The global document management system market (henceforth referred to as the ‘market studied’ or ‘DMS market’) was valued at USD 4. 89 billion in 2019, and it is expected to reach USD 10. 17 billion by 2025, registering a CAGR of 13.

New York, May 07, 2020 (GLOBE NEWSWIRE) — Reportlinker.com announces the release of the report “Document Management Systems Market – Growth, Trends, and Forecast (2020 – 2025)” – https://www.reportlinker.com/p05891592/?utm_source=GNW
05% during the period of 2020-2025. As unorganized content makes it difficult for larger organizations to extract business related information and use available data, DMS proves to be very effective in order to overcome these challenges.

– The document management system (DMS) market is ever-changing, which is driven by the need for increasing efficiency in the workplace. The improving technologies and efficient execution of the DMS are expected to gradually eliminate the traditional paper files concept.
– DMS systems can be implemented and incorporated across business and functional units. Additionally, document management provides extensive tools and techniques for data retrieval. Storing data in a structured way allows the end users to use it for gaining insights.
– The growing emphasis on retaining historical company records, coupled with the sustained increase in adoption of paperless solutions, has been the major factors driving the growth of the document management industry. Cloud-based computing solutions have emerged as the key enablers of the document management system (DMS).
– Some companies have further security issues, such as company that deals with medical data must comply with the Health Insurance Portability and Accountability Act (HIPAA) requirements. Thus, the ability to manage who can and cannot view and use documents is attained by DMS. eFileCabinet is a DMS, which is fully compliant with standards set forth by HIPAA, FINRA, and the SEC.

Globenewswire has the best article when it comes to growth and trend projections for document management systems. Click here to read more.

Our friends over at business.com compiled an excellent list of the top three elements of digitization to help ensure your business’s archives are safe, secure and easily accessible.

“Any business will generate important documents that must be stored either for internal operations, reference by clients or to comply with government regulations. In the past, filing cabinets typically lined the walls of every office. As technology has evolved, so, too, have document management methods. However, while document management might seem like a straightforward concept, there is often more to it than meets the eye.

Understanding how to properly establish and maintain a digital archive is critical to keeping your documents secure, accessible, and adaptable to your business’s needs. Document management can generally be broken down into three broad categories. Small businesses should carefully consider each category to ensure that company operations are streamlined, your critical files can be easily retrieved and that files are secure. These tips will help you get it right the first time.”

Want to read more? Check out business.com’s direct blog with this information written by Adam Uzialko.

Editor’s note: Looking for document management software for your business? Learn more in the rest of our blog where we share industry news from top sources leading today’s forward thinking business strategies. 

What’s the best way to begin any digital transformation journey? Find a project that is achievable within one month, with the resources you have today, and that is of immediate value to the business.

That’s it. That’s your Plan A. Compare that with most digital transformation projects, which can take a year or more, require significant new headcount and resources, and whose value to the organization is an unproven projection. In our experience, keeping it simple and starting small is the best way to begin any digital transformation journey, not least because several teams can start small in parallel.

Alex McWilliam, Brand Contributor for GoogleCloud and Forbes.com has put together a compelling series detailing paths towards digital transformation within your business. Click here to read more and find out the best plan towards executing your streamlined business solutions.

According to TechRepublic, “it’s become increasingly complicated for companies to ensure that their document management systems meet industry regulations. Here are four signs that your company might have issues.”

Document Management Systems are basically an electronic repository for all of your documents that used to be kept in paper form. There are many benefits to an electronic document management system; some include:

• The space required for storage of paper copies
• Decreased administrative burden to manually file documents
• Faster document retrieval and manual electronic searches
• The ability to more readily and easily protect documents
• The ability to restrict access or set role level permissions
• Improved data retention
• The ability to back up documents
• Access to documents from multiple locations simultaneously
• The ability to have an audit trail of documents accessed
• The ability to cross-reference documents and query data
• Document damage and loss reduction capabilities
• Greater ability to provide data security

Click here to learn more about gaps in document management processes.

