Document management is no longer just a means for ease of operation but has become imperative for boosting productivity. According to Fortune Business Insights, the global document management services market is projected to reach USD 57.56 billion by 2027, growing at a GACR of 6.9 percent. This is due to the rising adoption of document management services among enterprises across various industrial segments. With advancements in technology, there has been a rapid digitization in the deliverability of services today; greater effectiveness while mitigating risk, reducing costs, streamlining workflows, and also enhancing operational efficiency. Furthermore, with the amalgamation of various processes, it has given rise to end-to-end delivery towards Document Management requirements of customers that include Document Management, Document Capturing Solutions, and Document Scanning Services.   

However, engaging in IT documentation can often feel overwhelming, especially when someone is starting off with it. Businesses sometimes don't know how much to document and can be challenging without some guidance. According to Xerox, 46 percent of employees of SMEs still waste time on inefficient, paper-related workflows daily. Thus it is a smart move to deploy smart document management systems which can improve these processes.

Hence, a perfect partner who can deliver as per their expectation is what clients are looking for from Document Management Service Providers. And with the remote working gaining popularity, it has revolutionized the document management domain today. And one of the technologies that have played the most significant role is Cloud technology. Hence, the adoption of cloud-based technologies is expected to see a surge in the coming years significantly.

“The world is being reshaped by the convergence of social, mobile, cloud, big data, community and other powerful forces. The combination of these technologies unlocks an incredible opportunity to connect everything together in a new way and is dramatically transforming the way we live and work,” according to Marc Benioff, CEO at Salesforce.

However, traditional processes are getting obsolete in streamlining and maintaining accurate data with the explosion of information today. Hence to overcome these problems, Cloud-based document management services are perfect to address various complications that arise through a traditional document management approach. It helps in keeping track of important documents and enhances workflow. Furthermore, with the advancements in AI, IoT, Data Analytics, it has enhanced the data management services significantly. In simple terms, a cloud document management system can help in digitally storing files and documents and also retrieve them whenever one requires it anywhere around the world. 

With the ongoing health concerns and growing COVID-19 issues, the healthcare industry is on the verge of complete turnaround driven by digitalization. According to a recent study, most of the patients wish to use digital tools to interact with their care providers. The banking sector is also one of the early adopters of DMS to ensure compliance with legal norms and regulations, as well as providing updates. Hence, DMS can support the execution of the regulatory and legal framework.

Some of the Noteworthy Benefits of a Cloud Based Document Management

Enabling Real Time Collaboration: Project team members across various departments can locate any document version at any time they need it as everything can be found on one cloud platform. Every document critical or non-critical are available for viewing and editing, wherein, nothing is misplaced, lost or damaged. This significantly helps in saving time. Also, a simple remote device with internet connection can reach more team members by expanding access to those in the field and remote locations. Cloud based services also come with salient features such as virtual conferencing and screen sharing, thus enabling real-time collaboration from anywhere. This real-time access to information makes decision-making timelier and more informed.

Ensuring Cyber Security: Today with the growing security threats, it has become imperative to enhance security measures in recent years. These advancements have eased some of the uncertainty companies may have with the integrity of their files. Features like encryption, password protection, permission-based access, and authentication have today been really helpful in mitigating corrupted or hacked files and also keeping documents from landing in the wrong hands.

Effectively Streamlining Large Projects: If a particular company is working on massive, complicated projects — like government public works, infrastructure and commercial builds —  can leverage cloud-based document management solutions help is creating workplace documents like- project proposals, process documentation, media kits, sales decks, training documents, case studies, e-books, how-to guides, etc. It provides a safe and robust place to store these documents. Furthermore, if you want to send these documents to external partners or clients, one can even track them to external partners, clients, customers, or prospects who are in touch with the documents.  With just a few clicks of a button on any wireless device, the whole process can be completed start-to-finish in a fraction of a time. They also eliminate the expenses of printing, shipping and all those administrative hours to manually prepare everything. 

Most Common Challenges with Cloud-based DMS 

Declining Productivity: Some of the professionals are finding it hard to find the right document, and edit the right version, avoid the mismatch while printing/scanning/attaching documents to emails. And according to IDC Study, this challenge reduces almost 21.3 percent of their overall productivity. Hence, this must be addressed by revamping the approach and offering training to the workforce on the same.

Compromised Security: As advancements in the technology have been offering robust threat management solutions, but, it has also helped the hackers to breach the security measures. Security is Security concern is one of the most critical factors for any company in today’s digitally driven world.  Documents floating around in a digital format can create an immense risk for a company’s sensitive and confidential information. This may result in documents being reached out to unintended audiences. Hence, proper security systems should be in place in addressing how documents are being shared, published, and stored.

Lack of Sustainable Vision: Lack of knowledge of the businesses in bringing sustainability by reducing energy consumption and waste creation is still restraining the growth of DMS today. Information is still being managed through paper by many companies which create chaos in the business operations sometimes. Therefore, understanding the benefits of a paperless sustainability initiative can be a powerful step forward. This also helps in significantly cutting the cost down and brings more productivity and efficiency.

Different solutions offer different features. With further advancements, we are witnessing more configurable workflows, and use of analytics to offer in-depth insights that provide clear and actionable reports for the teams across geographies. It's expected that the growth will continue to accelerate as professionals adopt more specialized workflows for their daily tasks; thus amplifying the productivity, security, and sustainability challenges for businesses of all sizes.