Things have changed in the recent years especially in the world of document management. Prior to the increasing popularity of electronic files, most businesses, establishments, and offices maintained hard copy files of all their documents. This does not only lead to bulky paperwork, but can pose issues over security and over time, the disposal of these documents can also become a burden.
Document management systems are basically computer programs or systems that keep track of all electronic documents, as well as the storage. In most cases, document management provides the following services and functions:
- versioning
- storage
- security
- metadata
- retrieval capabilities
- indexing
At present, document management covers a broad range of businesses which include, but is not limited to the following:
- Printing
- Document Scanning
- Data capture
- Records management
- Workflow and secure destruction
In some countries, the government also regulates the documents that are under control especially in industries such as accounting, manufacture of medical devices, information technology, and healthcare.
Many businesses are now putting digital processes at the heart of their business to remove paper completely from their workflow and line of business systems. Different documents are now organized and stored electronically. It may cover both scanned versions of original documents and the digital ones. Most businesses and offices have central storage for all their important files.
There are predictions that paper-based business process will eventually transition to electronic-based processes and this trend is now accelerating. More and more businesses prefer to maintain electronic document management because it reduces the cost of printing. Transfer and delivery of files is also easier digitally. Companies can handle electronic files with ease, and is also a great way to catch the interest of existing and potential clients.
The use of paper obviously cannot disappear overnight, but with the increasing popularity of electronic files and document management, it will not be hard for companies to cope with the transition. It will take some time to completely phase out the use of paper documents, but as more and more industries adapt to the changes, there will come a time when most businesses and organizations will no longer have print outs. The accelerating move away from paper is quite challenging, but it can be realized with the increased range and capabilities of products now on the market.
Document management businesses across the value chain have been in demand as more companies move towards the transition to digital. Large players are still looking to plug caps in their offering and technical capability to cope with the full transition to digital, so there is a healthy appetite for mergers and acquisitions. If you are considering merging your business, it is advised to seek advice from experienced business advisors to ensure you sell your business for the most money. Acuity Advisors, based in London, have worked with a number of document management business in the last three years including Preview (acquired by Cintas Inc.), Capital Capture (acquired by PHS) and Knowledge Center (acquired by Charles Taylor PLC) and with this wealth of experience are well placed to support you through any M&A.