Digital document management has been moving into the spotlight in recent years. This technology uses digital tools to manage files, and the data contained in them, throughout their lifecycle. For companies that have yet to digitize their document management processes, this is the year to make the change. Learn why.
Why Is Digital Document Management Coming to the Forefront?
Many companies are leaving behind their outmoded manual methods of managing documents in exchange for more efficient methods that leverage modern technology.
This move is evident in the growth we’re seeing in the market. The global market for document management services is expected to grow at a compound annual growth rate (CAGR) of 6.9 percent to reach $57.56 billion by 2027! The document management software market is expected to grow even faster at a CAGR of 10.53 percent over the next several years.
While document management technology has been making an impact for years now, the pandemic pushed many companies to undergo digital transformation. A survey asked business decision makers what they saw as the main benefits of digital document processes in light of the COVID-19 pandemic. These leaders cited many benefits, with the most popular answer being accelerating document processing.
Overall, as more companies adopt digital solutions, they’re realizing how much they can benefit from a digital solution for document management.
Why Embrace Digital Document Management?
If you haven’t embraced digital solutions for document management, you may be wondering if it’s really worth taking the plunge. Consider these advantages that you could benefit from when you go digital with your document management.
Save significant time and effort.
Manually managing documents involves significant human bandwidth. Consider all the work involved in manually:
- Collecting documents
- Organizing files
- Securely storing records
- Retrieving documents
- Disposing of records
Digital document management—especially when it involves assistance from a trusted service provider—streamlines all of the process above. Advancements in artificial intelligence (AI) have made it possible to automate document management tasks, enhancing speed and freeing up your staff to focus on the high-level work only they can do best.
Uphold a higher level of accuracy.
Manual methods of managing documents are also subject to human errors. For instance, humans can easily make mistakes during manual data entry, and they can misfile or mismanage documents. Especially when staff is overburdened with manual tasks, these errors can easily occur.
Digital document management offers a solution for preventing mistakes. Digital systems today are sophisticated enough to virtually eliminate errors and maintain a more consistent level of accuracy and logic-driven processes in document management.
Gain instant access to data insights to drive growth.
With manual management of paper documents, companies lack visibility into their data, which limits their ability to make informed business decisions. Instead, companies must rely on general impressions or incomplete information, which can hamper their success.
Once data is liberated through digital document management, this data can be:
- Categorized and aligned to the needs of the business
- Connected to existing structured data systems
- Processed with AI and machine learning technologies to detect patterns and yield immediate insights
Unlocking untapped data potential can capture a stream of business intelligence that will fuel everything from product development to go-to-market strategy to personnel and infrastructure decisions.
Where Does Digital Document Management Show the Greatest Promise?
Digital document management is beneficial across departments, companies, and industries. That said, document-heavy departments have the most potential to revolutionize their processes through digital document management. This includes, for example, departments like:
- Accounts payable/receivable
- Proof of delivery
- Quality assurance
- Warranty claims management
- Records retention
- Human resources
- Construction project management
Learn More About Document Management Tools, Tips, and Best Practices
Are you reading to go digital with your document management this year? With such valuable benefits in store, there’s no reason to wait. If you’re worried about the practical steps involved in digital transformation, partner with a provider who can help you transform your document management with help from the latest in AI and machine learning technology.
Want to learn more about digital document management and see how your current processes stack up? Download our e-book, Managing the Document Lifecycle: Tools, Tips, and Best Practices.