As the amount, velocity, and variety of information grows, companies are always looking for the best approach to handle it in order to make educated business choices while keeping it organized and safe.
Enterprise content management benefits are numerous since it enables enterprises to manage information from creation to disposal.
ECM allows enterprises to go beyond traditional document management by offering an integrated enterprise solution for managing the whole life cycle of information, automating content-centric business processes, and allowing records management.
For a detailed explanation, check out the complete guide of What is ECM?
The ability to readily access documents inside a searchable centralized digital repository, automate important corporate operations, and fulfill regulatory needs with sophisticated security measures are all benefits of ecm.
Enterprise Content Management Benefits
Implementing an ECM system might be at first a time-consuming and labor-intensive endeavor. However, once the solution has been properly installed, the related benefits are vast.
Let’s take a look at the top 11 ECM benefits for your firm.
1- Increase Productivity
According to Gartner Research, professionals spend 50% of their time searching for information and take on an average, 18 minutes to locate each document.
According to IDC, Information workers waste a significant amount of time dealing with a variety of challenges related to working with documents. This wasted time amounts to a loss of 21.3% in the organization’s total productivity.
According to AIIM, companies may achieve an increase of 18% in productivity from utilizing a content services platform.
Managing documents is one of the top ECM benefits and it should be extremely easy. Locating them should be only few seconds away thus allowing information workers to focus on more productive tasks.
2- Minimize Risks
By limiting document access and authorization, ECM enables enterprises to prevent data breaches and reduce the danger of information getting into the wrong hands.
Compliance requirements for some types of documents are required, and failure to conform to certain regulatory laws can result in large penalties and, in some circumstances, legal action.
A proper implementation can assist your organization in lowering the risk of non-compliance with various regulatory standards such as HIPPA and GDPR.
Major market suppliers provide the option to encrypt data and files kept in the central repository, limiting content viewing to within their solution.
Check out the article below covering best practices for document security
3- Reduce Storage and Operational Costs
Achieving a paper-free office is exceedingly difficult, if not impossible; nonetheless, transitioning from paper to digital documents provides a paper-lite atmosphere.
The average business’s document volume doubles every three years, resulting in a 22 percent yearly paper rise.
One of the most significant advantages is that it allows enterprises to minimize the quantity of paper and physical storage space necessary, resulting in significant reductions in filing time and associated expenses (shipping, storage, etc.).
4- Document Management & Version Control
Employees can easily lose a document, work on an outdated version, or cannot revert to prior versions without document management tools to oversee the organization’s document lifecycle.
Version control is a significant capacity in the list of enterprise content management features.
The following are some of the most huge ECM benefits.
- Make numerous versions of a document.
- When editing a document, lock it to prevent changes from being overwritten.
- Keep track of who changed what and when.
- Ensure that employees are constantly working on the most up-to-date version.
- The ability to revert to prior versions if necessary.
- Support the idea of minor and major document versioning.
Check out the page below for a comprehensive list of recommended practices for dealing with versions.
5- Improved Regulatory Compliance
Records Management and retention policies helps control the creation, declaration, classification, retention, and destruction of content and business records, resulting in improved compliance, minimized litigation risk, and lower storage costs.
With these benefits, businesses should be able to handle both information retention and disposal, allowing them to remain compliant with complex, constantly updated requirements..
6- Automate Business Processes
In today’s digital age, business process automation is a necessary. Organizations cannot continue to operate manually for fear of losing time, productivity, and becoming victims of office bureaucracy.
Having the benefits of automated document centric processes in the same system where you handle all of your organization’s documents is a huge benefit.
Many business operations in sectors such as engineering, accounting, sales, and human resources may be streamlined with an ECM system.
Depending on the department, streamlining these workflows might result in significant cost savings by removing redundant steps, increased staff retention, and speedier day-to-day operations.
The current trend is low-code automation, which allows business users to take control of their operations. Non-IT workers may begin automating their workflows and developing forms utilizing the tools offered without requiring IT intervention.
The automation of processes within the system can reduce cycle times and increase employee productivity, both of which have a significant financial impact.
A typical example was observed in one of our clients’ implementation, where fines due to delays in official paperwork were reduced from a couple of millions to almost nothing.
If you are interested in process automation, I strongly recommend reading the article below.
Improved & Secure Collaboration
Document sharing, whether internally or publicly, is a regular day-to-day job in every firm.
The majority of businesses continue to rely on email or cloud technologies to complete this task.
However, this raises a number of difficulties, including the danger of losing track of what was shared, commented on, and the exact document version to review, as well as the security risk of having the document transmitted to unauthorized individuals.
Having a collaboration module throughout your organization’s documents allows users to work on the same document in a centralized controlled environment while ensuring only authorized users have access.
Some solution target completely simple collaboration (sharing documents for read-only or edit), comments, while others address complex collaboration capabilities such as real-time parallel collaboration, redlining, content redaction, and markups.
Integration with 3rd Party Applications
Employees today utilize a range of business applications in their daily tasks, and having connectors with the majority of your applications is a requirement.
To transfer content around, ECM systems integrate with the majority of popular line of business applications. MS Office, Office365, SAP, Salesforce, EFSS tools, and other major connections are available.
Tip: When assessing a provider, develop a list of your most often used vital applications and ensure that integration with these applications is present in the list of enterprise content management features.
Artificial Intelligence Adoption
Artificial intelligence is changing our daily lives and has the potential to play a significant role in information management, resulting in increased productivity, efficiency, and cost savings.
Including sophisticated cognitive technologies in the list of enterprise content management benefits will help companies to automate classification, capture, extract metadata, redact material (hide personal identification information), and much more.
Make Better Decisions Faster
An ECM system with an intuitive user interface, a powerful BPM module, and a notification engine should be able to send the correct information to the right person at the right time and place, allowing enterprises to remain ahead of their competition by reacting to events quicker and better.
Nowadays, all enterprises must consider the environmental effect of their operations.
Organizations will not only cut paper usage, but also the resource consumption and carbon footprint of storage facilities, office buildings, transportation, and printed goods, so contributing to make the world a better place.
The benefits of ECM in a business are numerous, which is why it is regarded as the foundation of every digital transformation path.