Currently, document management is predominantly physical storage in extensive facilities. But as we move further into the digital revolution, document management software (DMS) is increasingly needed for companies of all sizes, so finding a suitable DMS for your requirements is imperative.
Most document management providers will offer comprehensive physical storage options, but the simpler digital files can be handled in-house with little difficulty. We want to bring to your attention our view of the six best DMS options that may lower your costs and prepare you for the future.
We will review the pros and cons of free and paid software available today with relevant comparisons.
Google Drive
Google Drive is one of the world’s largest, most well-known DMSs. As a company that prides itself on innovation, Google Drive sees regular updates and advancements, with the latest significant update released in September 2022 and monthly bug fixes thereafter.
Pros of using Google Drive
Pricing
Google Drive offers a free version with 15GB of storage. You also have the option to upgrade your storage capacity at low costs, starting at £1.59 per month for 100GB and up to £250 per month for 30TB. Upgrades are purchased through ‘Google One,’ so these payments offer additional benefits. For example, with the £7.99 (2TB) plan, you get 10% back in the Play Store, Google One VPN access, and more.
Security
Google Drive offers a high level of security for both the free and paid versions, including two-factor authentication and encryption of all your data in transit and at rest, with all data stored on the cloud.
Capabilities
There are numerous features, but the most noteworthy ones are the ability to share documents, spreadsheets, and presentations with single and multiple users, real-time editing and commenting, and the ease of organisation with its customising options.
Cons of using Google Drive
Compliance
Google Drive’s tools can comply with GDPR, but you may need to look elsewhere if your compliance needs exceed this (HIPAA, FINRA etc.).
Automation
You may find yourself doing repetitive tasks that you feel should be automated, such as workflow tasks (document approval, review, routing etc.). This can be very time-consuming, and there are other options out there that can offer more automation options.
Offline Access
As a cloud-based platform, users must have internet access to documents. There are some offline access options, but the functionality is limited to traditional desktop-based DMSs.
Microsoft SharePoint
Microsoft SharePoint is one of the largest competitors of Google Drive and offers various features for companies of all sizes.
Pros of using Microsoft Sharepoint
Version Control
SharePoint includes robust version control features, allowing users to track changes to their documents, view previous versions, and restore them if necessary. This feature gives you greater oversight of collaborative work and helps track and rectify errors easily.
Customisation
SharePoint offers extensive customisation options, which allow users to tailor the platform to their specific needs. Users can create custom lists, workflows, and forms and integrate SharePoint with other Microsoft tools like PowerApps and Power BI.
Security
To protect sensitive or confidential information, SharePoint provides advanced security features, such as data encryption, access controls, and compliance tools (retention schedules, disposition reviews and records archiving).
Cons of using Microsoft Sharepoint
Complexity
SharePoint is a complex platform that requires significant planning, configuration, and customisation to set up and maintain. This can be a challenge for companies with limited IT resources or expertise.
Cost
SharePoint can be costly, especially for organisations with many users or complex requirements. There may be additional costs for customisation, third-party integrations, and ongoing maintenance.
Although it is a ‘free DMS’, you must sign up for Office 365, which has a subscription fee. Additional storage beyond your allowance (1TB + 10GB per license, each license being a subscription to Office 365) will come at 15 pence per additional GB.
Integration
While SharePoint integrates seamlessly with other Microsoft products, it may not integrate as well with non-Microsoft tools or platforms. This can be a challenge for firms with diverse software environments.
Google Drive Vs Microsoft SharePoint
As the two ‘free’ options, it is worth comparing Google Drive and SharePoint to see which is more suitable for your business. It is worth noting that these platforms suit SMEs rather than large companies.
If you are a larger firm, look to the next section. [hyperlink with an anchor if we can]
Collaboration
Both Google Drive and SharePoint are designed for collaboration and allow multiple users to edit documents simultaneously. However, Google Drive may be better suited for real-time collaboration and co-authoring, while SharePoint may be better for more structured workflows and approvals.
Storage and access
Google Drive provides free cloud storage for up to 15 GB, while SharePoint provides more flexible storage options, including on-premises and cloud-based. Both platforms offer mobile access, but Google Drive may have an advantage regarding mobile apps due to its simplicity of use.
Security and Compliance
Both Google Drive and SharePoint provide advanced security features, but SharePoint has the edge regarding compliance with regulations such as GDPR and HIPAA.
Ease of use
Google Drive is more user-friendly and intuitive than SharePoint, which can be challenging to navigate for some users, especially if you have little Office 365 experience.
OpenText
OpenText is a leading provider of enterprise information management solutions and has been named a leader in the Gartner Magic Quadrant for Content Services Platforms for several years.
Pros of using OpenText
Scalability
OpenText’s architecture can handle large volumes of documents and support multiple users, making it suitable for large enterprises with thousands of employees and SMEs.
The scalability of OpenText is achieved through its modular design and flexible deployment options, allowing organisations to add or remove features as needed and deploy them on-premises, in the cloud, or in a hybrid environment.
Integration
OpenText integrates with other enterprise systems like SAP, Salesforce, and Microsoft SharePoint.
