ECM solutions are used in the energy, utilities, and oil and gas industries for managing the content exchange between different business entities, functional departments, vendors, offshore sites, third-party logistics providers, and customers. Most of the capital projects in the oil and gas industry require real-time integration of business processes and smoothened flow of associated regulatory documents. The oil and gas vertical generates a huge amount of content on a daily basis, which includes exploration data, real-time production data, refinery process-related data, midstream management data, and consumer information; thus, there is an increased need for document management across different regions. Business maintenance activities such as workflow management, supplier and contractor management, and maintenance of websites can be automated with the help of content management solutions. The deployment of ECM solutions in the energy and power sector can help in cutting down costs and increasing productivity by different measures such as reviewing the project documentation, managing documents for a geographically scattered workforce, and managing the content generated from advanced technologies such as Advanced Metering Infrastructure (AMI) and Supervisory Control and Data Acquisition (SCADA). Therefore, there is an increased demand among most of the enterprises in energy and power sector for ECM solutions. IBM, Microsoft, Lexmark International, and Xerox are some of the ECM solution providers of today.
Frequently Asked Questions
What is the market outlook for Enterprise Content Management software and how will it grow in future?Enterprise Content Management Market size is expected to grow from USD 31.7 billion in 2017 to USD 67.1 billion by 2022, at a Compound Annual Growth Rate (CAGR) of 16.2%. ECM is the systematic collection and organization of information that is to be used by a designated audience such as business executives and customers. The exponential data growth, increasing need to manage data in enterprises and increased traction for risk mitigation in content management are driving the ECM market.
Which types of solutions are provided by ECM software?The solutions provided by ECM software are: Content Workflow, Document Management, Imaging and Capturing, Web content Management, Records Management, Digital Asset Management, Mobile Content Management, Case Management and eDiscovery
Which are the leading vendors operating in the ECM software market?Microsoft Corporation (US), IBM Corporation (US), Hyland Software, Inc. (US), OpenText Corporation (Canada), Oracle Corporation (US), Alfresco Software, Inc. (UK), Everteam (France), Fabasoft (Austria), M-Files Corporation (US), Laserfiche (US), Xerox Corporation (US), and Newgen Software Technologies Ltd. (India) are some of the leading vendors in ECM market.
Which solution of ECM software market will contribute the highest growth and why?The digital asset management segment is expected to grow at the highest growth rate during the forecast period. Digital asset management creates a centralized storage for digital files and programs for archiving, retrieving, and searching for digital content. Digital asset management systems are a combination of software and professional services that provide a centralized repository for archiving, integrating, managing, and accessing digital assets, both documents and their related metadata. Digital assets consist of images, graphics, logos, animations, audio/video clips, presentations, web pages, documents, and other digital file formats. Digital asset management is important for managing the enterprise asset lifecycle. Digital content and metadata files are stored in separate databases; digital content is stored in the asset repositories, while metadata files, such as article keywords, contact names, photo captions, file names, low-resolution thumbnail images, and advertiser names, are stored in the media catalog database. Digital rights management solutions help catalog, search, modify, and retrieve assets for their permitted use.
What are the current opportunities and challenges faced in the ECM software market?Opportunity: Deployment of content maturity model To manage content in enterprises and the quality of flow of data within organizations, enterprises are focusing toward effective ECM solutions. These solutions help in a variety of functions, ranging from how the staff collects data to the technology—to manage the content data and follow a content governance-focused approach. The content maturity model is a framework that takes into account the management of people, policies, and technologies in an enterprise, which is instrumental in establishing a strategic framework to achieve the business goals. Enterprise architects, information managers, and leaders of ECM initiatives can use the content model to analyze and assess the current position of their organization, and what level of maturity it must reach to achieve its business goals. A content maturity model is instrumental in achieving business process alignment, stakeholder alignment, content infrastructure management, and governance of varied contents. A full-fledged content maturity model minimizes the risk of failure by leveraging the content maturity model strategies in different levels of transformation an organization strives to achieve. This results in a dynamic approach to content management that grows with the organization and provides the best chance to align enterprise-wide content management strategic initiatives. Challenge: Rise in security issues associated with cloud and mobile technologies Content management solutions have greatly benefited from the collaboration of various platforms, such as cloud and mobile. Nowadays, SMEs are adopting cloud ECM solutions, as they are cost effective and can be opted on the basis of the pay-as-you-use model. However, owing to the sensitivity and security, associated with the enterprise content, controlling the flow of content and digital access rights is a major concern, with the possibility of data leakage of critical business information. Data privacy and security is a bottleneck that needs to be addressed effectively. The other security issues, such as hijacking of accounts, insider threats, malware injections, insecure Application Programming Interfaces (APIs), shared vulnerabilities, and data loss are more prevalent in cloud-based ECM solutions. Enterprises have large data repository containing important business data; any kind of cyber-attack on such repository can be a major loss to the business. These security issues related to data access by unauthorized users could threaten the enterprise data security and competitive business position, as well.
