Key findings: Document management and storage services
This document management and storage services procurement research report offers actionable information on the newest sourcing strategies, the supplier cost structure, the potential procurement challenges and ways to mitigate them. This report is also aimed at assisting purchasers in identifying cost-saving opportunities while procuring document management and storage services.
The market for document management and storage services is mainly driven by the organizational need to streamline their data and to leverage a standardized approach to store sensitive data securely. This growing requirement is leading to an increasing adoption rate of these category-related technologies like flash storage systems and erasure coding systems. This is resulting in a substantial increase in the category spend momentum. However, this market is extremely dynamic, and its performance is subject to the newer technological strides being made. This poses as one of the critical procurement challenges faced by buyers and suppliers whose failure to track the trends results in a failed procurement organization strategy.
Read a free sample of this report to know the procurement challenges and some of the ways to address them.
Despite promises of growth across regions, increasing instances of the data security breach, lack of expert service providers, lack of proactive service during downtime are some of the factors which are repelling a majority of buyers from this category procurement. This market intelligence report has specifically addressed these critical procurement challenges which have helped some of the key players in this market. To help buyers procure document management and storage services at cost-effective rates, an analysis of the pricing outlook and supplier cost structure are offered in this report as well.
Insights offered in this document management and storage services sourcing and procurement report will help the buyers understand:
- Global spend potential for a period of 2018-2023
- Supplier cost breakup
- Supply market ecosystem
- Supply chain margins and key cost drivers
Analyze the global category spend for document management and storage services
Data privacy poses as one of the chief concerns in end-user industries such as healthcare and chemical which is driving the buyers to adopt the data protection as a service, which is a sub-segment of the category. This is exerting maximum impetus to the category spend growth rate. To widen the services portfolio, service providers are implementing cloud-based data storage services which will also serve as a significant growth driver during the forecast period. To know the category spend growth potential across the significant markets across the globe, download a free sample copy.
This document management and storage services sourcing and procurement report offers coverage of:
- Regional and global spend opportunities
- Spend dynamics on a global and regional level
- Category spend and spend growth potential
Optimize category spend for document management and storage services
Data security threat poses as one of the critical procurement challenges in this market. Instances of data security breaches are observed across organizations that result in loss of critical business information despite engaging robust digital document systems. Buyers must seek to team with service providers that offer tape vaulting services offsite that help secure critical business information.
This market intelligence report on document management and storage services also offers coverage of:
- Cost-saving opportunities
- Supply chain margins
- Technology-facilitated procurement metrics
- Supply market competitiveness and factors influencing buyer power
Assess category spend for the US region
Prevalence of stringent data privacy laws in the US is driving the demand for data protection service, a sub-segment of the category in the region. Service providers' expertise in hybrid cloud storage options and versatile digital document systems will also facilitate the category adoption rate in the US. However, the expense to procure a skilled workforce and the increasing compliance costs are apprehended to affect the category growth in this region.
Additional information offered in this document management and storage services sourcing and procurement report will help buyers analyze:
- Category spend in the US
- Supplier cost structure in the US
- Margins of suppliers and category cost drivers
Build strategies for effective supplier selection
As data security breach is the biggest challenge in the category management process, buyers must give paramount importance to the storage facility infrastructure of the service providers. Following are the parameters that buyers must consider while assessing service providers:
- Installation of fire suppression systems
- Availability of climate control systems
- Implementation of natural disaster contingencies
- Adoption of electronic indexing and inventory systems for easy document search and retrieval
This document management and storage services sourcing and procurement report identifies the significant costs incurred by suppliers and provides additional information on:
- Key supplier selection criteria
- Service level agreements and US supplier market ecosystem
- Total cost of ownership and category risks
Devise effective category management strategies for document management and storage services
In a market that is subject to the varying regulatory nuances, it is imperative for category managers to ensure that the service providers are adhering to laws such as BCBS 239, Sarbanes-Oxley Act, FACTA, and HIPAA to attain high-performance quality.
Key insights offered in this market intelligence report on document management and storage services will help the buyers identify:
- Category risks and strategies to mitigate them
- Major supplier and buyer KPIs
- Threat of new substitues and availability of new suppliers
Design strategies based on regional spend data
Factors like stringent data privacy laws, such as the Electronic Communications Privacy Act, the Computer Fraud and Abuse Act, and increasing adoption of IoT are driving the demand for data protection services, a sub-segment of the category, in North America. Availability of a large pool of document management and storage service providers and greater category adoption rate will pave the way for a faster category growth in North America. The growing demand for document management from the healthcare sector and focus on upgrading the existing systems at buyer’s facilities will propel the category spend momentum in APAC. The implementation of the Europe General Data Protection Regulation (GDPR) that states procedures for management and storage of records and provides guidelines on document destruction will compel buyers to invest more on the document management and storage services in Europe.
To estimate the regional spend potential, this document management and storage services procurement research report considers geographies such as:
- North America
- South America
Information on the top document management and storage services providers and major risks faced while procuring document management and storage services is offered in this market intelligence report. Download a free sample to access the report’s complete scope of coverage.
Key Features of this Procurement Research Report
Procurement Best Practices
Cost Saving Opportunities
Supplier Capability Matrix
Document Management and Storage Services - Category Spend Analysis
According to our new document management and storage services sourcing and procurement report, one of the key growth contributors for the global document management and storage services market is the increasing adoption of information governance systems. Information governance is gaining tremendous importance as organizations are using it as a strategic tool to quantify and categorize data. The growth of digital technology has led to information management in electronic forms that offer capabilities such as accessibility, secure access configuration, and social media integration.
Document Management and Storage Services – Procurement Best Practices
Buyers should engage with service providers that offer end-to-end services for the document lifecycle. These services handle the process from creation to secure destruction and ensure visibility over the lifecycle, easy maintenance of audit trails, and quick retrieval of documents when required.
Document Management and Storage Services - Procurement Challenges
Based on the analysis in this document management and storage services sourcing and procurement report, a major procurement pain point experienced by the buyers is the difficulty in managing unstructured data. This procurement market analysis report predicts that that buyers must engage with service providers who design tools for effective analysis, extraction, and storage and use big data analytics.