Independent Research Shows Customers Using M-Files Experience Over $5 Million in Benefits, Including Enhanced Compliance and Audit Processes, Increased Revenue, and Improved Client Experiences
AUSTIN, Texas – November 22, 2021 – M-Files Corporation, the intelligent information management company, today announced findings from newly published research revealing the cost savings and business benefits enabled by M-Files. The Total Economic ImpactTM of M-Files, a commissioned study conducted by Forrester Consulting on behalf of M-Files, determined that the M-Files metadata-driven document management platform can deliver nearly a 270% return on investment (ROI) over three years to midsize and enterprise customers. In addition, the November 2021 Forrester study concluded companies using M-Files accrue quantified benefits of over $5 million, consisting of better documentation and search functionalities, improved compliance and audit processes, and increased revenue. The research also found customers achieved $3.68 million in net present value (NPV) savings.
According to the study, “The M-Files metadata-driven document management platform allows content to be organized and processed based on what it is and does not depend on where it is stored or require a complex folder hierarchy structure. With this metadata structure, M-Files enables organizations to streamline and automate locating information, categorizing and indexing documents, assigning permissions, initiating workflows, and more… Prior to using M-Files, the interviewees’ organizations had legacy document and information management solutions, but still struggled with disorganized documentation, locating and exchanging documents, meeting high security and compliance standards, and instituting efficient documentation processes.”
The Forrester Total Economic Impact™ (TEI) study shows many quantifiable benefits achieved by companies using M-Files. Examples of these customer benefits include:
- Improved categorizing and indexing of documents, by 60%. With AI and automation features embedded at the core of the solution, M-Files automates the process of categorizing and indexing documents across departments to enable better client experiences.
- More efficient searching for documents and information by 40%. M-Files is built on a foundation entirely driven by metadata, so users don’t have to worry about where to find information because the right content is readily available in the context the user needs, when they need it.
- Enhanced compliance and audit processes, by up to 25%. M-Files provides enterprise-level security to safeguard the security and privacy of an organization’s and its customers’ data, with full audit trails for every document that reveals who has accessed the document, and what actions they took.
- Added revenue because of better documentation. M-Files provides users with a single source of truth to view all information needed to make informed business decisions that drive better business outcomes.
For the analysis, Forrester developed a composite organization based on data gathered from customer interviews to reflect the total economic impact that investing in M-Files technology could provide. The findings demonstrate that customers in the TEI study significantly improved search functionality, increased productivity, and enabled employees to collaborate on task-based work efficiently – all within a convenient, all-in-one platform. One customer noted, “with our previous document management system, you could store the same document six different times. It wasn’t as efficient as M-Files where you store once and have many, many different ways to find it.”
“The Forrester study highlights how our unique differentiation and metadata-driven approach provides our customers with greater functionality and usability, improved employee satisfaction and the ability to provide enhanced client experiences,” said Antti Nivala, founder and CEO, M-Files. “The TEI study found that customers achieved $3.68 million in net present value savings with M-Files, which they attributed to advanced workflows, automated processes, improved collaboration, and eliminated inefficiencies.”
To learn more about cost savings and business benefits enabled by M-Files, download the full Forrester Total Economic ImpactTM (TEI) of M-Files study.
In this age of 24/7 Client focus, it is easy for Practice Management to lose sight of the fundamentally important job of looking for internal systematic operating process bottlenecks.
In many cases hidden away in the business, there are functions that remain supported primarily by a mixture of seemingly permanent ‘temporary Shadow Systems” such as spreadsheets and shared drives, all supported by manually driven processes.
Quite often, due to budget prioritization, resource focus or simply not allocating “your own business review time”, opportunities to introduce robust, low-risk digital solutions to help improve productivity and bottom-line profitability are missed.
Typical questions that need to be asked include:
- Can we ensure our compliance and governance processes are adhered to?
- Are our data sources secure and controlled?
- Are we maximising the value of our data?
- Do our processes work seamlessly across the Practice and externally to our Clients?
- Can we guarantee that GDPR request can be answered?
- Am I sure that my KPI’s are based upon fact?
