Corporate Information Governance is Gaining Movement
Audits are becoming an unavoidable reality for organisations. Businesses are making significant changes to their IT systems and internal processes today in order to comply with federal regulations and mandates such as the Sarbanes-Oxley Act, HIPPA mandate strict security, OSHA, and SEC. With built-in audit trails that provide access histories and transactions for each document, enterprise content management makes this easier. Government regulations necessitate the preservation of various types of data and documents, and the requirements are frequently complex. A good Enterprise Content Management (ECM) will help ensure rule compliance by utilising tools such as checklists, standard forms, and automatic organisation. With the click of a button, it is much easier to show auditors exactly what they need to see. Documents are highly traceable thanks to approval history and audit trails, and security expectations are met. Enterprise content management is an excellent way to better prepare an organisation for audits and protect it from litigation, thereby reducing the possibility of fines and penalties.
AI-Integrated ECM is Becoming More Popular
Artificial Intelligence (AI) advances Enterprise Content Management (ECM) by being able to "read" the information on a document. An AI-powered ECM system can categorise, classify, and analyse content, as well as deliver information in a variety of formats. AI-based technologies such as Machine Learning, Image Recognition, Voice Recognition and Transcription, Natural Language Processing (NLP), and Natural Language Understanding (NLU) are propelling the AI-Integrated ECM trend. Document processing, unstructured data processing, content management, improved search, and collaboration are all part of it. According to a recent ECM vendor study, 80 percent of enterprise data is unstructured, and 70 percent of enterprise data is in free-form text such as emails, written documents, and comments, fueling demand for AI-Integrated ECM.
Skilled Labour Shortage and Poor Management may Hinder the Market
When companies transition from paper to digital document management, some go to great lengths to ensure document security. The new tools should help people be more productive and efficient without requiring a complete overhaul of all processes. Although the new system may cause people to work slightly differently, the process should remain essentially the same. It is difficult to determine what causes a mistake when organisations change all of their processes and tools at the same time. As a result, once employees are accustomed to the tools, companies should strive to keep the tool consistent while improving the process. Moreover, it is important to give employees additional time to learn and adapt to a new system. Ultimately, user adoption is a process that every company needs to manage and drive.
Data Security and Privacy Risk Misconceptions
Organizations around the world are concerned about security and compliance, and they are hesitant to adopt new solutions that involve data handling or shifting data from one platform to another. Data collection and transmission from one channel to another is part of enterprise content management. Many businesses believe that enterprise content management solutions will lead to data breaches in their highly abstracted data sets due to a lack of proper knowledge about security frameworks and their implementation.
Concerns about data security are the primary impediments to the adoption of enterprise content management solutions. Users expressly avoid using these solutions for fear of losing critical master and reference data due to data errors that occur during compilation or upgrade. Users believe that their data's privacy is jeopardized, and that there will be no accountability for data losses or thefts, and that no mitigation will be provided. In reality, this is a misunderstanding that is impeding the adoption of enterprise content management solutions.
As per Fairfield Market Research preliminary estimates, the market is expected to grow at a CAGR of ~10-12%. IBM, Hewlett Packard Enterprise (HPE) Company, M-Files Corporation, and Microsoft Corporation are among the market's prominent industry participants.
Key Elements Included In The Study: Global Enterprise Content Management Market
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