Every business in the modern world wrestles with the dilemma of storing documents. With the increased use of digital storage, many business owners think that physical document storage is at a high risk of becoming obsolete.
Many businesses aspire to operate in a paper-free way. However, the reality is that it’s not an option for many industries. Physical and electronic document self storage solutions coexist in perfect accord to serve every business demand.
Here is a breakdown of the pros and cons of both physical and digital business storage to help you decide on a combination or method that works best for you.
Why Physical Storage Can Be a Perfect Option
Contracts are, in most cases, signed by hand. Vital information is printed and workers prefer working with paper than staring at electronic devices’ backlit. Translators and proof-readers know that checking for factual and grammatical mistakes is far more straightforward in hard copy compared to online.
In many industries, the advantages of using paper documents simply come down to two main things:
- Legal Requirements
- Consistency
In industries like real estate, medicine, law enforcement, and law, physical documents, including medical records, handwritten notes, lab reports, leasing agreements, court records, contracts, and case files, can be lawfully necessary to store and use for a given period.
In terms of consistency, physical documents in many businesses are useful since they utilise existing systems that function efficiently. The cost of upgrading or changing them is higher compared to that of continuing their use.
Additional Benefits of Physical Storage Solutions
Physical storage requires less time to arrange. Business storage solutions provide storage boxes that organisations can use to arrange and differentiate their documents. You can decide to go with self-storage solutions or partner with service providers who have state-of-the-art facilities.
Each storage box is assigned a barcode to help track its contents during transportation and whenever the documents are required. Your business may need more time to organise and scan documents.
Sensitive information needs higher levels of authenticity. Digital copies cannot provide this authenticity. For example, original VAT sales or purchase invoices offer undeniable proof of some transactions or terms. You need to have hard copies of sensitive information for at least the past six years.
If you feel that this will take up huge amounts of space, use external business storage solutions. Apart from storage space, another disadvantage is limited access. However, the use of external storage solutions can solve this issue.
Digital Storage of Business Documents
Digital storage includes numerous forms, from databases and emails to hard drives and servers. This form of storage is usually managed through specialised applications or software to facilitate secure storage, efficient management, and quick access.
Advantages
- Reduces the need for physical filing cabinets
- Easy accessibility
- Security and backup
- Improved document organisation
Disadvantages
- Upfront investment in a digital storage or records management system can be massive
- Software glitches or hardware failures can render sensitive information inaccessible
Digital or Physical? Which Way Should You Go?
Various factors determine the right choice for your business. They include personnel, budget, and industry. Both of these options have cons and pros that impact compliance and efficiency. If storage space for physical documents is a problem, you can partner with one of the leading document storage solutions.
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