- How can we work smarter?
Many organizations do not have an accurate accounting of their own IT estate. How many and what types of servers? How many and what types of applications? How well utilized is the IT estate? Are there redundancies in application licenses and maintenance? How much of the estate is at the end of service life (EOSL)? Can the estate be consolidated based on newer infrastructure?
Regular analysis of the costs and performance of your legacy applications identifies the gaps, performance degradation, outages, and service interruptions that inevitably arise. The resulting analytics highlight areas that need to be modernized to improve the performance, availability, and support of your systems.
Importantly, the benefits of process optimization have a wider reach than just the business processes. The operational knowledge and experience needed to manage and oversee people-dependent processes tend to be concentrated in the heads of a few key individuals. This results in greater risk to the business.
Ironically, fewer people with complete knowledge of key processes, also complicate succession planning, making transitions prone to disruptions, relationships with partners strained, and general discontent within the organization.
Ultimately, a more structured, stress-free working environment that enables your teams to function effectively, enhances well-being, and can contribute to staff retention, will enhance productivity, increase customer satisfaction and contribute to greater profitability.
M-Files, the intelligent information management company, today announced the acquisition of Hubshare to bolster external content sharing and collaboration and deliver an improved digital client experience. Hubshare offers a secure digital workplace portal that enhances user and client engagement through collaborative working, secure file sharing, and project management.
Now part of the M-Files product portfolio, Hubshare provides a secure information exchange platform where companies can be forerunners in driving digitalization and improving the customer experience using branded, customizable client portals. The portals can be quickly and easily tailored to meet individual client needs which drive collaboration and productivity.
“The Hubshare acquisition helps us deliver a unique digital client experience and better serve knowledge worker industries such as Professional Services, where information sharing and external collaboration are critical requirements,” said Antti Nivala, founder, and CEO at M?Files. “Our integrated offering takes M?Files from the back office to the frontline of our customer’s business, helping provide a digital window for our customer’s clients as they drive digitization across the organizations they serve.”
Unlike typical file sync-based document portal solutions where information is copied from an enterprise content repository, M-Files now offers a secure and integrated solution for internal and external collaboration without data duplication. While the M-Files user experience is optimized for streamlining internal document management processes, the new Hubshare hub in M-Files provides key information such as documents, people, processes, discussions, and more to external users, such as clients, via a branded portal that is optimized for an improved external user experience. This helps strengthen customer satisfaction with a better and more compliant collaboration experience.
“Today, with the announcement of our acquisition, we celebrate our common vision and goal of making work smarter and collaboration more efficient for our clients,” said Nicholas Child, CEO, Hubshare. “Our combined offering will undoubtedly benefit organizations across the globe seeking a more secure and integrated solution for internal and external collaboration. We are delighted to be an integral part of the M-Files journey, delivering our digital client experience and collaborative workspace solution alongside the visionary M-Files intelligent information management platform.”
M-Files’ mission is to profoundly improve how companies do business in the digital, work-from-anywhere world. M-Files connects siloed systems, applications, and repositories and provides a full view of all relevant information across an organization. Delivering connected content and intelligent automation, M-Files increases the productivity of knowledge workers, ensures a seamless digital experience, enables business continuity, and reduces business risk.
About M-Files Corporation
M-Files’ AI-powered intelligent information management solution connects all documents and information, across every platform and repository, then analyzes them to place them in context. This makes it possible to serve up the right information to the right people right when they need it—and automate information-driven business processes—while maintaining complete control and compliance. Thousands of organizations in more than 100 countries (including NBC Universal, OMV, SAS Institute, and ThyssenKrupp) use M-Files to manage their business information and processes—and give their employees A Smarter Way to Work. For more information, visit www.m-files.com.
M-Files is a registered trademark of M-Files Corporation. All other registered trademarks belong to their respective owners.
Hubshare enhances user and client engagement through collaborative working, secure file-sharing, and project management. The solution provides an all-in-one, flexible, and customizable digital workspace that allows unlimited customer-specific portals, each one unique to each customer’s requirements. Hubshare helps its worldwide users boost their productivity and facilitate external and internal collaboration. Hubshare has offices in France and distributors in the UK, Hong Kong, Australia, and North America, and resellers in numerous other countries.
