It’s important to understand the non-financial benefits of such systems to achieve broader organisational goals such as improved collaboration and communication, breaking down silos and thinking digital first.
But, if you’ve been involved in the selection and purchase of technology solutions within your organisation, you’ll be very aware that the conversations often begin and end with financial justification – what monetary return will the company see on its investment?
Working out ROI is not an easy task. The financial benefit of a new system must be clearly recognisable but in order to demonstrate success, you first need to build a business case with proven costs of a process or workflow before and after a technology implementation.
A study by BAE Systems discovered that 80% of employees waste an average of half an hour per day retrieving information, while 60% are spending an hour or more duplicating the work of others.
So, taking these stats and applying these to a hypothetical scenario: If you have 100 employees handling documents daily and their average wage is £10 per hour, that’s £8,000 a month wasted on retrieving information and an extra £12,000 spent duplicating work.
If you offset these costs against the implementation of a future-proof DM system, and set yourself specific KPIs for the project, such as reducing the amount of time spent searching for information by 70%, you’ll soon be able to work out the savings for your business.
What’s more, by storing documents electronically you’ll also be able to estimate the savings you’ll make in terms of physical document storage expenses such as filing supplies and accessing off-site storage facilities etc.
At ClearPeople, we work with our clients to help them realise the ROI an efficient DM system can bring their business. As award-winning Document Management specialists, we can help you collaborate more efficiently and have recently rolled out document management systems with Vodafone, Segro and Shoosmiths, the latter taking home Project of the Year at the Document Manager Awards in 2015.
If you would like to look at enhancing efficiencies within your organisation and maximising your return on investment, we’d be happy to arrange a business based consulting workshop with our Document Management consultants to determine the right solution for you.
Call us today on 0203 376 9500 to speak to one of our Consultants.