Which are the recent developments made in ECM software market?Some of the recent developments are: In March 2017, Alfresco announced new Digital Business Platform that combines process, content, and governance services, along with a new Application Development Framework for rapid development of engaging user interfaces (UIs). In April 2017, Everteam releases the latest version of its intelligent business process management solution, everteam.ibpms 8.1, which can automatically secure their business processes using latest web technologies. In June 2017, Everteam and Jeraisy Group upgraded their professional relationship to a “Platinum Partnership” through which Jeraisy Group became an authorized seller of Everteam products and solutions In February, 2017, Fabasoft launched new Fabasoft Cloud features which bring unlimited digital records management in an organization to a new level, in the enterprise and superior editions, forms can be defined individually, and processes can be executed by two or persons in parallel In April 2017, Iron Mountain partnered with Hyland OnBase to provide a solution that focuses on taking documents captured by Iron Mountain and making them available inside OnBase for workflows and business processes. In June 2017, IBM announced the launch of hybrid-cloud, all-flash family of storage solutions for mainframe users. This solution will help to automate the movement of data to and fro from the cloud In February 2017, M-Files acquired StreamDesign, a consulting and information management service provider. This acquisition has helped M-Files to expand its business footprint in France. Moreover, the company has expanded its service portfolio to serve its customer in a better way.
Enterprise Content Management Software in Energy and Utilities
OnBase by Hyland is a recognized market leader in the enterprise content management (ECM) segment. OnBase manages enterprise content throughout the information lifecycle—from inception until archival and destruction.
OnBase pricing starts at $25,000 as a one-time payment.
OnBase pricing varies depending on the needs of the client organization. Users can create an RFP to gauge the type of ECM solution that their organization needs and the price of implementing that solution.
No information is available regarding free version or free trial for OnBase by Hyland. According to third-party sources, the company does not offer a free version or free trial.
Objective ECM empowers their clients with the ECM they need. Their solutions allow users to have greater flexibility. With Objective ECM, they are able it harnesses the power of their existing resources as well as tweak them to make them easier to work with. Objective’s ECM solutions are designed to keep the user in mind, which means it is easy to get started with this software.
With Business Computer Design Inc, businesses can manage their content efficiently. Their excellent service makes it easier for a company to succeed, deploy or archive their business content. With their services, users can easily find what they are looking for by searching for specific keywords or phrases. Hence, there is no delay in receiving the exact documents whenever a user needs them. By managing content efficiently, Business Computer Design Inc’s software helps organizations improve their efficiency and productivity.
With Fabasoft Folio, you can improve your business practices. Fabasoft’s Enterprise Content Management Software ensures that you can not only manage your content efficiently but also improve workflow and collaboration. With its unique business process management processes, an organizations efficiency can be improved. It helps in streamlining workflow so that users receive and send out relevant information to relevant parties, thus improving productivity. With Fabasoft Folio, it is not only easy to manage current content, but also to archive material as well.
Systemware Inc. helps its clients grow with the optimum business strategy. They provide all-inclusive content management software that allows users to be able to access their content at any time and from anywhere. Whether it is a legacy content or a third-party content, with Systemware’s Content Management Software, users can integrate their content repository. Systemware helps in make managing content an automatic process and reduces manual steps to organize content as far as possible. With Systemware’s services, it is easier to take control of your essential content.
DocStar ECM offers a better, faster and smarter tool for decision making. It stores paper documents and any native file type safely and securely in the system. DocStar ECM solutions integrate smoothly with existing software applications, making it easy to capture, store, and retrieve documents and content, anytime, on any device. It provides greater flexibility by getting installed on any servers or in the cloud.
Digitech PaperVision Enterprise helps to reduce inefficiency in paper-management processes. In paper-heavy teams such as the accounting section, the liability due to inefficient management poses a risk to the entire organization. Hence, Digitech PaperVision Enterprise helps to improve an organization's documentation organization and management. They help the organization turn their operations paperless painlessly and efficiently.
While dealing with each bit of information gets sent into this confusing plus rigid filing structure, it resides in its own silo. By sending the various team members via email or hard copy is critical to managing. Managing this tangle of information is an important aspect of each project, in addition to actually overseeing the work. Critical information, like amendments to drawings and other key updates, is Blueprint ECM has developed and deployed a solution that allows the clients to easily manage their projects and immediately surface all of the relevant content. Seamless project team collaboration and document transmittal keeps internal team members and external partners, vendors and trades in the loop and working from a common set of information at all times. And because Blueprint’s framework is built on the SharePoint Online platform, the additional overhead cost can be handled gracefully.