Social distancing measures taken by responsible employers have greatly increased the number of employees working remotely. Even in the midst of this crisis, some companies and their employees can enjoy the objective benefits of not having to waste time and money on long commutes. At the same time, plenty of businesses really didn’t have the structure in place to support a vast, full-time work-at-home workforce with the security of business processes they needed.
Remote Workforce Security Challenges During the Coronavirus Outbreak
Because employees or departments scrambled for ad-hoc solutions to remote working, they sometimes sacrificed robust security to get up and running as quickly as possible. Sadly, cybercriminals can also work from home or other remote locations, and many saw the rise in remote workers as an opportunity.
For example, one survey of security professionals found:
- A majority of security employees struggled to offer strong security solutions to remote employees.
- At the same time, almost half of the respondents reported seeing an increase in phishing attempts.
- Most of these corporate security pros had concerns about their ability to scale security, respond to abrupt environmental changes, and the difficultly of controlling employee use of unknown and untested software.
Five Best Security Practices for Remote Employees
With the increase in cyberthreats and the concerns of security professionals in mind, it’s a good idea to consider some best practices to help keep business systems free of threats and just as important, to ensure compliance with rules that govern privacy and security in different industries.
1. Two-Factor Authentication
With two-factor authentication, sometimes called 2FA, users have to finish their login with a code that gets sent to another device, typically a cell phone. It takes a few seconds longer to access the system, but it provides better protection against phishing attacks. One CTO found that this simple measure reduced security problems in his company by almost 40 percent.
2. Use Secure Connections
Obviously, most of these home workers will rely upon their home Wi-Fi connections. Without any other protections, your security will only be as good as whatever the employee’s home internet company, router, and password can provide. To boost security, you might have employees log in through a VPN or other method of encrypting communication between their home device and your corporate systems.
3. Endpoint Security and Monitoring
No matter how well you protect logins and communication, you still can’t always avoid the threat of malicious code entering your system. On your server end, you can employ software to block threats and monitor system usages.
Even though most threats may stem from accidental vulnerabilities, it’s impossible to ignore the rise of inside jobs as a source of risks. Not only will these systems provide a firewall against malicious software, they can also send automatic alerts for unusual data use and provide a clear audit trail just in case something does happen.
4. Develop and Create Clear Security Policies
Even before the coronavirus outbreak, companies grappled with security issues that stemmed from remote workers and the rising use of personal devices.
- In some cases, you may allow personal devices, so long as employees adhere to other security policies. For instance, you may require installation of approved security software and only let employees login to your network through your corporate VPN.
- In other cases, you may ask employees in sensitive areas to only use the laptops or other devices that you have issued to them and to only use them in approved ways. For example, you may restrict these company-issued devices to work and not allow employees to use them to watch videos or browse social sites.
In any case, it’s important to develop clear policies. In addition to communicating these rules, you should also ensure that employees understand why they’re important and that they can incur consequences for ignoring them.
5. Deploy Secure Information Systems
Deploying intelligent and robust document and data management systems may not take as much of an effort as you think it will. These systems come designed and built to offer robust security and rule-based access for both in-house and remote workers. They also provide audit trails and guarantee recoverability, so if something suspicious happens, it’s easy to trace the issue to its source and remediate it.
How M-Files Offers the Best Solution for Remote and In-House Employees
Companies that already employed a smart data management system like M-Files didn’t have to worry about an abrupt change from working in a corporate office to a home office.
- Access to documents could already have been set by role, so the people who needed information would have an easy time accessing it, according to their security levels. To others, that same information would be invisible. The right people could view, change, add, or delete information, and others would not even see it exists.
- With built-in encrypted access and simple rollbacks for recoveribility, M-Files also has already been certifed as an ISO-27001 Certified Provider. This standard meets the requirements for the most sensitive data and systems.
Besides security, the intelligent features of M-Files can help improve your business processes. To learn how M-Files can help protect your business, employees, and information, schedule a custom demo today.
