Every organization is on, or should be on, a Digital Transformation journey. So what is digital transformation and how Content Services plays important role in this transformation?
What is Digital Transformation?
Digital transformation is the integration of digital technologies in all organizations aspects in order to dramatically change how they do business.
In a recent study, 79% of organizations realized that they must transform into a true digital business in order to survive. The world has become an increasingly competitive marketplace and all companies are searching for ways to reduce costs, increase productivity and enhance their customer experience. It is a matter of evolve or die.
As per a recent study for AIIM, organizations are focusing on 3 main areas of improvements:
- IT processes and their modernization
- Information Governance
- Customer Experiences
The streaming services industry is one of the biggest examples of digital transformation. Netflix, Spotify, YouTube & Anghami for instance delivers content to their customers using their laptops or smart devices. Prior to such services, we used to go to a shop and start searching for the latest movies on a dvd (phyical disk) to watch it.
The world is changing so should all organizations do
Why ECMs are fundamental to digital transformation?
The amount of global data created annually will reach 44 trillion gigabytes by 2020 and much of this data is unstructured. This huge increase represents a challenge for organizations to manage, locate, and circulate their content in addition to their needs to automate internal and external processes.
And that’s where ECM/ CSP comes handy.
Personally, i think the document management, business process management, and the ability to integrate with legacy applications represents the core niche in any ECM solution and these modules are essential in any organization’s initiatives to digital transformation.
In a study to measure the cost saving for only the document management module, it is estimated approximately 14.000 $ of loss per employee per organization distributed as below
- Total cost of paper and accouterments: $5,600
- Total costs of routine labor: 4000$
- Total cost of office and storage space: $4,200
and that’s only for one employee!
The second most important part is their ability to start automating internal and external processes. By automating processes, companies are having their time to make the process more efficient and requires less human intervention.
Some ECMs now are giving the power to design workflows and forms by the subject experts instead of outsourcing this task to developers/IT experts and I believe this is a major plus for any ECM solution.
Information has become now the most valuable asset in any company and having the ability to share the information residing in legacy applications and act upon them is crucial also.
As described above, ECMs are the fundemental block for any organization’s road to digital transformation that why according to Stratistics MRC , the Global Enterprise content management Market is accounted for $20.67 billion in 2017 and is expected to reach $105.67 billion by 2026 growing at a CAGR of 19.9% during the forecast period.