According to Vishal Tripathi, Principal research analyst at Gartner Inc., “Voluminous growth in data, compliance and regulatory issues, the need for a faster decision-making process and requirement for a contingency plan for any disaster and security issues are the factors driving the adoption of DMS.”
These are the 5 leading reasons why companies opt for document management software. Let us break down what he is trying to say and understand how these 5 factors have influenced the need to adopt document management system in today’s time.
1. Voluminous growth in data
Unarguably this is one of the most important factors driving the need for document management solution. We are struggling with data since the late 90s and early millennium. Even today, we cannot say we have completely tackled increased data volumes. Big data, the buzzword around the industry, not only deals with exponential growth in data but also the ability to disseminate it in such a way that its neatly organized and understandable, ultimately making it beneficial for the organizations.
2. Compliance and regulatory issues
We just stumbled across an old blog by a writer who wrote a lot of books on database management. In this blog, we saw that there is no mention of compliance and regulatory issues during the year 2009. However, come 2015, it has become one of the biggest reasons why companies are rushing towards DMS. With compliance thrown in the mix, it has become more of an obligation than need to adopt document management. However, we must add that companies must never underestimate other benefits of DMS like reduced costs, increased productivity, increased customer satisfaction and smooth business functioning while making this decision.
3. Faster decision-making process
“The risk of wrong decision is preferable to the terror of indecision” – Maimonides
However, with DMS you don’t even have to worry about making a wrong decision. Document management software come with a lot of insight and analysis tools that help you to reach a well-informed decision. Faced with the challenge of making decisions every day and not having the right tools or justified reasons to reach them, small and medium businesses often feel the need of DMS so they have supporting data and information to make decisions.
4. Disaster recovery
While compliance debuted as a driving factor post 2010-12, it seems recovery will always be the main protagonist in creating the need for document management solution. According to National Archives & Records Administration in Washington, 60% companies that lose data shut down within 6 months of disaster. This means that disaster can be disastrous for companies, especially small and mid-sized companies. Whether you are based in New York, afraid of the next storm or sitting in California worrying about the next earthquake, you know you are not immune to disasters. This fear is the prime motivator for people to ensure they have a robust document management system in place.
While we always thought management, productivity and better organization were the primary reasons behind adopting DMS, this Gartner research proved us wrong. It seems companies are adopting DMS out of fear – whether it’s fear of legal hassles, fear of disasters or fear of security breaches instead of using positive reasons to influence their decision to buy document management software. Here are a few real reasons why some companies thought buying Docsvault document management software might be a good idea.
If you too are thinking of adopting software that can take care of all your documents plus protect you from data security threats, plus has your back during disasters, plus saves you from legal hassles, remember we are just an email (firstname.lastname@example.org) or call (1-888-819-3035) away.