The COVID-19 pandemic has changed the way organizations view technology, facilitating unprecedented levels of innovation. The U.S., among other countries, is now facing an economic recession, the likes of which the world has not seen since the Great Depression. While some organizations have had no choice but to cut their losses, some technology leaders have been developing new systems to help businesses cope with the changing economic landscape.
In the United States, digital technologies have grown to be a determinant of economic growth. The global digital transformation market size has expanded significantly in the last few years and is expected to grow at a compound average growth rate (CAGR) of 22.5% from 2020 to 2027. The U.S. currently hosts the world’s largest technology market, representing 32% of the global market. Like other countries, the technology sector accounts for a notable portion of the nation’s economic activity.
How is COVID-19 changing the way people work?
The novel coronavirus (COVID-19) has forced more than 2.6 billion people (one-third of the global population) into quarantine, necessitating new technological development in communications and collaboration. In 2018 roughly 5 million employees (3.6% of the U.S. workforce) worked from home – substantially lower than predictions for upcoming years. Global Workplace Analytics predicts that by the end of 2021, 25-30% of the workforce will be working from home multiple days a week, paving the way for a new era in telecommuting.
Historically, one of the biggest setbacks in the telecommuting movement has been centered around employers’ trust or rather lack thereof. Telecommuting creates distance between managers and employees, making it difficult for managers to gauge employee proficiency; with managers, for decades, evaluating employees based on attendance. Conversely, experts have been advocating for results-based productivity metrics for many years.
The COVID-19 crisis has certainly raised questions about organizations’ current approaches to management. Due to the recent influx of new data and workplace statistics, many experts are beginning to speculate that working in an office may soon become a thing of the past, specifically in professions where commuting isn’t a necessity.
How is COVID-19 affecting the demand for DMS?
In 2019, the document management systems market was valued at USD 4.89 billion and is now expected to reach 10.17 billion by 2025. The growing demand for workflow transparency and efficiency has supplemented the demand for workflow and document management systems, paving the way for rapid growth in the industry.
By the year 2021, most engineering firms will have likely adopted an engineering document management system (EDMS) to manage workflows, versioning of documents, and to view/redline CAD files that often require expensive pay-per-user CAD licenses. EDMS’s are a cost-effective solution for IT professionals looking to improve business processes while engineers transition from working in the office to telecommuting.
Organizations across many industries are racing to increase efficiency and institute productivity-enhancing systems that offer quick return on investment. As the crisis continues, firms will need to continue to rely on innovative business processes and the tools they need to manage these processes, further stimulating growth in the digital technology industries.
Want to learn more about EDMS?
ImageSite is a technology-leading engineering document management system, designed with the efficiency of engineers in mind. Upon implementation, ImageSite can help users manage and solve complex workflow/document management problems. ImageSite solutions help users improve productivity, security, control, and file distribution, while also ensuring documents are backed-up and stored in compliance with best practice guidelines.
For a limited time, eQuorum is offering a free 60-day trial of Engine-Box, a Cloud engineering document and workflow management system. Go to www.eQuorum.com\contact-us and fill out the contact form for more information.