As the COVID-19 pandemic continues to wreak havoc on global markets, companies have been forced to unlock the power of information, become more connected and intelligent via artificial intelligence and automation to drive engagement with employees and customers.
Indeed, Enterprise Information Management (EIM) solutions are proving to be extremely valuable in the new norm, ensuring the optimal use of data within an enterprise. The solutions promote improved security, increased efficiency, improved data quality, and integration of information.
Using its proprietary technology intelligence platform, HG Insights can reveal global investment in EIM solutions is $21.5bn: AMER (North, Central, South America and the Caribbean) 8.4bn; EMEA (Europe, Middle-East and Africa) $5.1bn; APAC (Asia Pacific) 8bn.
Biggest Spenders by Industry
The five biggest spenders by industry are: Banking and Financial Services ($4.5bn); Public Administration ($3.1bn); Professional, Scientific and Technical Services ($2.4bn); Insurance ($2.3bn); Computer and Electronic Product Manufacturing ($1.5bn). Investing with EIM vendors has enabled many companies within these industries to transform into digital, data-driven businesses.
EIM Delivers Competitive Advantage
Six key components combine to deliver successful EIM: Enterprise Content Management (ECM); Customer Experience Management (CEM); Business Process Management (BPM); B2B Integration; Data Analytics; and Discovery Tools. Although each of these components can be used individually, it is only when combined that the real power of EIM as an end-to-end solution is realized. Companies are using EIM software to make themselves more competitive, delivering an information advantage, like the way ERP (Enterprise Resource Planning) delivers a process advantage. Information stored by businesses such as invoices, purchase orders, employee records and communication transcripts are all important insights that deliver competitive advantage.
Granular insights of the top 1000 companies investing in EIM solutions through the Coronavirus crisis are available now from HG Insights. Book a demo today to see which companies are showing the strongest spending trends and which vendors and products they are investing with: