Enterprise content management (ECM) is a type of software that helps organizations capture, store, activate, analyze, and automate unstructured business data into valuable information. ECM solutions can be deployed on-premises, in the cloud, or as a hybrid deployment. An enterprise content management solution includes features such as file storage/sharing, document workflow, records retention policies, and security including all sorts of organization’s information in Word docs, Excel spreadsheets, PDF files and scanned images. It allows organizations to take the best out of its customer’s and company’s information embedded in its content. When information is effectively managed throughout the organization, it can be used to automate business workflows, engage customers, and eliminate siloed functions.
This blog post will explain what you should know about an ECM solution before you choose one for your organization.
The global enterprise content management market size is expected to grow at a Compound Annual Growth Rate (CAGR) of 9.8% during the forecast period, to reach USD 37.7 billion by 2026 from USD 23.6 billion in 2021, according to a report published by Markets and Markets. The growth of this industry can be attributed mainly to the rising demand to meet regulatory compliance standards and audit management with improved visibility and control to strengthen content governance, improve security and optimize business workflows.
There are three main types of ECM solutions: on-premises software, cloud-based software, and hybrid deployments.
On-premises software is installed on your organization’s servers, which you manage internally. On-premises ECM solutions are more customizable than their cloud counterparts so they can be tailored to fit the needs of specific organizations or departments within an organization depending on whether they will be used for individual workflows or across the entire company.
Cloud based software is hosted on a third-party provider’s servers which you access over the internet. Cloud ECM solutions are more cost effective than their on-premises counterparts because your organization does not need to purchase or manage any hardware or network equipment. They also have lower implementation costs, as most providers offer free trials and no upfront licensing fees.
Hybrid deployments are a combination of on-premises software and cloud-based software that give you the best of both worlds. Your organization would have some data stored on your internal servers while other data is hosted with a third-party provider, which gives you more flexibility in terms of where information can be accessed from. This option also allows for easier integration of on premise and cloud-based software.
Increasing productivity and efficiency is the main objective of every organization particularly when managing critical information. ECM technology is perhaps the best tool to help you out with your organizational goals. The primary function of an ECM is to increase business efficiency, reduce costs and increase employee and customer satisfaction.