Outsourcing is a strategy that businesses use to focus on their core company objectives. For file storage, an off-site digital document storage solution is usually an excellent option for most companies. For one, it is a tedious task too great for a single department and, as your business grows, your paperwork grows with it. Here are some of the advantages of outsourcing your document storage and the disadvantages of an in-house document storage solution.
Advantages of an outsourced digital document storage solution
According to Aiim, a global community of information professionals: "Some signs that your business should look into outsourcing include a high volume of transactions, complex process requirements, and/or dynamic growth." It makes sense to outsource if your company is under immense pressure to reduce costs, as documents will be easier to find. This also has a positive impact on revenue when information is processed faster, enabling employees to respond to customer requests on time.
The risk of sensitive information being leaked is increased when older documents are left unattended somewhere. If you have information stored in a facility, you need peace of mind knowing that your documents are safe. The right provider facilitates an unbroken chain of control throughout your documents' life cycle, from creation to disposal, so you can enjoy the ease of access to documents even under a secure online system.
Effective document inventory
If your employees each have their own way of filing documents, it creates several filing methods. This means your company will find it harder to produce an effective inventory of documentation, which leads to time wastage searching for misplaced files. Using an outsourced system ensures an organised document structure and will improve your document retrieval time.
Outsourcing with a document management provider for services such as document storage, shredding, and imagery frees up your business's processes – allows you to focus on the more important aspects of your business. You'll also save money by eliminating costs associated with physical storage, paper, and stationery. Using an outsourced provider means you can free up your employees' work time to increase productivity and maintain your bottom line.
Disadvantages of in-house document storage
One of the disadvantages of using an in-house document storage facility is the added fire risk. Paper ignites easily so keeping excessive volumes of documents in the office that serve no immediate need is an unnecessary risk. Other disadvantages are:
Paper is an unstable material that needs to be stored in specific conditions to ensure its preservation, which can prove difficult if regulations demand records to be kept longer than five years. Over time, your documents could fade or dampen from moisture.
Having to search for paperwork
We all want quick access to information. The challenge with filed documents is that you can't gain access to documents quickly, reducing your employees' ability to make business decisions on the draw, costing your company a significant amount of time and money.
Opting for an electronic document management system will alleviate all problems associated with physical document storage. Meniko offers a wide variety of services and products to help you better manage your documents suited for your specific business needs.