Years ago, a Top 100 firm wanted to replace their existing document management system. After evaluating the available options on the market, firm leaders decided none of the off-the-shelf solutions quite fit their needs. So why not build their own?
The firm invested over $1 million into building an internal document management system, and for the first few years, the investment paid off. After all, it was custom-built to the firm’s exact specifications. But as the years went on, the firm grew. Its needs changed, technology changed and client needs evolved as well. As a result, the homegrown solution became an albatross. Firm and IT leaders eventually determined that they would need to invest an additional $1 million to update the document management system to fit today’s needs.
From Top 100 firms to 20-person teams, firms regularly struggle with the decision to build or buy when it comes to software. Traditionally, firms built solutions because vendors were not addressing niche processes. However, that’s changed with the cloud, open APIs, and native integrations.
Affordable, integrated and scalable solutions to address just about any firm or client need are now widely available. And they’re helping firms grow without the cost of investing in mainframes, data inventories and data centers.
If you’re currently considering the build versus buy question, this white paper will help you think through the decision with a look at the collaboration needs of accounting firms and factors to consider.