he global enterprise content management market is projected to grow from $11.63 billion in 2021 to $29.64 billion in 2028 at a CAGR of 14.3%.[1] This implies that enterprises are looking for effective content management tools to streamline their content, derive meaningful insights, and enable anytime-anywhere information access.
As the year comes to close, it’s a good time for organizations to explore how they can further enhance their content management capabilities. It’s time to identify how they can best leverage technologies, such as artificial intelligence and machine learning (AI/ML), cloud, and more, to optimize key processes, boost productivity, and stay competitive.
The following are the five trends that will dominate the enterprise content management space in 2023:
- Modern Content Services Platforms (CSPs) to Build Content-centric Applications
Organizations strive to build content applications quickly for specific business requirements in order to close gaps in their existing processes and improve overall efficiency.
Organizations will invest in CSPs with headless content APIs and micro-UIs to quickly build, integrate, and extend content-centric applications in order to keep up with this trend. This will assist organizations in managing a variety of content types, such as videos, high-frequency messages, and meeting recordings. It will also make scaling easier, deployment costs lower, and the CI/CD process faster.
- Extensive AI/ML Capabilities for Smarter Decision-making
AI/ML helps in deriving valuable insights from structured and unstructured information to meet unique business needs and make faster, better decisions. Organizations are actively investing in intelligent technologies to reduce costs and enhance business processes and will continue to do so.
According to Forrester Predictions 2023, “ten percent of Fortune 500 enterprises will generate content with AI tools[2].” AI/ML-based capabilities like auto-document classification, intelligent metadata recommendations, and sensitive information protection in documents (PII identification and redaction) will gain high traction. These technologies will also help organizations make changes on the fly to meet evolving requirements.
- Greater Cloud Integration and Migration
Per Gartner, “In 2022, more than $1.3 trillion in enterprise IT spending is at stake from the shift to cloud, growing to almost $1.8 trillion in 2025.”[3] Organizations are looking to invest in cloud to improve user experience and modernize operations while leveraging their legacy IT infrastructure.
Moving further in their digital journeys, organizations will look to integrate their existing systems with the cloud through federation. They will also consider migrating to a modern, cloud-native content services platform to gain flexibility and scalability.
- In-place Records Management for Federated Content
At most organizations, records and documents are stored in multiple formats and locations. This content is often required to be preserved or destroyed according to regulatory guidelines and compliances. With in-place records management, organizations are able to apply the right information governance policies, such as retention, deletion, and legal holds, across federated content.
To remain compliant, organizations will opt for in-place records management capabilities to manage policies centrally without having to transfer content to a different repository.
- Secure Communications with Custom Messaging Application
Today, a large share of customer communications has shifted to channels like emails, social media, and messengers. However, such communications trigger information security concerns, especially for confidential information like credit card details, social security numbers, and other PII.
Building a custom messaging application for organizations address such concerns by keeping communications well within the enterprise ecosystem and enabling end-to-end management of messages. More organizations are looking for capabilities to safeguard business-critical data, easily retrieve messages through a single interface, comply with regulatory and auditory requirements, and increase productivity.
Futureproofing for 2023 and Beyond
As content management is closely linked to key business objectives like operational efficiency, customer experience, and overall performance, these technology trends hold strategic importance for organizations. It’s time for leaders to leverage these insights, make their own pathways, and future-proof themselves for the upcoming year and beyond.
(The author is Mr. Utsav V. Turray, Head of Product Marketing, Newgen Software, and the views expressed in this article are his own)
