What is Enterprise Content Management?
Systematically collecting, organizing, and managing information for use by your organization is key to mitigating risk and regulatory compliance.
Importance of Having an Enterprise Content Management System
In any enterprise, it’s vital that users can access the right version of a document or record – the most recent or approved version that’s intended as gospel for all. Content that’s important to regulatory or legal compliance needs to be secured and safely stored, even if rarely accessed.
Effective ECM tools help organizations cope with the thousands or millions of documents on hand and keep everything properly organized and controlled.
The costs of a Content Explosion
There’s an astounding amount of content and information being created every day, especially in business. In a typical organization, that content may be stored in a hodge-podge of locations and media, from thumb drives to desktops to disks. Lost or mislaid documents alone cost companies a huge amount:
- A Coopers & Lybrand study once claimed there were 4 trillion paper documents in the US alone, growing 22% a year – in 2004, before the digital era really arrived.
- According to Forbes ASAP, a typical manager wastes 150 hours a year (nearly an entire month) searching for lost content or information. If they’re paid $50,000 a year, that’s $3,842 annually.
- PricewaterhouseCoopers says an average office spends $20 in labor filing each document, $120 searching for each misfiled document, loses one out of every 20 documents, and spends 25 hours recreating each lost document.
- According to Gartner, that can amount to 7-12% of a company’s revenue.
What Does ECM Software Do?
It’s how we describe the technology used to capture, manage, store, and control enterprise-wide content. Content, in turn, now consists of not just paper documents but images, emails, text messages, social media messages, video, and beyond. All of it meant to support organizational processes during its effective lifecycle.
- ECM software manages this content, and an important function of this is assuring compliance with regulations ranging from Sarbanes-Oxley and HIPPA to the GDPR and CCPA.
- ECM is an evolution beyond document management and web content management to a more holistic level, focused on broader and more effective governance, collaboration, security and risk mitigation.
Why is Enterprise Content Management Important to an Organization?
Companies usually decide they need an Enterprise Content Management (ECM) solution after they’ve come to the realization they’re handling too much paper, or have a lot of unstructured, uncollated content on hand that create bottlenecks and inefficiencies. Or they’ve already been stung by regulatory penalties or negative legal outcomes owing to lost or mishandled content.
With a solid ECM software solution, these adopters can enjoy:
- More efficient and cost-effective content management and control.
- Risk mitigation through improved compliance with government and industry regulation.
- More securely-managed access to content and sensitive data.
- Reduced costs by automating previously manual processes, reducing storage and postal requirements, and reducing penalities.
- Minimized reliance on IT by using a superior SaaS solution.