These integrations allow companies to manage their business processes in one place, reducing the need for manual data entry and improving efficiency. The integrations are achieved through its open architecture and APIs, which enable developers to build custom integrations and extend the platform’s functionality.
Security
OpenText includes advanced security features, such as document-level access controls, audit trails, encryption, and compliance management to ensure that sensitive documents are protected and comply with industry regulations.
Cons of using OpenText
Complexity
OpenText is a complex platform with many features and capabilities, making it a more challenging option to set up and manage. Organisations may need to invest significant resources in training and support to ensure their employees can use the platform effectively.
Pricing
OpenText is a premium product with a high price tag. There are four levels of pricing structure based on your needs, ranging from ‘Personal’ (free, one user, 2GB storage) to ‘Enterprise’ (unlimited storage, unlimited users). Exact prices are not disclosed on the OpenText site, as you need to speak to a professional to find the best option, but it is costly.
Resource Intensive
OpenText DMS requires significant resources to run effectively, including hardware, software, and IT staff. Smaller firms may not have the resources to support the platform, limiting its usefulness.
Laserfiche
Laserfiche helps companies automate and manage their document management processes, providing a centralised area for storing and organising documents. It offers two options, self-hosted and cloud-based.
Pros of using Laserfiche
Collaboration
Laserfiche provides tools for collaboration, including shared workspaces and team folders, enabling employees to work together and share knowledge effectively. This can improve communication and teamwork within an organisation.
Integration
Laserfiche integrates with other enterprise systems, such as Salesforce and Microsoft Office, enabling firms to manage their business processes in one place. This can improve efficiency and reduce errors associated with manual data entry.
Customisation
Laserfiche is highly customisable, enabling firms to tailor the platform to their needs. It offers custom metadata, workflows, integrations, and security, improving the platform’s effectiveness and ensuring it meets unique requirements.
Cons of using Laserfiche
Pricing
As another premium product, the pricing is high.
Laserfiche offers a demo for insight into how it works. Prices range from £500 to £800 per year for cloud and £450 to £700 for self-hosted (before its custom pricing plans).
Scalability
Some users have reported scalability issues with Laserfiche, particularly with large volumes of documents or users. This can result in slower processing times or the need for additional hardware or software.
Limited Support Outside of Windows
Laserfiche is primarily for Windows, so firms using other operating systems may see some limitations in its features and functionalities.
M-Files
M-Files uses a metadata-driven approach to organising and finding documents, allowing users to quickly locate and retrieve the necessary information. It is available as a cloud-based or on-premises solution and can integrate with various other software applications.
Pros of using M-Files
Centralised Location
M-Files provides a central location for storing all documents and other digital assets, regardless of where they were created or saved. This makes it easier for users to find and access the necessary information and ensures that documents are stored consistently and organised.
Document Workflows
Document workflows in M-Files automate and streamline business processes by defining tasks and activities that need completing for a specific document or set of documents. Workflows can be customised to fit the needs of a company and can include tasks such as approvals, reviews, and signoffs. By automating these tasks, M-Files can help reduce errors, improve consistency, and speed up the overall process.
Scalability
M-Files can be scaled to fit the needs of organisations of all sizes. The software has various customisation options and can be integrated with other applications to benefit workflow.
Cons of using M-Files
Data Migration
Migrating existing data from other systems to M-Files can be complex and time-consuming, particularly if the data has multiple formats or disparate systems. This can require additional time and resources to ensure a smooth transition.
Training and Support
While M-Files DMS provides training and support resources, some users may require additional assistance or support to understand the software and its capabilities thoroughly.
Offline Access
M-Files is accessible from anywhere with an internet connection, which can benefit remote workers or those who need to access documents while on the go. However, this also means that the software depends on internet connectivity, which can impact productivity if there are internet outages or disruptions.
OpenText Vs Laserfiche Vs M-Files
As the three systems specialising in document management, we have compared them to see which could be best for you and your company’s needs.
Pricing
OpenText, Laserfiche, and M-Files offer a range of pricing options based on the company’s specific needs. However, in general, OpenText is known to be the most expensive option, followed by Laserfiche, with M-Files being the most affordable. It’s important to note that pricing can vary depending on business size and the features required.
Usability
M-Files is known for its ease of use, user-friendly interface and simple navigation. Laserfiche and OpenText can be more complex and may require training. However, all three systems offer robust user interfaces and can be customised to fit the organisation’s specific needs.
Scalability
OpenText and Laserfiche are designed to be highly scalable and can meet complex requirements. On the other hand, M-Files is flexible and can be customised to fit the needs of SMEs, but it may have limitations for substantial companies.
There is no one size fits all DMS; it entirely depends on the context of your business and what your specific document management needs are. You can find a table of comparison for the main points of consideration when deciding on a DMS below.
While evaluating your digital document storage options, have you considered whether your physical archive storage works for you? Elless Solutions can help make things clearer.
We aren’t just another company trying to sell you a record management service; instead, we compare the market, renegotiate existing contracts and go above and beyond to ensure your record management experience is excellent.
If you are considering going with a record management provider or already have a contract and want more from it, contact us today to see how we can help.
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