Document storage could be an expensive endeavor, particularly if you have a larger business archive. On-site storage can be quite costly with upfront fees and hardware costs reaching up to $6,500. The cost of document storage goes down when you opt for a digital solution but you will still have to pick the right one for your business.
It’s possible for you to control the cost of document storage by opting for a number of clever adjustments. Here are some of the best ways to reduce expenses and improve document management without breaking the bank.
Opt for a Scalable Solution
The cost of document storage is very easy to control when you opt for a scalable document management solution. Contemporary digital document management options offer businesses a lot of flexibility. You pay solely for the services that you use. What’s even better is the fact that the document management software will grow with your business.
There’s no need to spend money on complex document storage and archiving that you don’t really need. This is especially true for onsite and paper-based document archives. The cost of maintaining those can be reduced significantly when you go digital.
Reduce Copying and Printing Costs by Going Digital
A paper-based archive isn’t just expensive because of the storage space you’ll require. There will be additional printing and maintenance costs that can be reduced through the selection of a cloud-based document management option.
Printing and copying lead to a lot of waste in the average office. Statistics suggest that printing is the third highest operational expense. Only rent and payroll come ahead of it. A typical employee will print 10,000 sheets per year, which adds up to a cost of 725 per person!
Going digital will reduce the number of sheets printed and the number of copies made. While you can’t get rid of the office printer and copier, these will be used less frequently. The operational cost will go down and so will the cost of document storage.
Deal with Inefficiencies
Even if you need to keep an onsite document archive, you can still reduce the cost by overcoming some of the most common inefficiencies. High-density shelving is a simple possibility for reducing the amount of space needed to host your archive. It’s also a good idea to purge duplicates and come up with a policy for archive updating.
You need a systemic approach towards document storage to make it better and cheaper. Many businesses are guilty of storing documents they don’t need, which adds up to the cost of maintaining an archive. Start by identifying documents the businesses no longer needs. Destroy these in the right way to protect sensitive data and minimize the archive.
Outsource Some of the Process
The cost of document storage can be brought down by outsourcing some of it. Legal and regulatory requirements make it difficult for businesses to keep an impeccable archive on premises. Needless to say, going digital is the most cost-efficient solution. If you’d still like to keep some important documents, you may want to consider outsourcing the management process.
By outsourcing document management, you will once again be paying solely for the services you need. In addition, you’ll free up both office space and human resources. When they aren’t burdened with addressing regulatory compliance, your workers will potentially become much more efficient.
There are modern, affordable document storage options that you should consider. Take a look at several possibilities and assess their characteristics side by side. Spending some time on identifying the service you need will give you both practicality and cost-efficiency.