DOCUMENT Strategy Winter 2021

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By David Winkler

WHAT’S NEXT IN

INFORMATION MANAGEMENT? The four biggest trends executive leaders should look to embrace in 2022

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s we forge into a new year and leave 2021 behind, many businesses are still adapting their information management strategies to account for document sharing, anywhere-anytime access and data security concerns as many employees still work remotely — and may remain doing so for the indefinite future. Last year, we saw a strong focus on remote document management and cloud document storage as well as a push to improve workflows and collaboration across the enterprise. Companies looking to strengthen their information management strategies turned to more practical, cost-effective and easy-to-use technology solutions that were proven to yield immediate return on investment. Many companies will continue on this course into 2022. But what else is in store for the new year? Information Challenges Existed Well Before the Pandemic Well before COVID-19 started impacting

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the business world, companies were already struggling with gathering, managing and extracting value from the sea of documents moving in and out of their offices. Companies were constantly challenged to secure and regulate information while making it easily accessible when it was scattered everywhere, processed separately and managed by different people. The main reasons companies struggle with information management:  Huge volumes of information is being created and received every day;  Information is coming from different sources, such as employees, managers, external partners, customers, auditors and government entities;  Information flows through multiple channels, including postal mail, emails, faxes, web forms, digital files and data imports in different formats;  Information is living in disconnected silos, from file cabinets and fax machines to inboxes and various enterprise systems only accessible from the office or by certain people; and

 The lack of standardized controls have led to a fragmented view where companies don’t know what information they have, where it is, who has access to it and whether or not the policies for retrieval and compliance are being followed. Needless to say, the pandemic forcing the majority of companies to move to a work-from-home model compounded these challenges tenfold. Trends to Expect for 2022 Industry analysts predict that executive leaders will be looking for three things in 2022: growth, digitalization and efficiency. In order to realize these objectives and propel their organizations forward, executive leaders will need to look to embrace these four information management technology trends: 1. AI and Biometrics Will Take Document Classification and Authentication to New Levels: Depending on which industry stats you follow, the global AI market