According to analysts at Fortune Business Insights, the value of the EDMS market is steadily increasing with a CAGR of 16.8%. According to their forecasts, by 2029, the total volume of the sector will reach $16.42 billion.

As of the end of 2022, the value of the digital transformation market reached $1.79 trillion, and according to experts at Fortune Business Insights, by 2029, this amount will grow to $6.78 trillion. This indicates that the industry is expanding, and technological solutions are modernizing, improving algorithms for working with all areas of business.

One of the key directions of digital transformation is the implementation of EDMS in corporate environments. How do they impact businesses, and what benefits do they bring to companies?

The Impact of EDMS on Business: The Positive Aspects of Digital Transformation for Companies of All Sizes and Types

Experts from Adobe, together with Forrester analysts, conducted a survey of 450 senior IT specialists and found that more than 72% of respondents fully support the transition to cloud-based document management. In their opinion, this will ensure productivity and continuity of work in situations where employees have only remote access to corporate systems.

According to statistics, companies that have implemented EDMS have reduced the risk of customer churn by 10 times and the prospect of revenue loss by half. Regarding the impact of systems on the further development of organizations, it is expected that they will improve CX and EX and increase employee productivity and customer satisfaction.

As shown by a joint study by Adobe and Forrester, EDMS are most effective in the following departments: sales, marketing, finance, IT, legal services, operations, and HR.

At the same time, EDMS has improved a large number of internal and external indicators, namely:

• accelerated document processing (55%);
• improved collaboration between employees (54%);
• increased customer satisfaction (47%);
• improved work productivity (45%);
• enabled the transition to a remote work model (44%);
• reduced costs for document storage and printing (37%);
• improved document traceability (36%);
• ensured material security (36%).

The implementation of EDMS has allowed companies to automate most routine processes and increase overall employee productivity. Moreover, migration to cloud technologies has improved the accessibility of documentation for all employees and its protection from damage, theft, or loss.

What Trends Await the EDMS Industry in the Coming Years? An Overview of Trends and Expert Predictions

In the near future, we will see a total migration to electronic accounting, record-keeping, and HR systems, as there are sufficient technical and technological means for this. Therefore, we will soon evaluate the prospects for the development of EDMS, but for now, let’s focus on the trends of 2023–2025, which will lead to the modernization of the industry. By the way, some of them are already implemented in Schrift.

1. Process Automation

Global process automation minimizes risks, eliminates errors in information processing, and more. The trend of implementing frameworks for automated operations has already gained momentum in the global technology market. In the BPA (Business Process Automation) niche alone, growth is expected, with the total value of the segment reaching $19.6 billion by 2026. This will impact document processing, verification, and organization algorithms, thereby increasing employee productivity.

In Schrift, for example, the automatic signing feature is implemented, with the distribution of the finished document to pre-added recipients (employees, partners, etc.).

2. Development of Cloud Environments

If we trust Gartner’s forecasts, by the end of 2023, the cloud services industry will reach a value of nearly $600 billion. With their help, most companies will abandon the purchase and maintenance of server or local equipment, moving all data to the cloud. It is expected that by 2025, the total volume of information in cloud storage will exceed 200 zettabytes. And part of this data will belong to corporate documentation.

In the Schrift system, all functionality is available to users remotely. This means that corporate data can be accessed from both the office and a home computer.

3. Decentralization and Its Importance for EDMS

Web 3.0 technology has already proven itself as a reliable assistant in the field of cybersecurity. The total value of the Web 3.0 market is expected to reach $23.3 billion by 2028, and its sphere of influence will expand to almost all types of businesses and corporate systems. As for the role of Web 3.0 in EDMS, the technology ensures a high level of protection for confidential information, documents, and critical data.

In Schrift, a multi-level access system is implemented, allowing only authorized individuals to edit and sign documents. This helps protect confidential information from external users, partners, organizations, regulators, etc.

Moreover, each document is periodically saved in autonomous copies, allowing for easy tracking of editing history and changes made by users.

By the way, the system works excellently even with external signatories. They are granted access to the document via a link with limited functionality.

4. AI and ML

With the release of ChatGPT, the AI industry has gained a “second wind.” The world has seen progress in the development of technology and has rushed to invest in it en masse. Although artificial intelligence can currently perform only a limited number of tasks, in the future, the list of capabilities will expand significantly. As for the role of AI in EDMS, the technology will help quickly find documentation, make batch edits to files, and more. Overall, we are monitoring the development of the market and preparing to implement AI in corporate systems at all levels.

In the Schrift system, automation technology for document processing is implemented, such as automatic signature collection, document identification (the system recognizes the topic and purpose of the document), and the ability to perform searches considering all the content data of the object.

In Summary

EDMS systems help businesses automate document operations, create organized catalogs, and more. Overall, they increase the efficiency of both individual employees and the company as a whole. So, if you want to improve the speed and effectiveness of information processing, you need your own EDMS system.