According to a recent study on document management, 80% of respondents expect their companys annual DM expenditures to increase over the next five years. The study was jointly sponsored by Infodata Systems, an Internet knowledge management solutions company specializing in financial services, and Miller Freeman, Inc.
The survey found that there were no significant differences between banking/investment and insurance companies budgeting expectations. Across industries, of those who said expenditures would increase, 24% said expenditures would increase by 61% or more. Twenty-five percent estimated an increase between 21% and 40%.
Overall, respondents in both the insurance and banking/investment industries rated easy document sharing, time critical document access and sharing and improving staff efficiency as very important factors when figuring a document management strategy. The survey also discovered that respondents face challenges in implementing document management, including a lack of staff resources, implementation costs, resistance to change and lack of corporate expertise.