Document Management and Entrepreneurship: From Big Data to Big Insight
How A Document Management System Leads to “Big Insight”
The term “document” has become a ubiquitous, widely applicable term for anything containing information in digital or physical format. However, for the purposes of organizations, it is better described as anything an organization creates that contains information.
As the e-commerce revolution ensued and surged at the beginning of the 21st century, organizational information with each passing year could not be accurately defined as just a document or file.
Instead, the term “data” emerged to explain and categorize the varieties of organizations’ digital information, including the variety of places this information can be stored, duplicated, and lost—making it an equally dangerous medium for unstructured information.
Leveraging Document Management to Mitigate Skilled Labor Shortage
The most versatile benefits of a document management system are time and money savings. In the construction and manufacturing industries in particular—there is a large shortage of skilled laborers.
However, a skilled labor shortage does not have to mean the downfall of an organization, for a document management system solutions can resolve this problem—given that a document management system expedites internal processes, it frees up room for recruitment revenue and the salaries to attract top talent to an organization without breaking the bank, providing a competitive edge on the balance sheet when it is especially needed.
Moreover, new talent is not always needed: cutting costs internally through a document management system alone is enough to free up the profits sought by many executives and administrators—especially those who are beginning with startups.
A document management system (DMS) is any small to mid-sized organization’s formalized, strategic, and technological means for storing and managing images, web pages, graphics, social content, email content, video, and other rich media assets.
The goal of DMS is to effectively manage all information belonging to and created by organizations—relaying greater insights into the information contained in its content. Document management provides organizations with the means to manage the proliferation of their content, including the data and information it contains.
This signifies a major paradigm shift for the organizational prospectus: moving from big data to big content—focusing less on data-intensive aspects of the organization like data mining (which automation is better equipped to handle today) and more on effectively storing content to effectively harness its information.
This phenomenon is further reified by the DMS mobile app, which gives businesses, in addition to other mobile tools, another means of conducting businesses wherever there’s an internet connection.
Deriving Big Insight through the Document Management System
Essentially, organizations should not spend money on analytics and big data without the means to effectively do so—DMS being a potent means for accomplishing these objectives.
Additionally, sometimes organizations purchasing a document management system will arrive at sufficient analytics and insight-based conclusions regarding the data in their content without buying big data and other analytics services—further increasing the potential ROI for document management system adoption and use over the long haul.
Analytics, or in other words—deriving insight from data—has dominated organizations’ spending plans for the past two years. For instance, the International Data Corporation (IDC) projected that analytics would become a $125 billion market worldwide by 2015.
However, these budget allocations are futile without a document management system or other enterprise-grade document management solutions, for without DMS and similar technologies, including the behavioral means to use them effectively, acquiring crucial insight from data will prove a time-consuming, ineffectual process.
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