Can Small Businesses Afford a Document Management System?

It is expected that small business have to go without some of the services that medium and large businesses enjoy. Often, whether you can have a special service it all comes down to the cost. When it comes to managing your documents, it is just as important for small businesses to have a document management system as it is for any other company.The risks you take by not implementing a document management system is far greater than you may expect. From document recovery to tracking, these systems provide numerous safeguards against common issues that all companies have to manage. Ultimately, the question is how can you afford not to have a document management system?

Comparing Costs

There are a lot of different document management systems available on the market, and many of the less costly ones are perfect for small businesses. The costlier solutions usually pop up first in a search, but by targeting smaller, more efficient solutions, you will have a number of choices that will ensure your documentation is safe.

Reviewing the Functionality

One of the primary reasons for the more expensive document management system is because it comes with a lot of features and functions that small businesses simply do not need. They are geared toward large companies who need to control many documents over several projects or divisions.

Take the time to figure out exactly what you need from your document management system so that you can focus on the functionality you need. This not only reduces the cost, it significantly simplifies the amount of time it takes to implement and learn.

Adjust the Budget

The implementation process is always the costliest part of using any kind of system, whether documentation, storage, or timecards. The key is to make sure you set aside enough money in your existing budget.

For documentation, the best way to determine how much money you have for the work is to determine how much you are currently spending trying to manage your documentation without it. This can be done by asking your employees to estimate time spending emailing, searching for, or coordinating documentation in the existing environment. You should also ask your IT personal about the amount of time they spent recovering or explaining issues about documentation.

Long-Term Benefits

The benefits of having a great system in place quickly proves why the system was worth it. Here are the ones that usually push a company to implement a new solution to documentation needs.

• Retrieval of documents is the number one reason most companies elect to implement a system. The amount of time spent searching for the latest version of a document can detract from productivity and increase the likelihood that the wrong file is used.  
• Document management systems also reduce the amount of storage space required to manage documents.
• Collaboration among teams and across the company is far easier with a system.
• Systems provide a much more secure environment.
• Having a backed up system means that you will have a much easier plan for backup and disaster recovery.
• For companies who are concerned with regulatory compliance, these systems provide a solution that governments and regulators can assess. This can be a considerable time saver during audits and onsite reviews.

It is becoming increasingly more difficult to manage a business of any size with a document system in place. As technology makes it easier to work from anywhere, it is the only solution that ensures documents are secure while giving teams the ability to collaborate.