Cost Benefit Analysis Required
Overall Satisfaction with Laserfiche
Laserfiche was useful in document retention and access across our broker/dealer platform. By using Laserfiche, we were able to connect the back office with our reps in the field as well as their assistants. This allowed us to more efficiently distribute and share information, while meeting our industry requirements for document retention. In addition to efficiency, Laserfiche also allowed our firm to use hierarchy to restrict access on certain documentation and provide global access for compliance supervision.
Pros
- The software is very easy to use, it feels very familiar to the way users typically use Windows and other OS's.
- Sharing access across the organization while limiting access to key individuals is extremely easy to setup.
Cons
- The software is very expensive to implement.
- Time and resources required to roll out the service are also very extensive
- The version we implemented relied on servers and equipment within the home office, it would be a more effective tool if it was built as a cloud SAS offering, with backup on our local servers.
- Increase employee efficiency
- Improved supervision within the organization and compliance group
- Reduced redundancy in document retention
Our firm decided to revert to a homegrown document storage system. While there is significantly reduced functionality, the cost savings were enormous. If our backoffice was larger than 40 employees there would be a much greater benefit in using the Laserfiche system. I do not have experience with other document storage systems that are not SAS. Amazon Web Services is extremely easy to use but has a completely different benefit and feature set and would not meet the Financial Services industry document retention requirements.
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