There has been an explosion in the amount of data being created over the last two years than in the previous history of the human race. Predictions have been made that estimate 44 zettabytes of data will be created by 2020, up from 4.4 zettabytes in 2013.
A key challenge businesses are facing today include the management of data as it becomes a major business asset. Businesses need to ensure they can access the right information at the right time to respond to business trends, customer buying patterns, purchasing opportunities or critical external factors. Enterprise Content Management (ECM) solutions are one way of making sure you always have your finger on the pulse.
An Enterprise Content Management (ECM) is a system solution designed to collect, organise and store information from business documents. The introduction of ECM systems can provide a number of new or improved features, as outlined below.
- Mobile access to critical information when you need it
People who make decisions and generate value in your business need access to relevant, up to date information, quickly. Whether it be a member from finance sitting at a PC in the office, or a sales person sitting on their laptop at a client site, empowering them to act quickly with the right information is an asset to your business.
- The ability to capture information digitally
Businesses deal with reports, invoices, resumes, correspondence, statements and contracts daily. Physical storage methods take up large chunks of expensive office space, result in lost documents and consume people’s time searching for the latest copy. Capturing and storing documents electronically eliminates the misplacing of documents, duplication in generating and the snail’s pace in which documents are retrieved. ECM will reduce the costs and complexity associated with managing documents throughout their lifecycle.
- Transfer of information from silos to a central depository
Businesses are often made up of multiple departments with siloed information and reporting processes. With the introduction of a centralised information depository system, you will experience a reduction in the time spent searching for documents, data and information due to improved business transparency. Operating from a central depository allows collaboration and sharing which supports business diversity and productivity.
- Assurance that compliance obligations are being met
A secure, central repository of information can help businesses ensure they are compliant with regulations. ECM solutions improve auditability as they record each instance a user views, edits or executes a document. They also allow easy search and document retrieval, meaning that teams have access to the information they need, when they need it.
- Improved efficiencies through process automation and machine learning
Whenever a business eliminates manual tasks they reduce costs and the misuse of people’s time. ECM systems with digital automation can alert people when a document requires their attention, recognise errors, begin routing and approval workflows while tracking where they are and who is working on each document.
GWI is well versed in helping businesses with ECM solutions. We have transitioned multiple organisations from traditional document and records management practices to a more agile future state accounting for legislation obligations, the diversity of services being delivered and minimising the impact to front line services.