Document Management Systems Market – Growth, Trends, and Forecast (2020 – 2025)

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.

 

Learn More

Document Management System Market to See Revolutionary Growth | OpenText, Xerox, IBM

AMA Research recently released research coverage on Global Document Management System Market that evaluates and provides market size, trend, and estimation to 2026. The Document Management System market study provides ready-to-access and self-analyzed study with significant research data proves to be a useful document for managers, industry consultants and key executives to better understand market trends, growth drivers, opportunities and upcoming challenges and competitors development activities.

Key Players in This Report Include:

OpenText Corporation (Canada), Xerox Corporation (United States), IBM Corporation (United States), eFileCabinet Inc. (United States), SpringCM (United States), Oracle Corporation (United States), Hyland Software Inc. (United States), Ricoh Company Ltd. (Japan), Asite Solutions (United Kingdom), Hyland Software Inc. (United States)

Our friends at the Manoment Current have once again put together a thorough report of the insane growth we are seeing in the Document Management System Market. Influencing trends revolve around the adoption of cloud-based services and cloud computing due to a growing need to streamline business operations and adhering to compliance requirements.

Click here to read the entire report and to see where there are market gaps and opportunities in the future of document management systems.

Learn More

How to Implement an Electronic Filing System

Keeping your documents organized in today’s super-digitized, speedy world can be difficult and time-consuming. Whether you use local storage on your computers or mobile devices, or the increasingly popular cloud storage option, it’s important to implement a computerized filing system that enables your business to create, store, manage, and share documents and other files with ease.

“An electronic filing system makes organizing your files easy by automating many features. Here’s how to implement one in your business.”

Business.com’s Kiely Kuligowski delves into what computerized filing systems are and analyzes the differences between traditional and computerized databases. In this article, we believe there is an extreme difference in benefits that lean towards computerized filing systems so Kiely walks us through how to create these filing systems and through best practices when naming files you are storing. This type of industry news is what you can expect from our blog tab.

Learn More

What Is Data Management?

Every business relies on data, and data management allows businesses to better organize and access the information gathered across a wide range of software solutions.

 

Most modern businesses recognize the value of data, and for small businesses, this often means relying on reports generated within the individual software platforms they use for daily operations. However, there comes a time when unifying this data in a central, standardized source is desirable. To effectively organize and secure this data requires a process known as data management.

Again, our friend Adam Uzialko details the best break down of what exactly data management and how it functions as well as best practices and how to developer a data management strategy. Make sure you are staying compliant and up to date on data privacy laws and regularly review data security policies.

Learn More

Big Digital Transformations Come In Small Packages Accorinding to Forbes

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.

Learn More

4 Signs Your Company Has Document Management Compliance Issues

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.

Learn More

Best Practices for Your Document Management Strategy

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?

What Are Your Pain Points?

Normally, there are several pain points related to paperless digital document management. Let’s see if some of these ring true with you:

  1. Quick retrieval of any document.
  2. Can’t find critical documents when they are needed.
  3. Documents that serve as records of evidentiary value, such as an invoice to prove that software was purchased or that a hardware product has a lifetime warranty that can be honored and repaired or replaced can be readily retrieved.
  4. Documents related to a single engagement or project can be handled conveniently as a group.
  5. Appropriate security measures can be applied to allow or prevent access to records. Examples here could be payroll or personnel records, documents needed for litigation, or other records of a permanent nature.
  6. Supporting documentation including purchase orders, engagement letters, executed statement of work, contracts, or other legally binding documentation that may become records of a permanent nature are readily accessible.
  7. Marketing and promotional material that may include descriptions of products or services, programs and events, and other client-facing materials are readily available and versions are controlled.
  8. Internal documents that may contain proprietary or confidential data, including formulas, product specifications, and competitive analysis. These documents typically are for internal use only and need to be controlled so they do not fall into competitors’ or customers’ hands.
  9. Financial and operational reporting, much of which is produced on a recurring basis.
  10. Legal and governmental documentation that could include tax returns, lawsuits, articles of incorporation, minutes, audits, bank loans, and other documentation critical to business operations.

Note that we could have named more transactional items like bank statements, expenses, invoices, quotes, orders, and similar business documentation or documents that describe the processes of a business – or, in a word, documentation.”

Interested in learning more? Head over to accountingweb.com to read Randy Johnston’s in depth article on best practices for document management and even more helpful information.

Learn More

How to Choose The Right Document Management System

If you are looking to purchase a document management system, this guide includes all the key points you should consider.

 

    • Document management software helps organize your digital records and allow teams to make edits on the fly.
    • User permissions allow certain users to view or edit documents based on their role in your organization.
  • Document management software comes in on-premises and cloud-based systems; you can choose whichever implementation works for your business.

 

 

Adam Uzialko at businessnewsdaily.com has put together a comprehensive guide on what to keep in mind when selecting the right document management for you. If you are interested in the pros and cons of cloud-based document systems, this article details the pros and cons of this system and compares them to on premises document management.

Click here to read the article by businessnewsdaily.com and make sure to check out our Industry News tab to learn more about document management systems.

Learn More

How to Establish a Records Storage System

“Establishing a records storage system requires a thorough review of your current company practices and a workable plan. Whether you are setting up a paperless, electronic system or creating a system using paper records, you use the same process. This involves applying logical organizing principles. Proper divisions, or categories, are the key to an efficient, effective system.”

Creating a records storage system can be a daunting task. Roy Sylvan over at Chron is a Product Plan and Small Business author who sets up a sure fire system on setting up a records storage system in the most effective way possible for your business, no matter the size. Read more to see the vital four steps necessary to take while setting up a records management system.

Learn More

5 Major Factors for Effective Document Storage

“There are five key factors that play a critical role in how successfully your firm handles document archiving. Each one of these five factors is paramount to your long-term success, efficiency and effectiveness.”

Writers at Accounting Today have compiled the top five factors for successful document storage and we just had to share with our ScanSearch community. Effective document storage is important to you and your business and that makes it important to us. We enjoy bringing you the latest news when it comes to managing your files safely. Click here to read the entire article by Accounting Today and see how you can keep up on best practices for your organization.

Learn More