A recent report at CXOToday.com alerted readers to a “tectonic shift” on the horizon for the ECM market, brought on in part by the continuing growth of social media, cloud computing and mobile devices. The market is changing to meet the needs of new clients – many of them millennials – and will undergo a dramatic transformation.
Among the changes the article predicts:
The end of legacy ECM systems: By the year 2020, millennials could form as much as 75 percent of the global workforce. This techno-savvy generation has grown up with quick and easy online searches, and it will make similar demands on the ECM systems it chooses. Older systems, which rely on dated technology and cumbersome processing, will be replaced by newer, sleeker more flexible models.
Extended enterprise: Extended enterprise follows the concept that businesses do not exist in isolation and their eventual success depends on a collaborative network of partner solutions. Legacy ECM systems, built in an era when users and content remained in a tightly controlled IT environment, will likely be replaced by technology that allows information workers to collaborate and share content.
The growth of digital content: In the past, most content was limited to physical documents, Excel sheets, PDFs and other traditional material. But that is changing dramatically, fueled in part by the rise in social media. Also, the rise in smart phones and other devices allows people to collect data on virtually every aspect of modern life. Digital content is predicted to grow as much as 50 times between 2010 and 2020, and ECM features aimed at capturing this content will need to rely on more intelligent and intuitive features if they hope to handle the massive (and growing) load of digital data.
The move to the cloud: A cloud-based ECM solution is cost-effective and allows for lower overhead, elastic capacity management and greater flexibility. In addition, as the workforce becomes more mobile, a cloud-based ECM allows information to be accessed anytime and anywhere.
Technology is changing dramatically on almost a daily basis, and so is the market that technology is designed to serve. With the increasing dominance of social media and the millennial generation, companies offering ECM solutions must adapt to these changes – or they simply won’t survive.