Document management is no longer simply a matter of tidy desktops and robust filing systems. It directly impacts productivity, client service, and the overall effectiveness of your operations. As more and more RIAs and financial advisors like you depend on digital workflows and remote work, the importance of a reliable document management solution becomes undeniable.
SharePoint and Egnyte are two popular options in the market, each with its own strengths and unique features. In this article, we will compare these two document management solutions to help you determine which one is better suited to your RIA or financial advisory firm’s specific needs.
SharePoint vs. Egnyte: A brief overview
SharePoint is Microsoft’s collaboration and document management platform. It offers a range of features such as document storage, version control, workflow management, and team collaboration. SharePoint is often used as an intranet portal for businesses of all sizes, and it is highly customizable and integrates seamlessly with other Microsoft products.
On the other hand, Egnyte is a file storage and sharing platform that focuses on security and compliance. It comes with features such as remote access, file encryption, and audit trails to ensure the protection of sensitive data. Egnyte is popular among businesses in highly regulated industries, including finance and healthcare, for its strong security measures.
Head-to-head comparison: Features, security, and pricing
Let’s take a closer look at how SharePoint and Egnyte stack up against each other in terms of collaboration, customization, security, user experience, integration, and cost.
Collaboration features
| SharePoint |
| SharePoint excels in its ability to blend seamlessly with other Microsoft services, resulting in a unified ecosystem. It facilitates collaboration through features such as document coauthoring, version history, and robust integration with Microsoft Teams. In addition, the platform offers a variety of communication tools and workflows that streamline team interactions and project management. |
| Egnyte |
| Egnyte doesn’t shy away from collaboration. It offers secure file sharing, revision tracking, and commenting, fostering team-wide communication. The platform’s notable feature is its independent collaboration ecosystem that thrives on allowing users to decide who sees what and what they can do with a document. |
| Verdict |
| When it comes to collaboration, SharePoint’s tight-knit relationship with its sister tools gives it a slight edge for those entrenched in the Microsoft ecosystem. Egnyte, meanwhile, provides a platform-agnostic approach that might suit those with varied tool sets across their workforce. |
Customization and extensibility
| SharePoint |
| SharePoint’s strength lies in its flexibility and scalability. You can craft custom sites and create your own workflows and applications using SharePoint Framework or Power Platform. This level of customization lends itself well to adapting workflows and processes specific to your firm’s needs. |
| Egnyte |
| Egnyte offers a range of customization options as well, but it might not match the depth of SharePoint. However, with Egnyte’s robust API and integration capabilities, you can still tailor the platform for a more personalized user experience and integration with third-party applications. |
| Verdict |
| If you desire an out-of-the-box experience with the potential for deeper customization, SharePoint is the clear winner. However, if you prefer a more intuitive and streamlined approach to customization, Egnyte might suit you better. |
Security and compliance
| SharePoint |
| With its integral position in the Microsoft suite, SharePoint benefits from a wealth of security layers. It boasts granular permissions, data loss prevention, and advanced encryption. Compliance features, including eDiscovery and record management, integrate natively into the SharePoint experience via the Security and Compliance Center. This setup efficiently deals with industry regulations surrounding sensitive financial data. |
| Egnyte |
| Egnyte holds its ground with robust security measures, including role-based access and military-grade encryption. Egnyte also offers compliance features such as customizable retention policies and full audit reporting to keep your financial data in line with industry standards. |
| Verdict |
| The platforms stand on an even keel in terms of security offerings. Your decision should depend on the depth of integration you need with compliance protocols and your existing technology stack. SharePoint excels in this context, whereas Egnyte might offer more general compliance tools. |
User interface and ease of use
| SharePoint |
| SharePoint’s interface is often the subject of user preference. Those familiar with the Microsoft ecosystem will find it intuitive, while new users may experience a learning curve, especially with its more advanced features. |
| Egnyte |
| Egnyte’s interface is generally lauded for its simplicity. It is user-friendly and often requires minimal onboarding and training, which can be a significant bonus when bringing on new staff or dealing with external partners. |
| Verdict |
| The best choice in this category depends heavily on your firm’s user base. Our professional experience at RIA WorkSpace tells us that while SharePoint may require initial user education, its capabilities often exceed those of more straightforward interfaces like Egnyte’s. |
Integration with the Microsoft ecosystem
| SharePoint |
| SharePoint’s tight integration with the Microsoft ecosystem is unrivaled. The platform plugs into your existing setup with seamless connections to Office 365 apps, Windows File Explorer, and other Microsoft applications. This holistic approach ensures that your team’s transition into SharePoint is as frictionless as possible. |
| Egnyte |
| Egnyte offers integrations with a variety of business applications but may not provide the same level of native experience as that of a Microsoft-oriented platform. It maintains bridges with Office Online while also partnering with industry players for a more comprehensive linked experience. |
| Verdict |
| For RIAs and financial advisors who breathe and live in the Microsoft ecosystem, SharePoint’s deep integrations offer a significant advantage. Egnyte, with its broader range of platform partnerships, might appeal to those less entrenched in a single vendor’s services. |
Cost
| SharePoint |
| SharePoint’s cost is entwined with the Microsoft 365 suite, offering different tiers and pricing based on your firm’s size and needs. The subscription models may offer a variety of additional services and applications that complement your document management requirements. |
| Egnyte |
| Egnyte offers flexible pricing models based on the number of users and storage requirements. Unlike SharePoint, which bundles services, Egnyte’s approach allows you to pay for what you use and scale as your operation grows. |
| Verdict |
| SharePoint’s bundled model might provide better value for money, especially if your RIA or financial advisory firm is already subscribed to Microsoft 365. Egnyte, however, offers a more modular approach that allows you to tailor your expenses more closely to usage patterns. |
Calculating the right investment
The choice between SharePoint and Egnyte ultimately hinges on your firm’s specific needs, existing infrastructure, and budget. Are you tied to one platform, or do you operate across several? Do your processes require a deep level of customization, or can you stick to more standard workflows? Do you have the capacity for employee training and onboarding, or do you need an intuitive interface that requires minimal instruction? These are all important factors to consider when calculating the right investment for your firm.
One thing is for certain: embracing the power of either SharePoint or Egnyte can be a game-changer for your RIA or financial advisory firm. By taking advantage of their capabilities, you can streamline your document management processes, enhance your team’s productivity, and achieve greater levels of compliance and security. With the right investment, you can take your firm to new heights in an increasingly competitive landscape.
Our experts at RIA WorkSpace can help you assess your needs and implement the right document management solution for you. Contact us today to learn more about our services and how we can support your RIA or financial advisory firm’s growth and success.