|
Download etfile's ROI Calculator
Justifying the cost of a proposed
document management system can
be a daunting task. The cost justification process is a method
of gathering data from your current operational processes and
comparing that data against a proposed system’s processes and
costs, i.e., the paper process versus a potential document
management process.
There are basically two types of cost justification dollars –
hard dollar saving such as reduction in operating costs,
facility costs and possibly a reduction in personnel; and soft
dollar savings such as improved customer service, faster
internal communications and increased competitive advantage.
While hard dollar savings can be convincing because you can come
up with a system payback time, soft dollar savings are more
difficult to prove, however, how many angry customers can you
handle, you know that unhappy employees are not valuable to a
company and who doesn’t want a competitive advantage.
Below are some areas that you may consider for achieving savings
with a document management system:
-
Legal mandates and Regulatory compliance—Sarbanes- Oxley,
PIPEDA, HIPAA,
SEC
Rule 17, Bill 198
-
Off-site storage costs and retrievals for existing documents
-
Labor reductions possible or additional labor required in the
future
-
Disaster recovery
-
Employee retention
-
Remote work access capability—can employees be more efficient if
they can work at an off-site location periodically or
permanently?
-
Remote access to documents—do you have to FedEx, fax, and/or
courier documents to remote locations that could be accessed
online if available?
-
Reduced input typing via OCR and better accuracy
-
Lost documents (may cost as much as $150 to replace)
-
Misplaced documents—search (may cost as much as $75 to find)
-
File retrieval times for in-house files and archived files
-
Allows increased productivity around shared documents
-
Reduced printing, mailing, faxing, special delivery costs
-
Reduced storage costs from eliminating paper
-
Allows peripheral activities to be accomplished such as a
records management program that was not previously available
-
Sending
documents—fax, mail, courier
-
Document access and availability by customers over the Internet
(if available)
-
Customer service improvements and efficiencies such as allowing
customer access to documents
-
Overall document management costs for existing resources and
facilities
-
Cost of file cabinets and the real estate it takes up
-
Cost of printers and printing, paper, staples, folders, etc.
-
Value of workflow
-
Moving documents internally
-
Making better decisions more quickly
-
Improve/leverage existing legacy applications and processing by
integrating them with the document management system
-
Reduced litigation support
-
Improved security
Download the
etfile ROI calculator
For more
information on developing a return on investment for a document
management system or to learn more about etfile's
comprehensive electronic
document management or any of our other
products , please feel free to
contact us.
|
