The document discusses the three major phases of information management:
1) The first wave ("monolith") involved centralizing all documents and content in a single repository, creating the first data silos.
2) The second wave ("unification") recognized that unstructured content constitutes parts of a greater whole and should be connected.
3) The third wave ("integration") seamlessly integrates purpose-built information management capabilities directly into the user interfaces of various business applications like Office 365, Salesforce, and SAP to further simplify information retrieval. This provides an additional layer of context through the business application user interface.