By Avi Rafalson, CEO of DOConvert

In the evolving landscape of Intelligent Document Processing (IDP), businesses often face a critical decision: Should we build our own IDP solution, or buy an existing one? This choice can significantly impact operational efficiency, costs, and long-term scalability. Let’s break down the factors to consider for both approaches and explain why buying might be the best choice for most businesses.

Buying an IDP Solution

Pros:

1. Quick Implementation: Buying a ready-made solution is like buying a car off the lot. It’s ready to go as soon as you need it, so you can start using it immediately without a long wait.
2. Proven Technology: When you buy a solution, you’re getting a product already tested and used by other businesses. This can give you confidence that it will work as expected.
3. Support and Updates: Purchased solutions often come with the benefit of vendor support. This means you’ll get help with setup, troubleshooting, and regular updates to keep your system running smoothly.
4. Cost-Effective: While there’s still a cost involved, buying a solution usually requires a lower initial investment compared to building one. Plus, subscription or licensing fees are often predictable and easier to budget for.
5. No-Code Interface: With solutions like DOConvert, you get an intuitive, no-code interface, making it easier for your team to adopt and use without needing extensive technical expertise.

Cons:

1. Limited Customization: Off-the-shelf solutions are designed to meet the needs of many businesses, which means they might not fit your specific requirements perfectly. You may need to adjust your processes to work with the software.
2. Dependency on Vendor: When you buy a solution, you rely on the vendor for updates and support. If the vendor decides to discontinue the product or change their service terms, it could affect your operations.
3. Integration Challenges: Integrating a purchased solution with your existing systems can sometimes be tricky. You might need to do some extra work to make sure everything works together smoothly.

Building Your IDP Solution

Pros:

1. Customization: Building your own IDP solution means you can customize it to fit your business exactly as needed.
2. Control: You maintain complete control over the development process and future updates.
3. Flexibility: Adapt the solution quickly to any changes in your business processes or requirements.

Cons:

1. High Initial Costs: Custom solutions require a significant upfront investment. You need to budget for hiring developers, purchasing technology, and possibly training your staff.
2. Maintenance Burden: Once your system is up and running, you’ll need to keep it that way. This means regular updates, bug fixes, and possibly adding new features as your needs evolve.
3. Resource Intensive: Building a custom solution isn’t a one-person job. You’ll need a team of developers, IT staff, and subject matter experts dedicated to this project.
4. Longer Time to Market: Developing a custom solution can take a long time. If you need a solution quickly, waiting months or even years for your system to be ready might not be feasible.

Key Considerations for Your Decision

1. Budget: Look at your financial capacity. Can you afford the upfront costs of building, or do you need to stick with the more predictable expenses of buying?
2. Timeframe: How quickly do you need a solution? If you needed it yesterday, buying might be your best bet. If you have the time, the building could be worth the wait.
3. Internal Resources: Do you have the in-house expertise to build and maintain a custom solution? If not, buying might save you a lot of headaches.
4. Long-Term Goals: Think about where you want your business to be in the future. Will a custom solution help you get there, or will a bought solution provide the flexibility you need?

Case Study: Real-World Insights

Let’s take a look at some real-world examples. Plasson, a global leader in innovative products, chose to buy our IDP solution. They needed a quick, reliable system to streamline their document processes, and the ready-made solution fit their needs perfectly. Similarly, Seaway Logistics decided to buy an IDP solution and integrate it into their workflows. This decision allowed them to enhance their document management processes without the extensive time and resource investment required to build a custom solution.

The Big Question

Choosing between building or buying an IDP solution is a significant decision that depends on your specific needs, resources, and goals. By understanding the pros and cons of each approach, you can make an informed choice that will benefit your business in the long run. However, for most businesses, the advantages of buying a proven, ready-to-use solution like DOConvert often outweigh the benefits of building a custom solution from scratch.