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Is Document Management Still a Viable Market?
Following the “glass half-empty” analogy, many have said that the document conversion and document management industry is nearing its end. “They” claim all the paper in the world has been scanned and every business has already purchased their fancy new EDMS (Electronic Document Management Software) and ECMS (Enterprise Content Management Software).
Well, not so fast. In a recent survey done by Eclipse Group, an international services firm providing document and content management solutions, they found that an alarming number of businesses and organizations today are still heavily reliant upon paper based business critical processes.
- 75% of companies are still heavily reliant on paper based invoicing processes
- 67% of respondents are currently sending the majority of their sales invoices by paper rather than electronically using a document management solution
- 75% of respondents are currently sending the majority of their purchase invoices by paper rather than using a document management system
- 83% currently have to re-type invoices received into their finance system
The survey, which includes the views of financial professionals from a variety of sectors including insurance, financial services, industrial and automotive, also found that 83% of respondents currently have to re-type invoices into their finance system upon receipt into the accounts departments rather than using a document management system, raising serious concerns over accuracy and efficiency.
Gary Waylett, CEO of Eclipse Group commented, “Given the efficient way most businesses are now able to share information, it is surprising to find so many finance departments are not using a document management solution and continue to re-key data between systems. In addition to duplicating effort, and hence adding cost, re-keying significantly adds the risk of errors which then complicates the reconciliation process.”
So take heart all of you software and services companies, business will be good for years to come.