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.
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% to reach $57.56 billion by 2027! The document management software market is expected to grow even faster at a CAGR of 10.53% 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. One 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.
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.
Manually managing documents involves significant human bandwidth. Consider all the work involved in manually:
Digital document management — especially when it involves assistance from a trusted service provider — streamlines all of the processes 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.
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.
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:
Unlocking the untapped potential of data can capture a stream of business intelligence that will fuel everything from product development to go-to-market strategy to personnel and infrastructure decisions.
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 departments like...
Ready 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 eBook, Managing the Document Lifecycle: Tools, Tips, and Best Practices.