Significant shifts are taking place in the marketplace. No industry is untouched. Organizations can’t afford to ignore digital transformation anymore. As businesses apply technology to advance or push the boundaries beyond what they could traditionally do, cloud document management is becoming part of the plan.
Advances in content digitization, process automation and data governance are hot topics as organizations focus on improving efficiency and enhancing customer relationships.
According to Marco Iansiti, a Professor of Business Administration at Harvard Business School, “there is a digital divide across companies.” While some organizations quickly adapt and embrace digital transformation, others refuse to convert and fall behind.
Check out this digital transformation chart. Where does your organization fit?
Why does this matter?
Embracing technology advances can push your business forward, lead to more growth, results and success.
“Leaders” are considered the enterprises who fit within the Top 25%. According to Iansiti’s research, The Digital Business Divide: Analyzing the operating impact of digital transformation, that progressive attitude results in a 3-year average gross margin of 55%. The organizations also tend to realize a 3-year average net income of 11%.
As for the bottom quarter of enterprises who still use manual processes and paper, the “Laggards” realize a 3-year average gross margin of 37% and a 3-year average net income of only 7%. Companies refusing to accept change are being left behind.
How do you catch up?
Digital transformation is usually a long-term plan and rolled out in phases. It takes time to develop the best strategy for your unique business, obtain approval and budgets then start the implementation and change management program. Often, initiatives require changes to the organizational structure, processes, resources, culture and related networks.
As businesses investigate approaches, they tend to consider a number factors, like how and where company information will be accessed and controlled. Should content be managed on-premises or in the cloud? Or, is a hybrid method best? More organizations are opting for a cloud document management solution to provide them with the functionality they need. These companies are also attracted to the many cloud content management benefits like saving operational costs, gaining stronger security features, the availability of 24/7 data and even backup disaster recovery.
How can you lead the pack?
Whether you’re optimizing your current practices or rethinking them from the ground up, consider how cloud document management can help you digitally transform your business – especially when paired with tools to optimize your investment. A cloud-based capture platform can elevate your cloud document management system.
KnowledgeLake cloud capture can scan, upload or import content from any source or location then clean-up, convert and process in the cloud. This information is quickly tagged with metadata then automatically routed to repositories like SharePoint or Box or even an Enterprise Resource Planning (ERP) or Customer Relationship Management (CMS) system of your choice.
With 20 years of experience enhancing document processing and content management systems, our expertise has helped clients progress from paper to file shares to document management systems then ECM and now to cloud content management.
Learn how KnowledgeLake’s cloud-based capture platform can help you optimize your cloud document management to become a digital transformation leader.