Thanks to the onset of the global COVID-19 pandemic, more and more businesses find themselves in urgent need of a digital transformation to stay afloat. This includes both organizations who were previously interested in the idea but who didn’t think it would happen quite so quickly, along with those who never really gave it much thought at all.
Regardless, your IT department will play a crucial role in determining whether your own transformation is the success you need it to be or the failure you fear it might become. More specifically, there are six core IT department roles that will be instrumental in guiding your organization’s digital transformation.
By far, one of the most important contributors to the success of your digital transformation comes down to the cloud specialists you choose to surround yourself with.
Remember that these professionals are tasked with doing more than just managing the migration of information and services from one platform to another. They also need to be on hand to quickly troubleshoot any issues, to help team members navigate the cloud environment, and to help mitigate risk for your rapidly transforming organization. This is especially true during the COVID-19 era, where industries are constantly evolving in new and unexpected ways and businesses have to evolve just as quickly to stay ahead in increasingly uncertain times.
Another invaluable role during your digital transformation will be that of the system integrators. These IT professionals will need to customize the employee experience before, during, and after the digital transformation itself, carefully selecting the best combination of hardware, software, networking, and storage products to support your people and the important work they’re doing on a daily basis.
In a best-case scenario, systems integrators will be able to create a highly specialized experience that not only meets your business’ needs as they exist today, but that also makes sure your technology is finally aligned with your long-term business goals — which is a big part of what your digital transformation is supposed to accomplish, to begin with.
Any digital transformation always brings with it a certain degree of risk in terms of cybersecurity, which is why another one of the most important IT department roles that can mean the difference between success and failure will ultimately come down to your information security team.
As more and more information and activity happen within a cloud-based, “anytime/anywhere” infrastructure, security must become and remain a top priority no matter what. Information security specialists can not only help come up with a cybersecurity strategy that makes the most sense given your environment, but they can also monitor for any suspicious activity to help stop small problems today before they have a chance to become potentially catastrophic ones tomorrow.
Hidden inside the massive volumes of data that your business is creating on a daily basis is a treasure trove of insight that would have otherwise gone undiscovered. This is especially true during a digital transformation when you need access to current and high-value information to make the most informed decisions possible every day.
Data analysts help enormously to that end by retrieving, gathering, and analyzing data — all of which allows you to take a more organic data-driven approach to what you’re doing. Not only can they spot important patterns and better understand how certain activities impact your business, but they can also make smarter recommendations on how to improve your operations to help you reach your long-term goals more efficiently than ever.
The User Experience (UX)
User experience designers also have a crucial role to play in your digital transformation by capitalizing on opportunities to improve not only the accessibility of your system but its usability and interaction potential as well. In a larger sense, they’re tasked with providing all of your users with the best possible experience that they can — all so that your employees can spend less time trying to figure out how to get their technology to work and instead focus on putting that technology to work for them.
This is once again particularly important during COVID-19, given the fact that your online experience is essentially the only experience that you’re able to offer your employees for the foreseeable future. Therefore, user experience designers are critical to not only help make sure that your digital transformation goes off without a hitch but to do so in a way that also makes sure that your employees have access to everything they need to do their jobs every day.
Finally, we arrive at information management specialists, otherwise known as the hardworking men and women who are tasked with making sure that data is flowing freely across your organization at all times.
Especially when you’re talking about something as important as digital transformation, you cannot afford to deal with data silos at any point. If you’re not sure where information is or even what is important and what isn’t, it’s difficult to make sure that everything transitions from one system to another as securely and as smoothly as possible. Information management specialists can leverage solutions like M-Files to bring all of your data together, regardless of where it might be stored. An information management platform like M-Files will create a single data repository for all of your important files, regardless of whether they’re stored in the cloud, on personal drives, on network shares, or on something else entirely.
In the end, any digital transformation will always be a time-consuming and somewhat stressful process, but that is especially true during the COVID-19 era when more people are working remotely than ever. But by making sure that these six core IT department roles are filled before, during, and after the transition, you’ll have put your business in an excellent position to enjoy all of the benefits of this process with a few of the potential downsides as possible.
