Rising DMS deployments a sign of things to come
AI, robotic process automation, the cloud and digital workflows, improvements in electronic signature processes, and the effects of the COVID-19 pandemic are hastening acceptability and powering escalation of automated document management system deployments.
"The improving technologies and efficient execution of the DMS are expected to gradually eliminate the traditional concept of paper files," Mordor Intelligence reported in 2020. Mordor estimated the global DMS market will grow 13% annually and approach $11.5 billion by 2026. One major catalyst is the widening use of e-signatures, which Brandessence Market Research and Consulting predicted will grow a whopping 33% annually and surpass $17 billion by 2025.
Yet many businesses are still saddled with paper-driven document processes that can hamstring their operations, productivity and bottom-line profits. Xerox reported that "46% of small-to-medium businesses confirm that they waste time every day on paper-intensive processes."
A well-designed DMS can manage, store and organize all documents within an enterprise. Businesses considering the daunting yet inevitable task of transitioning to automated document management system tools should follow three basic steps, according to business technology consultancy Gordon Flesch Company:
- Determine which documents and processes to automate and digitize, then scan the documents using an electronic form or document imaging system to capture the data.
- Classify, tag and store the scanned documents in a secure, central and digital repository where authorized users can quickly search and locate the documents.
- Manage access and authorize the users who can view and edit any document within the repository, regardless of department or physical location.
This handbook more closely examines the components of a viable DMS and the technologies influencing its broader acceptance, how e-signatures are powering DMS implementations, the differences between electronic and digital signatures, and the role of automated document management system tools in ensuring continuity for the new hybrid workforce.