The need to modernize document management

Digital transformation is disrupting traditional business models and organizations must adapt to the ever-changing digital ecosystem and digitally transform to stay competitive and deliver efficient services.

The recent shift to a hybrid workforce that works remotely and collaborates in digital workspaces has led many organizations to change their business processes. An electronic document and records management system (eDRMS) typically manages electronic files and documents as records in many organizations. However, most eDRMS today lack the technical capability to work with the various records produced by digital workspaces.

Document and records management is an integral part of the digital transformation strategy. Agile digital workflows are common in transformation. Digital records produced in today’s digital workspaces take a variety of forms, including PDFs, electronic signatures, emails, text messages, audio clips, video recordings, and many more.
These changes have led to a demand for better tools to manage records in an organization. Current document management systems are not meeting the demands of today’s digital workspaces.

2020 Digital Continuity Policy

Most Australian businesses are slow to adopt modern technologies, which leaves them with an unoptimized technology landscape that cannot keep pace with today’s digital world. As the deadline to comply with Australian government policy Digital continuity 2020 Policymakers, business leaders, and government leaders are now paying more attention to their information management systems and looking to modernize.

According to a recent investigation by Microsoft and Harvard Business Review, 82% of global business leaders say digital transformation is making data security and governance more challenging. Here are some reasons behind these challenges.

Organizations have not been able to keep pace with digital changes due to various constraints. The haphazard implementation of information technology systems has led to a mix of incompatible legacy and modern systems. The impact is visible in the way documents are managed in organizations. Some documentation records are physical and some are in outdated eDRMS. Businesses, unfortunately, are missing out on the benefits of digitalization.

Business processes lack standardization in how digital records are used, transmitted and stored. The downside is that staff spend a lot of productive time searching for documents.

A 2012 study conducted by McKinsey found that knowledge workers still spend 19% of their time researching and collecting information. A 2018 IDC study found that “data professionals waste 50% of their time every week”: 30% finding, managing, and preparing data, plus 20% duplicating work.

With the rise of digitalization today, the explosion of information is all around us with the addition of mobile apps, cloud solutions, social media and other online platforms. Employees spend a lot of productive time searching for relevant documentation in their emails, online archives, on-premises applications, SaaS and other applications, as well as physical documentation.

With various digital records in today’s digital workplace, data privacy and regulatory compliances are growing concerns. Countries are putting in place regulations such as the General Data Protection Regulation (GDPR) in the EU to protect the collection and processing of personal information of people living in the European Union (EU). Breaches of data privacy, cybersecurity and regulatory compliances will lead to legal implications, financial losses and loss of brand reputation.

According statistics on cyberattacks, six out of 10 attacks in 2020 were aimed at extorting money from businesses and individuals. The most notable breach was that of Garmin, which cost the company $10 million. CTW Global also lost a significant $4.5 million.

Organizations need to ensure that their business records are kept secure and compliant.

The Way Forward – Mitigate Risk with a Modern Document Management Solution

To guard against risk without compromising productivity or incurring additional expense, organizations need to adopt a more efficient and user-friendly approach to information management. Next-generation solutions that embed secure and configurable records management protocols into the apps and software employees already use offer a way forward.

Take a few minutes to learn how an Australian federal government agency asked for our help in transforming their information management system by implementing Microsoft’s cloud-based records management solution.

The highly automated solution integrates with existing applications and saves time by using machine learning to identify and classify regulatory, legal and critical records at scale. Additionally, it provides defensible audit trails and proof of destruction to improve transparency.

Benefits include increased productivity, efficient processes with automated rules-based operations, and the creation of a single source of truth for all records, allowing easy access and search. Learn more.

Click here to download our FREE white paper and find out.