Our friends at accountingweb.com are the go-to in their field when it comes to formulating and holding onto the most effective document management strategies.

“Paperless document strategies are more of a culture than a strategy; you can put all of the technology in place, but if you still “have to have” paper, you may not wind up as paperless as you planned. So, what does it take to really do digital documents right?

If you are looking at a transaction without the supporting documentation or “paperwork,” how can you tell what’s going on? If you simply store documents in a file folder structure, even with smart naming conventions, you may not be as paperless as you think.

If you have different document storage systems, including file cabinets, a Document Management System (DMS), a portal, some off-site storage, and a backup in the cloud, you may not be as paperless as you think. If you recall the classic Bugs Bunny cartoons, I’m reminded of Bugs’ phrase, while munching a carrot: “Ehh, what’s up, Doc?”

What Needs Are You Trying to Satisfy?

“SAP isn’t the only ERP vendor that wants to move on-prem customers to its cloud-based option. Its top rival, Oracle, appears to have similar aims. The company has made public commitments to continue supporting its JD Edwards customers for years to come, so there is no immediate reason to panic. But considering the investments that customers make in their ERP environments, JD Edwards customers should pay close attention to what comes next.

When Oracle bought PeopleSoft in 2004 for $10.3 billion, it also acquired the JD Edwards portfolio. That includes the World line, which only runs on IBM i, and the EnterpriseOne line, which runs on IBM i and other operating systems, including Windows, Unix, and Linux.

In April 2020, Oracle published a series of roadmap documents that provided guidance for World and EnterpriseOne customers. The software giant spelled out its support commitments for both JD Edwards products in this document.”

Alex Woodie, author at itjungle gives an in-depth look into the JD Edwards roadmap and what these documents show for the work in continuous innovation delivery processes. Click through to read more!

When it comes to benefits that come with using a document management system, the list could be endless. Lucky for us, Mamoun Chaouni at business2community.com has laid out the top 7 most meaningful examples of advantages provided by DMS usage.

Gone are the days of spending countless hours finding that one document. Save time and energy by really taking control of your document workflow within your organization or agency today.

“Aside from helping keep trees upright to protect the environment from health and economic hazards such as pollution, landslides and flooding, employing a cloud-based document management software solution comes with a host of advantages.

1. Document/file repository

Cloud-based document management systems serve as a central repository for all your important documents that can subsequently be accessed, viewed, changed and shared with colleagues. No more wasting hours upon hours of precious time frantically looking through stacks of folders to find a single document.

2. Document/content security

When documents are not managed, the possibility of important information being exposed to the wrong people is considerable. Vital, sensitive information falling into the wrong hands can bring irreversible damage to a business. Document management software solutions let you safeguard confidential business information through rigorous security policies and role-based access control (RBAC) where authorized users alone are allowed to view certain files or documents.

In the case of disasters like fire or flooding, cloud-based DMS ensures your business-critical data are kept intact, not wiped out from the face of the earth.

3. Anytime, anywhere access

As is the case with cloud-based software solutions, web-based DMS affords users the ability to access files and documents anywhere, anytime, regardless of device used, which is particularly handy when collaborating on projects with team members who are on the go or located remotely.”

To read more of the list, join our friends over at business2community for the in-depth article. 

The Department of Natural Resources and Environmental Control (DNREC) is implementing a new Enterprise Document/Content Management (ECM) system. The new system will provide a standard, Department-wide approach to document management.

With the new systems put in place, delaware.gov has put together an effective overview/case study on past successes when it comes to ECM’s reducing requests and enhancing work days state wide. This new system allows for central storage and retrieval of documents and information. This system will connect with the DNREC website so these documents are publicly available anytime and anywhere. This is the future of Enterprise Document and Content Management!

Click this link to read delaware.gov’s entire report and see case studies of these systems implemented on past projects. Let us know what you think!