The Document Management software market is expected to reach $949 million by 2022, growing at a CAGR of 3.62% between 2016 and 2022. Document management software ensures that businesses will be able to efficiently store their documents, ensuring that there is no disorganized content so that documents and data can easily be extracted when necessary. In addition to this, document management software can provide security measures as permissions can be utilized to protect documents from unauthorized access.
In the past, this software category was primarily driven by the demand the general need for business to go paperless. Electronic documentation is being utilized in virtually all business sectors, as it mitigates the impracticality of having to physically store and find documents.
This is especially true for enterprise businesses who need to be able to facilitate and store the mountain of documentation and data that they produce, and have the ability to find them efficiently when needed.
The Document Management market is relatively segmented, this is largely due to the inherently versatile nature of documentation. Documentation standards, function and form can vary wildly from business to business. As such, there are solutions on the Crozdesk Market Radar that cover all content and its life-cycle, some that focus on the administration and publication of documents, and lastly, some solutions that provide functionality for specific areas of application
The market is led by Google Docs and Pastebin, both of which offer dissimilar solutions for document management. Both of these software have continued to expand upon their early adopter advantage, and in the case of Google Docs, continuously updates their product in parallel with technology advancements.
One of the trends within this market is the growing number of web-based products entering the market within the last few years. These products often provide niche solutions and can as supplements for more advanced Document Management products. Web-based products offer solutions such as data backup and remote access to documents. In conjunction, there is a growing number of products that implement collaboration tools with their product. These tools allow greater flexibility and add additional utility.
This type of software helps organizations manage, store, and archive electronic documents and images. In many cases, they can also be used to save various versions of a document. Document management software is essential when several team members are working on a single document and need to incorporate edits at different stages. Teams can easily save and find different documents, share them with clients and partners, and collaborate on projects. A number of these products also offer electronic signature features, the ability to comment, manage meetings, and mind mapping solutions. Read the full software guide...
Document management software helps store, organize, share, update, track and manage various types of electronic documents, including PDFs, spreadsheets, word-processing files and emails. Some products even scan paper-based documents directly into the software, helping organizations move towards a paper-light office and save on office space.
By storing all documents in a central, searchable repository, document management software makes it easy to locate documents quickly. For instance, you can search any document by its file name, creation date or author name and preview the search results to make sure you’ve found the right document before opening it.
Other key functionalities include the ability to limit access to certain documents, keeping a record of different versions of a document, monitoring who viewed or edited the document and when, reverting to a previous version in case of errors, and the ability to set role-based permissions and change ownership of a file, if required.
From standalone products to integrated suites, document management systems come in different sizes, with different types of products suitable for different needs. Your search for the right solution should start with the identification of your exact needs. For instance, if you have multiple employees working on a shared document periodically, you need a product with advanced collaboration features, such as check-in/check-out and version control. Some products even allow you to make track changes and leave notes and comments within the file.
If you are more concerned about data security, look for a product that offers more administrative controls. For instance, some products allow you to set role-based permissions, remove a user’s access to certain files and even change a file’s ownership at any point in time. Other important security features include password encryption, audit trail and single-sign-on.
You may also want to check workflow management features. For instance, some products allow you schedule and assign tasks and send notifications to employees when they need to work on a certain assignment. Also, check how the software integrates with your existing applications. Some solutions come with an open API to allow for customized integrations.
Ease of use is another important aspect to consider. Look for advanced search features and multiple file sharing options. For instance, some products allow you to share documents with external users, such as clients and contractors. Other important considerations include mobile access, document capturing options, training requirements and reporting capability.
|2-Factor Authentication||Adds an additional layer of security by requiring an extra step in the login process. Usually external devices are required for this or a text message with a verification code is sent to the user when trying to login.|
|API||Application Programming Interfaces (APIs) are programmatic intersections with external products or platforms that allow for custom integrations with your own solutions or other solutions you are using.|
|Chat||Live text chat with customers, website visitors, mobile contacts and others.|
|Dashboard||Dashboards are digital interfaces commonly used to visualise data or give quick access to important features and functions of online platforms. They often serve as an overview gateway in software applications.|
|Data Export||Exporting functionality can be used to streamline the migration of data sets and information across systems, platforms or applications.|
|Data Import||Importing functionality allows you to use data sets from other systems or platforms to cut down on data entry requirements or to more easily migrate records from similar applications you have used in the past.|
|Document Comparison||Compare and contrast different versions of documents and browse revision histories to consolidate collaborative changes.|
|Email Integration||Integration with email clients or providers to create and send emails as well as view received emails within an application.|
|External Integrations||Integrations with other software products or platforms to improve efficiency and compatibility across systems.|
|File Sharing||Share files with colleagues, customers or other stakeholders for easier access across platforms, collaboration and/or version control.|
|File Transfer||Transfer large files to colleagues, customers or other stakeholders. This is often used for files too large to transfer via email and other conventional transmission methods.|
|Google Apps Integration||Integration with the G Suite, including Gmail, Google Docs, Google Sheets, Google Calendar, etc.|
|History/Version Control||Track revision history, file versions and other changing data, commonly used in collaborative applications.|
|Multi-User||Supports more than just one user account and generally allows for collaboration with colleagues.|
|Notifications||Includes notification support and sends you alerts with information on important events and other time sensitive instances. For example through push notifications on mobile phones or email notifications.|
|Password & Access Management||Manage passwords or access to systems for yourself or your organisation.|
|Project Management||Manage projects from conception through the planning stage to delivery and post-project reporting phases. This allows organisation teams to organise resources, plan budgets and improve efficiency in the delivery of project objectives.|
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