Enterprise Content Management Systems and Trends In 2021
Content management enables companies to better manage the creation, approval, revision, and consumption of electronic documents. It also provides key features, such as library services, profiling, searching, check-in, check-out, revision history, version control, and document security. Moreover, cloud computing has brought along a lot of advantages even to the field of content management systems. It provides an easily-accessible resource and repository for documents and related software and is also helpful in being cost-effective. The Enterprise Content Management (ECM) Market was valued at USD 47.29 billion in 2020 and expected to reach USD 105.56 billion by 2026 and grow at a CAGR of 25.7% over the forecast period (2021 – 2026).
ECM can be broken down into five major components: capture, manage, store, preserve and deliver.
Capture involves creating information by converting paper documents into electronic formats, obtaining and collecting electronic files into a cohesive structure, and organizing information.
Manage connects, modifies, and employs information through means such as document management, collaborative software, Records management, etc.
Store backs up frequently changing information in the short term within flexible folder structures to allow users to view or edit information.
Preserve backs up infrequently changing information in the medium and long term and is usually accomplished through records management features. It is commonly used to help organizations comply with government and other regulations.
Deliver provides clients and end-users with requested information.
Here are some of the major ECM Trends in 2021 which we think you should know about
Custom ECM Solutions Will Get More Business
Being able to tailor features and functionality to specific workflows and processes will on-board users faster as customization brings an increased level of control to the experience. The ability to customize the ECM platform’s look, feel, and flow to best meet users’ necessities can mean more business.
Access to Data Will Be More Democratized
Enterprises will try to rethink and reform their data systems in 2021 that allows people from different levels to access data that is relevant to them. Providing access to relevant data and creating a company culture in which the data freely flows essentially means democratizing one’s business organization.
Robust security that Encrypts Data
Everyone is afraid of external and internal security breaches or being non-compliant for audits and meeting regulatory requirements. Whether it’s business intelligence or confidential patient information, your management and safeguarding of content is critical without compromising information accessibility. ECM’s will invest more in making sure they comply with all data compliances and data security issues in the upcoming years.
Artificial Intelligence and Machine Learning
Robotic Process Automation
RPA is a technology that can automate business processes that are rules-based, structured, and repetitive. This allows your human employees to spend their time and energy on strategic work that adds more value to your bottom line. The back end processing such as fetching data or monthly employee reports can be reduced with the bots as they are capable of mimicking the manual processes efficiently. An Enterprise workflow consists of multiple technologies, which are not designed to operate with each other. Using RPA, this can be handled effortlessly.
Scalability Will Be a Priority
Scalability and flexibility will be of utmost importance for enterprises that are going through a digital transformation or optimizing their existing data management systems. This means that companies will focus on choosing custom-made IT solutions that can easily support their growth without disrupting their business operations.
So, what do you think of our predictions for the enterprise content management systems for 2021? What are your forecasts for the year ahead?