Document Management Trends for 2024
In today's article we discuss the document management trends we expect to see in 2024, including cloud document storage and the automation of document management processes.
Document management solutions provide businesses with an efficient way to digitally store, organise and track company documents. Proper document management plays a critical role in maintaining data quality, organising important documents efficiently and optimising content-based workflows. As well as carrying out document management best practices, companies must keep themselves informed of the latest trends in order to keep up with industry standards and remain agile and competitive.
Below we delve into the latest trends shaping the document management landscape for 2024, from the security and efficiency of cloud document storage to the transformative power of AI and automation. We will also briefly highlight just some of the innovative solutions that your organisation can use to keep up with these trends and revolutionise its document management processes.
Cloud Document Storage
According to 2022 data published by Statistica, approximately 60% of corporate data is now stored in the cloud. This figure highlights the popularity of cloud storage usage, a trend expected to continue 2024. Cloud document storage helps businesses ensure organisational content is available to every employee regardless of location, which is now more important than ever given the shift towards remote and hybrid working in recent years. Not only is cloud storage a convenient way to access, store and manage documents, but it is also a great way of ensuring the security of your organisational content. SharePoint and SharePoint Premium for example, are cloud document management solutions that provide built-in features that optimise the security of your business content. Organisations can control access permissions to content and protect documents with encryption. You can also add retention labels and automate the deletion of documents after a certain period, which helps businesses ensure documents are not retained for longer than necessary and the organisation remains compliant. As well as this, the solutions are delivered by Microsoft, a company renowned for security. Regular solution updates ensure your organisations document management system is always up to date with the latest security enhancements.
Further, using cloud storage is a way to future proof your business’ document management. Cloud-based document management systems easily support scalability, guaranteeing your business leverages a solution that can grow in line with it. And with Gartner predicting that more than 85% of organisations will welcome a cloud-first principle by 2025, businesses will also need to embrace cloud document management to stay competitive and operate in line with industry standards.
AI and Automated Document Management
Employees spend on average nearly two hours every day, or almost an entire workday per week, searching and gathering information, according to McKinsey. To help tackle this issue, we expect more companies in 2024 to incorporate AI and automated document management processes, which can help reduce the time and effort required to search for information and allow workers to focus on more important tasks. SharePoint Premium leverages AI and automation to help organisations process and manage content. AI can be used to analyse, classify, tag and categorise content, ensuring documents are organised in the most efficient way. It can also extract metadata from documents to improve the searchability of the content, making it easier for workers to find the content they need as quickly as possible. Documents like contracts and invoices can even be automatically routed to the relevant department or individual for approval or signing, streamlining content-related workflows.
If you would like to learn more about document management, contact one of our solution experts today.