Enterprise Information Management: Trends & Statistics (2024)
The world of enterprise information management (EIM) will undergo some significant changes this year and the many years to come. What's coming in 2024 in the EIM space? What are some statistics to watch out for? We look deeper into the enterprise information management market and tell you all you need to know.
What Changes are We Seeing in Enterprise Information Management?
The rise of cloud computing, digital transformation, and open-source software has led to an explosion in innovation that's changing the way we work. That also applies to how we govern information assets across organisational and technological boundaries. And as new technologies emerge, so does a need for enterprises to adapt their business processes and workflows to maximise the value they can derive from their investments.
At the same time, businesses are also looking for ways to reduce costs by leveraging existing infrastructure more effectively — which means digital transformation is going beyond simply building new applications or integrating different systems into one cohesive experience but also making better use of what you already have in place.
EIM is a pivotal piece to agile data management operations. It helps you create, capture, distribute, and consume structured and unstructured data more efficiently. Doing so will optimise business processes, promote transparency, improve efficiency, and enable business insight to help you make critical business decisions.
Trend 1. Unified Digital Workspace
Trends around unified digital workspaces will continue to grow in 2024 as it did in 2023. While we now understand why we need a unified digital workspace, how it will happen and what it means for the future of EIM are less obvious.
A unified digital workspace will enable collaboration and knowledge sharing across the entire organisation, including customers, partners, and employees. It will also help organisations optimise business operations by providing real-time business insights into the status of projects and processes at every level.
You reap many benefits from unified digital workspace, including:
Faster decision-making through better visibility;
Improved productivity due to access to timely and relevant information anywhere;
Reduced risk because there’s no need to leave important documents behind on laptops or in email inboxes during meetings; and
Many more
But perhaps one of the biggest advantages is that people won't have any excuse to not be connected all day long!
Trend 2. The Shift to a Hybrid Cloud Model
Cloud computing is a popular trend in projects today and has been for the last several years. Cloud computing is a major disruptor to how businesses approach technology, as it enables companies to scale quickly, grow their business, and reduce costs. In addition, cloud computing can be used for many things including EIM platforms, ERP systems, and more!
There are several benefits to shifting to a cloud model for your ECM, including the following:
No need for on-premise hardware or commercial space;
Scalability and flexibility;
Increased accessibility, even for remote or hybrid teams;
Better data security and protection; and
Faster operations as you can streamline several key operational activities, such as collecting signatures or pulling out documents and files off-site.
Enterprises need to prepare for these upcoming shifts, so they can be ready to adapt and make the most of their tech investments.
Trend 3. Universal Search and Discovery
Search and discovery are the most important features of EIM. They are also the most important features of cloud computing. They're also the most important features of hybrid cloud computing, and they're also increasingly becoming more important for unified digital workspaces (UDWs).
In other words: search will be a big deal in 2024!
There has also been a significant change in laws in Europe, requiring companies to destroy documents once they're no longer necessary to keep. To comply with this mandate, you first need to know where your documents are stored. That's where improving search and discovery within your content management systems becomes essential. This capability makes it easier for you to stay compliant with these regulations moving forward.
Another feature to help you stay compliant is data archiving, which helps you adhere to regulatory requirements such as GDP, SOX, and HIPAA. Additionally, it can also reduce data management costs by up to 40%.
The world of enterprise information management (EIM) is changing fast. While many companies have been able to adapt to these changes in recent years, enterprise leaders and tech-savvy executives need to be aware of what's coming down the pipeline— so they can be prepared for when these shifts occur.
EIMs are expected to become more intelligent and automated in the future, with platforms that will enable users to make real-time decisions based on data analytics. This intelligence will help users find relevant content faster than ever before.
With this increased automation comes a need for proper infrastructure investment so that organisations can leverage new technology without risking their operations or security posture; this includes an increased reliance on cloud services such as SaaS applications designed specifically for EIMs (like SharePoint).
In the coming years, enterprises will need to make their tech investments more flexible and adaptable. They’ll need to be ready for the next big ECM trends in 2024, so they can continue to succeed in the digital age.
When Should You Act on These Trends?
When it comes to EIM, there's often a temptation to delay action. But how you manage your organisation's data should be a top priority. At times, it feels like this part of your business operation might not be urgent, but keep in mind these important considerations:
Acting later on will mean more transitional work.
Data security continues to be a growing problem. A data breach could cost you as much as $4.45 million, so it's best to organise your data now and improve how you secure it.
It's best to get ahead of the curve. Businesses that adapt early on tend to get ahead in many aspects— including innovation and growth.
If you want to take action, we're more than happy to help you strategise or streamline your enterprise information management processes and systems. Reach out to us if you have any questions. We're more than happy to help.
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