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2023 Trend Predictions for Document Management and Workflow Solutions
Digital transformation is accelerating in 2023. Watch for these 4 trends in document management and workflow solutions
Technology changes in a blink. This makes trends somewhat difficult to anticipate. Even so, there’s one sure thing for document management systems in 2023: they’ll look more digital than they did in 2022.
At its core, digitization is simple. Technology advances, and we find faster and more efficient ways to handle organizational processes. A big part of that push in recent years has been away from inefficient physical paper records and towards digital documents. Paper document management has many innate drawbacks:
- Paper is vulnerable (to fire, moisture, misplacement)
- Documents are not easily shared, complicating a hybrid workforce
- Physical files take up space
These are just a few of the many reasons that companies are embracing document digitization and digital transformation. A close look at the research reveals deeper nuances. Here are four trends that will define document management and workflow solutions in 2023.
1. Spending for Digital Transformation Will Increase
More investment in digital transformation (DX) is an absolute lock for 2023. Global spending on digital transformation hit $1.85 trillion in 2022. By 2025, it’s forecasted to reach $2.8 trillion — double what it was in 2020, at the start of the pandemic — and by 2026, Statista projects it will soar to $3.4 trillion.
That upward trajectory averages out to a robust compound annual growth rate of 16.3%. How did we get here? In many ways, COVID-19 proved to be “the digital accelerant of the decade.” Social distancing and remote or hybrid work solutions demanded an aggressive transformation. Even supply chain disruptions, record levels of inflation, and an impending recession can’t stop the trend toward digital document management solutions.
Craig Simpson, the senior research manager with IDC’s Data & Analytics Group, explains why:
“The benefits of investing in DX technology, including automation, strong intelligence, operational transparency, and direct support around customer experience, all support targeted areas of business focus to weather the current environment of uncertainty and to make the most of any opportunities in the recovery.”
In short, DX is a path toward both resilience and competitive advantages. Electronic document management solutions promise measurable benefits such as:
- 50% cost reduction
- 95% faster processing
- 99.9% accuracy
It’s easy to see why. Digital documents are searchable, actionable, easy to duplicate, and secure. Spending on DX is set to increase because it saves time and streamlines your workflows.
2. Artificial Intelligence (AI) & Machine Learning (ML) Will Become Core Capabilities
AI and ML are trending up for document management in 2023. These powerful tools are now the main drivers behind the digital transformation.
Back in 2017, only 20% of businesses had adopted AI in at least one business area. By 2022, McKinsey found that this figure had blown up to 50%. It only takes a small leap of the imagination to see that in 2023, more businesses will use AI than those that don’t.
According to a study by PwC, 86% of organizations say AI is becoming a “mainstream technology.” This perspective has affected customers, too. They now expect a level of excellence, accuracy, and speed that’s beyond the limits of a human team alone.
Incorporating AI and ML amplifies the power of your people. AI-powered document management and workflow solutions enable efficient data searches and better decision making.
3. Low-Grade Tasks Will Move to Robotic Process Automation (RPA)
With a growth rate of 31%, the RPA market is growing much faster than the worldwide average for software (16%). Robotic process automation has actually been the most commonly deployed AI capability every year from 2018 to 2022. North America leads the pack, accounting for 48.5% of the global spend on RPA.
The raw efficiency offered by automation is a major reason why. RPA uses AI-powered software to assess information, find its meaning and value, and then automate low-grade tasks. In document management, this may include data entry, invoicing, payroll, onboarding, and more. Previously time-consuming responsibilities can now be handed off to a robotic intelligence. In turn, your employees can devote their efforts to more important and high-level duties.
4. Hybrid Work Will Continue — At Home and Elsewhere
Unlike in 2020, the foundation of remote work infrastructure is now fully built out. While some employees have returned to the office, hybrid work has proven to be the best schedule for many businesses. We can see this in current workplace trends:
- 54% of employees who work remotely at least some of the time say they split their time between home and office.
- 60% have worked in some type of hybrid model since COVID-19.
- 25% of employees would quit if they couldn’t work remotely.
- Nearly 50% would take a pay cut to continue working remotely at least part-time.
With today’s hybrid workforce, the key to productivity is efficient workflows. And the key to that is access to information. Electronic document management and workflow solutions can simplify remote access. For instance, a digital mailroom can capture, process, and deliver time-sensitive information in one step. Physical mail is sorted, converted into a digital format, and distributed conveniently to email inboxes or departmental shared drives.
The Future of Document Management Is Digital
Today’s trends make it clear that our digital transformation is well underway. Looking for more insights or assistance with yours? With over 50 years of experience in the field of intelligent information management, Scan-Optics is a digital transformation partner you can trust. Since 1968, we’ve been working to tailor technology to human needs using solutions that are detailed, personalized, secure, and effective. Get in touch today to learn more!