ecm

Big Data Drives ECM Market Boom

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Researchers predict that the global ECM market will grow between 15-20% by 2020. Market growth is being largely boosted by the need for big data governance. Currently, enterprises are growing at a rate of 30%-40% every year, which makes it crucial for organizations to have effective and efficient solutions for document lifecycle management, compliance, and security.

INCREASED NEED TO COMPLY WITH REGULATORY REQUIREMENTS

One major need for ECM’s these days is the increased need for companies to comply with regulatory requirements. Organizations must follow regulatory requirements to manage corporate data. The US Government has been enforcing policies on the Health Insurance Portability and Accountability Act (HIPAA) in the US, and data breach notification laws that companies need to comply for conducting business effectively.

Since enterprises in the banking, insurance, and healthcare sectors deal with sensitive information, they should develop ECM policies that comply with external regulations. Cloud-based ECM reduces costs when compared with isolated regulation-specific compliance programs. Cloud-based ECM practices enable organizations to align their data use and communication, record management, and information security policies efficiently. To avoid the hassle of adhering to complex regulatory reforms that are constantly changing and resulting in decreased productivity, organizations are increasingly adopting ECM programs.

Although ECM sales are expected to grow, the report states that one challenge that could curtail market growth is the reluctance to adopt new systems. The following areas of ECM are expected to grow:

·         Exponential growth in data

·         Increased need to comply with regulatory requirements

·         High demand for dynamic documents

·         Increased collaboration and effectiveness

EXPONENTIAL GROWTH IN DATA

Various industries are going through positive transformations due to benefits such as improved innovations in products and services, customer service, cost savings, and enhanced capabilities in decision-making. This has also resulted in exponential growth of corporate data. For example, the healthcare industry has been generating large volumes of digital data due to rapid digitization of manual patient records, fueled by legislative regulations and the need to provide better patient care at low costs.

Organizations face pressure to store data securely with reduced costs and improved efficiency. Therefore, cloud-based information management infrastructure is a viable option for many organizations due to benefits such as low cost, with minimal IT infrastructure support, rapid and predictable implementation, automatic and seamless upgrading, and ease of leveraging cloudbased data across organizations.

INCREASE IN DEMAND FOR DYNAMIC DOCUMENTS

The increase in mobile devices and software has helped organizations create content. Organizations rely heavily on digital media for most of their work, which increases the demand for document solutions. This is driving organizations to shift from static documents to dynamic documents. Dynamic documents are more interactive and include buttons, embedded calculations, links, and content such as images, videos, drawings, embedded web pages, and forms.

INCREASED COLLABORATION AND EFFECTIVENESS

One of the most important advantages of using ECM solutions is increased collaboration and effectiveness. Improved collaboration is related to sustainability in the sense that it aids the common effort to accomplish corporate goals. It also improves social integration of corporate environments, especially across different departments and geographic locations. As every multi-national company faces problems related to fragmentation and isolation of various components, collaboration offered by ECM tools can offer a powerful remedy by means of collaboration through portal structures. Every large company deals with issues related to fragmentation and isolation of various components. Therefore, ECM tools can provide a great means for collaboration.  

Increased efficiency comes from the idea of making information available to every user in an organization in an integrated and personalized way. Integrated and personalized information factor is dependent on the job role of the user, and therefore, also helps improve job performance.

 

 

 

4 Keys to Assessing Quality for Enterprise Content Management (ECM)

Is your Enterprise Content Management at the quality that you expect for your organization? Optimize your ECM system to be the best that it can be. Apply these 4 quick FileTrail tips to your ECM strategy, today.

1. Information Governance (IG) Strategy

The first key to assessing quality for ECM is an IG strategy. Has your organization developed a framework for Information Governance goals and benchmarks? IG stakeholders to look at are:  authorities, supports, processes, capabilities, structure, and infrastructure. Go through these one by one and develop a plan for how these stakeholders should work to support compliance requirements, business needs, and utilize available technology.

2. Clean Data Migration

The next key to assessing quality for ECM is validating your data. Migrating dirty data is a complete waste of time for everyone involved.  Minimize errors and duplications to confirm that your information, whether digital or physical, is cleaned up before migration.

3. Standardized Processes

The third key to success I mean, to assessing quality for ECM is standardizing processes. Stated previously as a stakeholder in key number one, this deserves more attention. If your organization runs through different offices, cities, countries, and etc, it’s important to ensure that all employees know the correct way to capture and secure information. A standard method minimizes errors and duplication, effectively reducing  risks while increasing security. Remember, 95% of cyber breaches are user error, so supply your employees with training on standard processes and best practices.

4. High User Adoption

The last key to assessing quality for ECM is ensuring your system encourages high end-user adoption rate. If your organization implements an ECM system but your employees find it either too difficult to use or simply don’t like it, you won’t be able to capture and store the information that the organization must secure. This is where you keep it simple. Provide a software that is modern and user friendly with tools to help access and retrieve information quickly. If it helps to ease their tasks and increase their productivity, the bonus will be for both the user and the organization.

 

 

5 Critical Tools for the Best Information Management Solution

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Every organization will eventually require an information management solution. Whether this will be for email management, electronic documents, and/or physical records and assets tracking, here are the 5 most critical tools that the best information management solution for your organization should have.
 

1.       Information Governance Framework

Information Governance (IG) should be your first concern and so should it be for your solutions provider. IG not only builds a framework for corporate governance and compliance standards, it ensures that your information is protected and secure. If yours is an organization that intakes hoards sensitive client matter, then an IG framework is vital to the health of that information and how it’s managed.
 

2.       Configurable Taxonomy

A set in stone taxonomy tree will not allow for the growth and change expected within organizations. Your information management solution should ask for and require a configurable taxonomy that allows access for flexibility as your company scales, changes, and evolves. Ensuring that you’re capable of altering your taxonomy also ensures that this taxonomy will continue to work for your organization as more information needs to be managed effectively.

3.       Unified Visibility for all Records & Assets

Everyone dreams of being able to see their electronic documents, emails, and physical records all in one place. Wouldn’t it be nice to hop onto a search bar and know that you’ll be able to pull up both, physical forms and their electronic document counterparts? This isn’t a dream. It exist now so know that you should be able to ask for and expect it with your information management solution. Accessing a unified and fully visible user interface to retrieve information allows users to find information while saving time and resources.

4.       Full Text Search & Advanced Search Functions

Google does this and users use this feature in their everyday life. Your information management solution should be no different. A full text search allows users to type in full terms and utilizes the information’s metadata to locate matching files and records. Alongside full text search, expedite your reach by using +/- search functions that include or exclude keywords. These two tools will save organizations many hours of time spent searching compared to searching on outdated systems. Full text search with advanced search functions is easier AND faster.

5.       Disposition Alerts & Dashboard

Retention schedules are a pain to moderate. Thankfully someone somewhere in the tech universe has figured out how to automate it. Now, all your organization needs, is access to is a disposition dashboard that visibly displays retention schedules and disposition alerts so that defensible destruction is just a click away. Organizations should no longer waste huge amounts of time skimming files at random to find the files that are disposition ready. This solution resolves the issue at hand, the inefficient spending of time and resources.
 

As information management solutions evolve to align with the growing needs and concerns of the population, we find these 5 tools to be exceptionally time saving and headache reducing for not just the user, but the IT team, Information Officer, and legal department. Your organization should have each of these 5 critical tools as a priority when searching for or simply reorganizing your information management solution – with this, everyone wins.