The market for electronic document management systems is rapidly expanding. According to a recent Emergen Research analysis, the worldwide document management systems market is estimated to reach USD 14.16 billion in 2030, with a CAGR of 11.2% over the forecast period. Organizations are shifting to electronic documents as their reliance on digital devices grows in order to boost productivity, optimize process, and save space, time, and money. Outsourcing services such as document scanning, conversion, and data cleansing are critical in assisting firms in implementing best practices in document management.
You’re constantly looking for methods to enhance efficiency, stay organized, and stay ahead of the competition. However, with the rapid pace of technology, it might be difficult to forecast what will happen next. That is why we have compiled a list of some of the most essential document management predictions and trends that you should be aware of in order to stay ahead of the competition.
Artificial intelligence (AI)
To begin with, Artificial Intelligence (AI) will play a critical role in document management in the near future. Document classification, data extraction, and even translation can be automated using AI-powered document management systems. This implies that instead of spending hours on manual data entry, your team will be free to focus on other vital duties. And, as AI technology becomes more widely available, it becomes more affordable for organizations of all sizes to implement.
Document extraction is one of the most important applications of AI in document management. AI-powered document extraction can recognize and extract crucial information from documents, such as names, addresses, and dates, making it easier to organize and categorize them. This technology can also be used to extract data from invoices, receipts, and other financial documents, making it easier to handle accounts payable and track spending. This technology can assist businesses in reducing the time and expenses involved with human data entry while also improving data accuracy.
Responsive Mobile Devices
The migration to mobile is another development that is expected to have a significant impact on the world of document management. With more individuals working remotely and on the go, it’s critical that document management systems are mobile-friendly. This means that employees’ smartphones and tablets should be able to access, modify, and share documents. This is especially critical for personnel who are always on the go and require access to documents when away from the office. According to an IDC report, the mobile worker trend is anticipated to continue, with the mobile workforce reaching 1.87 billion by 2022, accounting for 42.5% of the entire global workforce.
Automation
Aside from AI and mobile, the trend toward automation in document management is expected to continue. Automation can assist in streamlining operations and lowering the chance of errors, resulting in enhanced efficiency and cost savings. This can be accomplished through automated workflows, electronic approvals, and other advanced capabilities found in document management systems. Automation can be used to automate operations like routing documents for approval, keeping document version history, and even archiving obsolete documents automatically. This can help firms increase production and efficiency while also lowering the danger of human mistake.
Security and Compliance
Another trend to keep an eye on is the increased emphasis on security and compliance. As more businesses store sensitive information online, document management systems must be constructed with security in mind. This means that firms must employ robust encryption, multi-factor authentication, and regular backups to safeguard the safety and security of their documents. And, with the proliferation of data protection requirements such as GDPR and CCPA, it’s more critical than ever to ensure that your document management systems are compliant. Businesses can protect their sensitive information and avoid potential data breaches and fines by following these security measures.
Access control is one of the most important parts of security in document management. This ensures that important documents are only accessed by authorized employees. Multi-factor authentication, which requires a password as well as a fingerprint or facial recognition, can add an extra layer of security. Furthermore, frequent document backups can be utilized to recover from data breaches or other disasters. Businesses can ensure that they can access documents even in the case of a disaster by maintaining several copies of documents in separate locations.
Cloud-Based Systems
Cloud-based document management systems have numerous advantages, including enhanced flexibility, scalability, and cost savings. And, with the increased availability of high-speed internet and improved security measures, moving to the cloud is becoming more and more viable for organizations of all kinds. Businesses may access their papers from anywhere, at any time, with cloud-based document management systems. This enables increased collaboration and flexibility, as well as the capacity to scale up or down as necessary. Furthermore, cloud-based systems sometimes include automatic updates and backups, which can help to alleviate the strain of IT upkeep.
Blockchain Adoption
As previously noted, cloud storage and AI enable enterprises to automate a substantial portion of their work processes and handle their data in a safe and effective manner. These document management trends are also being supported by block chain. It is feasible to verify a document’s location, creator, and when it was edited in a blockchain-based filing system, allowing any attempt to modify it to be detected. Block chain eliminates the common problem of document duplication, enables easy and secure document circulation and tracking, and speeds up transaction confirmation. Legal, accounting, finance, and insurance, logistics, energy and infrastructure, healthcare, e-commerce and retail, telecommunications, and real estate are all supported by blockchain.
Improving Customer Service
Companies will look to document management systems to address the requirement for customer-centric initiatives to offer a better customer experience and promote growth. Companies will be able to access real-time information, swiftly answer consumer enquiries, track orders, and share data by organizing papers in an organized, controlled management system and automating business processes.
Virtual and Augmented Reality
In the future, virtual and augmented reality technologies are projected to have an impact on file management. These technologies can be used to view data and files in novel ways, making complex material easier to grasp and deal with.
Conclusion
File management is a vital component of corporate operations, and as technology advances, so does our approach to file management. Cloud storage, artificial intelligence, blockchain technology, mobile optimization, and virtual and augmented reality are just a few of the themes influencing file management in the future. Businesses may improve efficiency, increase production, and maintain the security and integrity of their files by staying up to date on these developments and employing the latest file management technologies.
