For issues plaguing information technology departments, many of the problems go back to a fundamental lack of a records management system, a recent ITBusinessEdge report stated.
However, companies experiencing problems in their IT departments can look to enterprise content management systems to pull them out of this predicament. Tom Jenkins, executive chairman of OpenText, said an investment in ECM pays for itself in months by reducing redundancy.
Jenkins also said that the same information often circulates different IT systems at least seven times. Organizations utilizing an ECM system create metadata servers that establish indexes to classify all of the company’s information, the report stated.
“In effect, Jenkins is making a case for a comprehensive approach to information management across the extended enterprise that will not only reduce the cost of IT, but also result in better business decisions by providing more access to information,” wrote ITBusinessEdge’s Mike Vizard.
According to Frost & Sullivan, the ECM market is expected to reach more than $1.7 billion in 2016, while the total ECM ecosystem market is expected to reach nearly $6 billion.