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Cost Benefit Analysis Required
August 01, 2014

Cost Benefit Analysis Required

Stephen Govoni | TrustRadius Reviewer
Score 2 out of 10
Vetted Review
Verified User

Software Version

Laserfiche Avante

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.
  • 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.
  • 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.
If you are considering implementing the service, you will want to strongly consider the value of the benefits versus cost. Laserfiche is likely most effective in larger organizations where document storage and retention is cluttered and difficult to manage. If you have a larger number of users and you want to restrict access levels to certain individuals, you will most likely see value. Consider if your organization has staff available to manage the process and software, as it is not a set it and forget it service and takes considerable time to implement.

Using Laserfiche

It is very unlikely that we would use Laserfiche again given our current size. If the firm were to expand to 50 or more employees with a larger compliance and supervisory group, it would be much more likely we would consider Laserfiche. It's also important to note, that in this day of mobile systems and cloud solutions, having a solution that could operate in the cloud while meeting regulatory requirements would be considerably more attractive.