Although cloud computing got its start in the 1960's, it's only been in the past ten years that the corporate world began to truly engage with its capacities and gain from its values. Further, cloud-based document management software (DMS) processing is expected to drive an even bigger cloud expansion, generating over US$ 11 Billion by 2028. The growth is because the opportunities offered by DMS to safely and securely manage M&A, IPO and fundraising materials make it the rising star in the corporate development sector.
Economic Growth Requires Enhanced Document Management
The global marketplace now supports partnership and merger activities in virtually every corner of the planet. Companies that plan to grow through both launching new subsidiaries or merging with existing entities at both the national and international level are under increasingly strident scrutiny so they need to track every detail of every agreement. Leading that scrutiny are government agencies that expect full compliance with the variety of rules and regulations related to their industry. At the same time, shareholders expect to see their promised gains become real. Many companies now expect DMS technology to ensure their capacity to meet both those and all other demands.
Multiple Demands Require Comprehensive Responses
Before choosing any one DMS option, however, leaders should have a clear understanding of what they want it to accomplish for their enterprise. In a merger opportunity, for example, they'll need to know the businesses involved, their contractors and suppliers, and their customers because every involved entity will have its own batch of documents that become relevant when the deal is complete.
Despite how critical those documents can be for future success, though, most corporations don't think through the reality of adding all that content to existing servers or the chaos that can ensue without an appropriate strategy to meld it all together:
Information sprawled across multiple sites
One recent study revealed that more than two-thirds of its respondents ended up with their corporate document database sprawled across an average of five repositories. Complicating that metric is the fact that the documents themselves sometimes go back years into corporate history, and would provide invaluable insights and explanations if only they could be found.
Wasted time and money
The same study noted that workers attempting to find documents within the repository set spent an average of nine hours per week looking for them.
Without a strategy, sharing content also complicates managing the whole DMS. Incoming information may be vitally important, but if it's stored on a desktop or in an inappropriate location within the document library, it may never be found, let alone used.
Heightened security risks
Perhaps the biggest challenge presented by the expanded corporate document library is security. Adding enterprises to an existing company also means adding physical locations, virtual environments, and sometimes scores of added workers, each of which poses a unique security challenge to the enterprise as a whole. Keeping the resulting document library safe from inappropriate exposure or use becomes even more important when leaders aren't certain about who can access which repository.
The global expansion of the DMS services sector underscores the value it offers companies of all sizes as they find growth in mergers and partnerships. Maintaining a well-strategized DMS will assist in both the coming-together process as well as in maximizing the potential of the final corporate iteration by keeping all documents securely stored and easy to access.