minimizing errors associated with manual data entry. For example, the accounts payable departments of an organization can process paperwork faster, gathering invoice information quickly with AI-driven smart capture technology, while utilizing reporting features to track and monitor the entire AP process.
The advances in artificial intelligence technology have expanded its capabilities and reduced its implementation costs. The adoption of artificial intelligence technologies such as machine learning, natural language processing and automated indexing, the system can be trained to handle that unstructured data. Moreover, artificial intelligence backed by Natural language processing capabilities empower document management systems to understand and interpret human language. It enables intelligent search and retrieval that allows users to find relevant documents quickly and effortlessly based on contextual understanding and semantic relationships. In addition, the advancements in artificial intelligence algorithms and integration of document management with Internet of Things (IoT) will capture and generate vast amounts of data, which can be seamlessly integrated into document management workflows, enabling real-time insights, automation, and improved decision-making.
Blockchain Technology for document management solutions: The Blockchain technology by storing document hashes or timestamps on the blockchain ensures data integrity, offers authenticity, creates tamper-proof records, and strengthens trust and compliance. It is emerging as an innovative solution to verify the authenticity and integrity of documents. It provides a permanent and transparent ledger for document management and enable automated document workflows with predefined rules and conditions. It also offers enhanced auditability and transparency by creating a transparent audit trail, facilitating compliance audits, and ensuring transparency in document activities. The Blockchain technology by leveraging the distributed ledger approach of blockchain ensures that documents remain unchanged and track each change across the entire document life cycle. This ensures compliance with regulations around records preservation and eDiscovery.
Social integration is essential for document management solutions: social media has transformed how we use the internet, communicate, buy things, read news, and so much more. The popular social media platforms, like Facebook, Instagram, and Twitter, have made it easier than ever to connect with friends and colleagues — replacing email and phone as primary methods of communication. Social media has successfully integrated into document management and intranet file sharing systems.
A final Note
In today’s era of rapidly advancing technologies, companies have to deal with overwhelming amounts of data and that has made digital document management system the primary first step in the digital transformation journey. It is observed that world business leaders are quickly recognizing the benefits at stake specifically pertaining to document management system.
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