Madrid, February 16, 2023 – In order to understand the concept of Enterprise Output Management (EOM), it is first necessary to understand the fundamentals behind it: Enterprise Information Management (EIM). This pair of acronyms is an old acquaintance of companies and encompasses both the information of the company itself, its employees, suppliers and customers, and the resulting documents produced from this information.
In other words, when we talk about taking Enterprise Information Management to the highest level, we mean turning big data into value through Enterprise Output Management.
Let us start by explaining what information is: it is accurate data collected at the right time; specific and organized for a purpose; presented within a context that gives it meaning and relevance; and it can improve contextual knowledge and reduce uncertainty.
Information determines operations and decisions, and links three binomials: people and actions, decisions and data, and processes and systems. In other words, information is the “glue” of today’s companies.
Enterprise Information Management is the ability to leverage information across the enterprise in (near) real time based on reliable data. This facilitates operations, improves decisions and enables strategy.
Enterprise Information Management consists of three key elements:
- Data management: it is about producing, processing, cleaning, enriching, and propagating data, laying a solid base of reliable data.
- Performance management: it consists of improving performance and undertaking actions, increasing the speed and quality of decisions.
- Advanced analytics: provides business intelligence and generates business opportunities from data.
Therefore, we can safely say that EIM means generating value by converting data into information on which to act. That is the output of companies. And we must know how to manage this output.
This Document Output can be invoices, emails, newsletters, or orders. They are all equally important, as the timely delivery of these documents is vital for the business. Receiving a payment on time or purchasing essential material for the running of the company depends on them.
Enterprise Output Management improves the way documents are generated and delivered from other company systems, e.g., ERP. This is not a trivial issue since forms and document management can account for up to 15% of a company’s total revenues.
Enterprise Output Management systems offer the opportunity to replace most traditional paper-based systems by providing electronically distributed information where and when it is needed, and in the right format, adding and removing fields, incorporating logos, changing fonts, and integrating signatures and barcodes.
They also help customize documents according to each customer’s requirements and allow printing on any type of printer supported by Windows. They also automatically create a wide range of documents, from faxes, emails, PDFs and Word documents to Excel spreadsheets, XML files, and dynamic HTML web pages. This is greatly beneficial for users, since they receive the information when they need it and can view and archive documents automatically.
However, Enterprise Output Management systems are not without their challenges. To begin with, there are five technologies that have led to a veritable explosion of new data that can serve as raw material for business output. The Internet, mobile phones, social media, the cloud, and the Internet of Things (IoT) have changed the technological ecosystem and generated a quantity of data that is difficult to manage: personal, geographic, social, transactional, contextual, behavioral, etc.
On the other hand, not all company employees possess the information management skills needed to use information effectively for decision making. Therefore,it is essential to equip staff with Enterprise Output Management software that helps them ask the right questions, select the right data, and generate relevant, customized documents.
It is a matter of evolving the business model to realize the ideal vision: to manage reliable information in real time, 100% integrated across business processes. To achieve this, it is necessary to go through three phases:
1 – Improve operations: Higher quality information improves business processes and decisions and allows monitoring performance through key business outputs such as smart dashboards and relevant KPIs. The output generated by higher quality data enhances the reports received by the board of directors and helps them make better decisions.
2 – Provide comprehensive information: The goal should be to use and showcase all the company’s information, not just part of it. The operating model includes an information ecosystem and value chain that integrates people, processes, IT systems and data.
When an information and output management system is implemented, it enables the use of big data and provides an end-to-end and customizable view of the information, which is stored in a single repository. This allows optimizing processes and capturing new business opportunities related to marketing, one-to-one segmentation, and value chain optimization with external data.
3 – Real-time operation:Strategy, decision making, and operations are undergoing radical changes and considerable acceleration due to uncertainty. The economic environment is more volatile, and this requires real-time response to competition and adaptive business models.
Next-generation Enterprise Output Management systems make it possible to deal with the current business environment, manage the enormous amount of information that companies handle, and give it a meaningful form by generating automatic and customized outputs that are decisive both for business decision making and for communication and collaboration with customers.
About DocPath
DocPath is a leading enterprise document software company that offers its international customers the technology that allows them to complement their ERP and implement advanced Document Output Management, Customer Communications Management and document software pooling processes.
Founded in 1993, DocPath is based in Europe, USA and Latin America and is present with its Solutions in companies around the world. Among its customers there are prestigious banks and top-tier corporations, facilitating the difficult and complex task of designing, generating and distributing their business-critical documents. DocPath keeps a strong commitment to R+D+i, an area to which it allocates a large part of its revenues, and in which lies one of the keys to its success.
For more information, visit: www.docpath.com.
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