Next-gen enterprise content management (ECM), the digital backbone of the enterprise
Enterprise content management (ECM) today has come a long way where I feel we are in the stage of "reinventing ECM" for today's digital world, I call it "Next-gen ECM". New ways of digital working, content explosion across enterprise, new digital channels, content mobilization, content on cloud and multi organization eco system with even more regulatory pressures are all driving todays ECM.
ECM industry acquisition and consolidation is also driving customers who already have ECM in place to consolidate their ECM land scape and look for opportunities to move their content on cloud with migration/up gradation on their list. Interestingly few big organization including some big banks, local government and industrial organizations I have interacted with have investment in couple of products or versions of products and are on lookout for strategic direction of managing their content across organization to align with their digital strategy.
According to a marketsandmarkets report the ECM market size is expected to grow from USD 28.10 Billion in 2016 to USD 66.27 Billion by 2021. North America is expected to hold the largest market share and dominate the ECM market in 2016, as this region is extremely responsive towards adoption of the latest technological advancements. From 2016 to 2021, APAC is estimated to grow at the highest rate during this forecast period and is becoming a new hotspot for ECM vendors as a revenue generating region. Furthermore, Europe is expected to be another revenue generating market, with solution market as the leading revenue generating segment as per this report.
I feel well defined Next-gen ECM strategies aligned with organization process management, customer experience and communication (CXC) strategies integrated with core applications will be key to enable "Future Digital Shared Services" and "Outsourcing " of key LOB process in industries like BFSI, telecom, health care, retail, education and across organizations horizontal process in the area of finance and accounting (accounts payable, accounts receivable, invoice processing etc.), human resources, procurement and supply chain among others.
ECM journey so far
From innovation in 1990's with client server commuting and file-based systems to store and manage content to industry consolidation in early 2000's with the acquisitions by IBM, OpenText, EMC and HP, ECM today has come a long way. Today I feel we are in the 'reinventing ECM' stage. I call it the 'Next-gen ECM' where ECM is without borders, helping manage new digital content sources, process and media types, mobilize content, and bring in intelligence as differentiator.
Changing customer concerns
With digital disruption across industry, new ways of working, content mobilization, cloud technologies and with complex regulatory pressures customer concerns have also changed. I feel these changed customer concerns are also driving Next-gen ECM :
CIO -How do I manage silos of Information? How do I enable secure information sharing in multi geography eco system? How do I align my content and information management strategy with organization digital strategy?
CCO/CRO - How do I reduce risk and ensure compliance with increasing volume of complexities of regulations?
CTO -How do I reduce cost of managing infrastructure of the content volumes spread across geography? How do I ensure consolidation and centralization in managing content management technology stack?
CMO -How do I enable customer to get access the right content at right time? How can act real time on when I hear customer?
LOB executives - How can I improve business process which are slow, costly and error prone? How do I promote collaboration? How do I reduce operational cost? How do I run my content centric process more efficiently which are distributed across locations?
ECM today is the backbone to enable the digital strategy of an enterprise
Next-gen ECM solutions are essential to enable the digital strategy of an enterprise through the management of content lifecycle, from creation, mobilization to disposition of their transactional, business and social content across channels. Forrester for the first time in its Forrester wave report for ECM has defined two categories of vendors by their strengths in serving business content and transactional content use cases. Not far when we will see other analyst going this path and very soon new we will see new category across social content management suits. I will see Next-gen ECM solution with capabilities to manage business, transactional and social content with mobile and cloud capabilities.
Mobile, social and cloud are more and more becoming core offerings and capabilities of today's ECM along with traditional imaging, document management, workflow management, records management, collaboration, archiving, document output & customer communication management (DOCCM). ECM today has to complement web content management (WCM), digital asset management and business process management to enable organizations achieve end to end digital transformation.
Managing content is critical to every business !
With multi organization eco system and even more regulatory pressures managing and mobilizing business and transitional content is becoming more and more critical to every business. Gartner predicts that by 2018, more than 20% of enterprise content management solution sales will address multiorganization "ecosystem" content.
Today's ECM solutions will become necessity for such multi organizations to manage content centric process. Some of the content centric process use cases across industry for today's ECM are:
Banking and Finance - Account opening, wealth management, mortgage & lending, trade finance processes, complaints, frauds, audit and compliance and many more across LOB.
Insurance -New business, claims and policy servicing
Government - Benefits and correspondence management, social and victim services, permits and license, FOIA requests, grants management and court case management among others.
Industrial - Standard operating procedures, engineering drawing revision and release and quality certificates management.
Telecom - Billing and statements, contact center / single view, manage voice of customers, CDR records, network contracts
Health Care- Payer appeals and grievance, provider management, care plans, medical claims, doctor notes, electronic health record, critical pathways, among others.
Retail - Supplier and vendor management, contract management, product & catalogue management, employee management, invoice processing
Education- Admissions processing and review, financial aid processing and review, registrar forms processing, student advising, student on boarding, faculty on boarding, curriculum review, tenure and promotion review among others
Industry Horizontal Process- Finance and accounting (accounts payable, accounts receivables, invoice processing, credit management etc.) human resources, procurement and supply chain among others.
New ways of digital working, content explosion across enterprise, new digital channels, content mobilization, content on cloud and multi organization eco system with even more regulatory pressures are all calling out for Next- gen intelligent ECM solutions to enable " Future Digital Shared Services" and "Outsourcing" across industry and processes. Apart of this ECM industry acquisition and consolidation are driving customers who already have ECM in place to consolidate their ECM land scape and look for opportunities to move their content on cloud with migration/up gradation on their list.