Enterprise Content Management due to Industrial Evolution and rise in IT Sector
Enterprise content management (ECM) enables organizations to store, share, archive, and structure the content. ECM allows organizations to access data/content from a centralized repository via multiple platforms and distribute the data to users whenever required. ECM encompasses wide range of tools that include workflow process management, digital asset management, document management, digital rights management, records management, web content management. ECM reduces the workload of different departments of an organization in maintaining and processing the complex workflow, thus ensuring increased operational efficiency and better customer experience. Furthermore, securing the stored content and integration of content with business intelligence and business analytics applications are other features that have attracted organizations to consider the ECM solutions in recent years. The stringent compliance requirements mandated by governments in many countries has created a necessity to maintain all the important documents for internal and external audits. ECM has generated a cost effective management solution to keep track of all these necessary documents and facilitate the auditing processes.
The exponential rise in digital content with the proliferation of online marketing and online customer relationship has created the need for highly efficient tools for data management. This is one of the major factors driving the growth of ECM market. Furthermore, the continuous growth of e-commerce is increasing the need for portals to create meaningful content to target their customers in a short time. ECM best fits to the needs of portals for creating and sharing the structured content online, enabling online portals to reach their target audience in minimum possible time. E-commerce has thus generated tremendous demand for ECM to manage, create, store, and distribute digital content via online channels. The cloud-based solutions have gained traction from organizations to deploy ECM solutions over cloud, considering the benefits of reduced overhead costs of dedicated IT teams for maintaining the ECM solutions.
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Even though ECM solutions have seen high level adoption by large scale enterprises, the implementation is comparatively low in small and medium enterprises (SMEs), owing to high initial costs of implementation and lack of knowledge to implement the right solution for their specific needs. Tapping the potential opportunities at SMEs and capitalizing on rapidly growing popularity of cloud integration is expected to be beneficial for vendors in coming years. Moreover, there is an untapped market opportunities in developing countries, which pose high growth prospects for ECM due to industrial evolution and rise in IT sector in these regions.
ECM is predominant in mature markets such as North America and Europe, owing to fast adoption of technology in the regions and organization’s preference for optimal workflow. The ECM solutions cater to the demands from various industry verticals that include healthcare, manufacturing, media and entertainment, IT and telecom, retail, banking insurance and finance, hospitality. ECM solutions can be deployed on-premise or cloud-based, depending on the organization’s needs and preference.