Your organization is on — or should be on — a Digital Transformation journey.
As explained in a previous blog post, ECM or CSP solutions are essential components in any organization seeking the digital transformation ultimate goal.
To drive the digital transformation initiative, companies must start integrating digital technologies in their employees day to day activities specially when dealing with their most valuable asset, INFORMATION.
To manage information or content in your company, you need a reliable solution that allows employees to convert paper based documents to digital ones, allow users to easily locate them, and provide documents safety and security. All that represent the core functionalities in any ECM or CSP solution.
Many ECM solutions evolved from document management systems allowing users to digitize, manage, locate, and circulate their documents in no time and with the addition of powerful modules to their solutions i.e. BPM & BI, they evolved to allow organizations to get ahead of their digital transformation by managing their content, automating their processes, and enabling fast decision making.
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TOP ECM Benefits
According to Gartner Research, professionals spend 50% of their time searching for information, and take on an average, 18 minutes to locate each document.
According to IDC, Information workers waste a significant amount of time dealing with a variety of challenges related to working with documents. This wasted time amounts to a loss of 21.3% in the organization’s total productivity.
According to AIIM, companies may achieve an increase of 18% in productivity from utilizing a content services platform such as VBC.
Managing documents in any ECM solution should be extremely easy and locating them should be only few seconds away thus allowing information workers to focus on more productive tasks.
One of the main benefit for relying on such solutions is to minimize documents breaches by providing the highest level of security possible. Managing documents security and authorization should be flexible enough to ensure showing the right information for the right people.
Some solutions also provide data and files encryption prohibiting the view of the data in the database and the file content on the server. Thus the data and file content can only be viewed from the system.
Reduce Storage and Operational Costs
Achieving a 100 % paper-free office is hard however switching from paper documents to digital creates a paper-lite environment.
For an average business, document volume doubles every 3 years, which equates to an annual paper increase of 22%.
By using an ECM solution, organizations are able to reduce the amount of paper and physical storage space required which dramatically reduces filing time and associated costs (shipping, storage, etc.).
Automating Business Processes
Using the BPM module available in an ECM solution, you can streamline many business processes in different departments such as engineering, accounting, sales and HR. Depending on the department, optimizing these workflows could lead to a big cost reduction by eliminating unnecessary steps, increase employee retention, and achieve faster day to day operations.
The trend now is No Code/Low code BPM module, which basically allows business users to take ownership of their processes. Non IT employees using the tools provided can start automating their workflows and creating their forms without any IT interference.
The automation of processes not only result in time saving but also may have a significant financial impact, a typical example was observed in one of our clients implementation where fines due to delay in official paperwork was reduced from couple of millions to almost negligible.
Make Better Decisions Faster
An ECM solution with an intuitive user interface, strong BPM module, and notification engine should be able to deliver the right information to the right user at the right time & the right place thus allowing organizations to stay ahead of their competitors by reacting to events faster and better.
All organizations nowadays should take care of their business’ impact on the environment and by using an ECM solution, organizations will not only reduce paper usage but also to reduce the resource consumption and carbon footprint of storage warehouses, office buildings, shipping, printed materials therefore helping the world to become a better place.
Without It, Your Competitors Have an Advantage
From all the above benefits, you can deduce that it is very important for organizations to start embracing ECM or CSP solutions in their different business areas to keep them ahead of their competitors and help them gain more market share.
Digital transformation will keep on trending because of the added value it brings to the business for that, the Global Content Services Platforms Market is expected to reach $105.67 billion by 2026 growing at a CAGR of 19.9% during the forecast period.