One of the most important things that business leaders need to realize is that outdated technology – especially a document management solution – isn’t just frustrating. It can literally be costing organizations money in more ways than one. In this article, we’ll discuss four benefits of a document management system.
The sheer volume of information that your average enterprise is creating on a daily basis is enormous — to the point where simply keeping track of it all can be an uphill battle. Without the right type of document management structure in place, your employees quickly become overwhelmed by your data, rather than using it to help move your business forward.
Luckily, the right document management system like M-Files can help relieve these issues in businesses in nearly every industry. In fact, a document management system will bring with it a number of distinct benefits and opportunities, all of which are worth a closer look.
The 4 Benefits of a Document Management System
Empowering Compliance Capabilities
Depending on the industry you’re operating in, it’s likely that your business has its fair share of compliance requirements to deal with. One of the major things that a lot of people don’t understand (until it’s far too late) is that if your technology isn’t compliant with regulations like ISO 9001 or ISO 13485, your business isn’t either.
Thankfully, this is one of the chief benefits that a document management system like M-Files brings to the table: they allow you to demonstrate regulatory compliance in an effective way, all while improving visibility into and control over your own information at the exact same time.
M-Files allows you to finally understand how data and business processes flow across your enterprise, allowing you to finally conduct a risk-based approach to quality processes. Plus, approval history and audit trails mean that documents are always highly traceable in a way that meets your security expectations, too.
Superior Document Security
Speaking of document security, a document management system excels to that end by offering a single repository to offer better protection to the critical information you’re creating on a daily basis. When your essential business information is stored across personal and enterprise cloud drives, local storage, network shares and in other spread-out locations, it’s difficult to simply know what is where let alone to protect it all.
By bringing everything together into a single source of information and knowledge, however, you make that information immediately less accessible to hackers and other malicious types of third parties.
Robust Search Facilities
Another issue with having your data so spread out ultimately involves how difficult it can be to find what you’re looking for. This is especially problematic given the sheer volume of documents that make their way through a business every day. If it takes your employees on average ten minutes to find the document that they’re looking for just so that they can START their work, that’s ten minutes that they weren’t doing anything meaningful to drive revenue for your organization. Multiply that opportunity cost by the total number of employees you have and the total number of documents they may need each day and you can begin to get an idea of just how severe this problem can be.
With a proper document management system, however, all of this goes away. It doesn’t matter WHERE something is stored at that point because so long as your employees know WHAT they’re looking for they’ll be able to find it. Likewise, with version control and similar features, you can always make sure that your people are retrieving the correct version of a document at all times.
Enhanced Collaboration Anytime, Anywhere
Finally, we arrive at the ways in which a document management system doesn’t just support internal collaboration but enhances it. The important work that your employees are doing for your clients isn’t created in a vacuum. Oftentimes successful projects are the result of the hard work of countless people, all working in tandem with one another to contribute something more effective than they could as individuals.
But when information is still trapped in data silos, it’s nearly impossible for this to happen because those documents aren’t getting into the hands of the people who need them. Without proper version control, collaboration becomes a disjointed and frustrating process. Three different people may need to review a document before it can be passed onto a client, but how can you be certain that they’re reviewing the same version of that document? If a change is made that eventually comes into question, how do you know who made it? How can you get all key stakeholders on the same page, let alone always moving in the same direction?
A high-quality document management system like M-Files eliminates these issues by providing a single source of information that all parties can access securely anywhere at any time. It doesn’t matter if your workforce will be operating out of home offices for the foreseeable future — they can all access the same versions of documents at the same time and contribute to the job that needs to be done.
This doesn’t just eliminate wasted resources — it promotes far better productivity and delivers more value to your customers as well.
If information is the foundation of your business, it’s safe to say that you need to make the effective management of that information one of your ongoing top priorities. That, in essence, is what a document management system is designed to do: it creates an opportunity to stop worrying about things like compliance, security, lost productivity and poor collaboration, all so that you can focus the maximum amount of your attention on running the most successful business that you can.