Businesses around the world are evolving at an exceptional pace with the help of technology. The use of the automation process is not only “Good to Have” factor but has become an integral part of the business operational process for their survival in the market.
From the management of customers to the management of finance, everything is being performed with the help of technology. Still, one of the big areas which are undoubtedly one of the most important operations for any firm or business is talked very less about. The area is “Document Automation”.
When the question “Is document automation the future of all documents?” arises, there is no way that it can be answered NO for any reason. On the contrary, document automation is not only the future of all the documents but the present of all the documents as well. Let alone the big businesses, firms, and industries, the evolution of document automation can be observed in the day-to-day life of common students getting an education in the different parts of the world.
Most of the colleges and educational institutions have already adopted the trend of electronic notes and assignments for their programs and thus all the documentation between the students and management of the institution takes place in the electronic format only. This example is sufficient to indicate how quickly document automation is taking over the different industries.
Some Document Automation and Management System Facts
We can never question the future of the Electronic Document Management System as nothing is going to eliminate technology in the upcoming time. Will not it be more interesting to prove the statement with help of some real-time data? So, let’s head toward the data and numbers which effectively indicate the future of the Document Management System market.
The document management market system was recorded to have a valuation of around USD 3.09 billion in 2016. The same market is expected to reach a valuation of around USD 6.78 billion by 2023. It efficiently indicates a CAGR of 11.17% in a period of 8 years. Ignoring the CAGR, the data efficiently indicates that the industry will be achieving the valuation twice within a span of 8 years which is undoubtedly significant.
Why Document Automation is Document’s Future
The documents undoubtedly are one of the integral assets for the firm and thus the management of documents is also equally important. With the increasing size of the markets and a big area of operations, it is not possible for the firms to stick to the traditional form of document management.
Time is money:
When a company has to serve their products and services to the customers of different markets and countries, the time is nothing less than money for them. Also, managing the operations at all the different locations is never so easy and thus is not possible without the proper documentation.
For example, without the proper documentation, a firm cannot even open a small store in the market. In the scenario of globalization, a large network of documents is always going to be there for the smooth functioning of the firm in the different markets. This can only be achieved with the help of document automation only where the documents can be shared within moments irrespective of the distance.
Every sector in the world is focusing on making its operational process more environmentally sustainable. But at the same time, documentation is one of the biggest factors within the firms that causes a negative impact on the environment. The use of physical paper negatively impacts the environment from the very beginning to last.
It initiates with cutting a tree, passes through the use of 10 liters of water for manufacturing every sheet of A4 paper, and emits carbon dioxide after burning at the last stage. So, it is going to be the biggest reason for the global shift of physical paper to electronic paper.
Accuracy is the priority:
Accuracy has been and will always be the priority of every organization no matter in which domain or sector they work. Here humans can never be 100% accurate but machines can be. Document automation will make sure that all the documents are in their defined place and are accessible with one click.
The chances of wrong documents being shared and the risk of important data breaching will also be avoided with the help of document automation only.
Long-term maintenance of documents:
The need for long-term storage and maintenance of documents is there and is always going to be there. So document automation is going to be the finest solution to meet this requirement. The documents stored in the digital format will not only be accessible within seconds but will also be safe from any kind of digital damage. There are not going to be the issue of paper damage, paper burned, or loss.
The need for electronic document management and document automation cannot be avoided in any circumstances of the present market scenario. So, in the last, it will not be wrong to say that Document Automation is the present, as well as the future of all the documents as the nature of the market, is not going to support the physical document for too long.
PERICENT helps to automate the documentation process for managing records and workflow of that needs a set of activities to follow through.