Assessing Return On Investment (ROI) on Document Management Systems can help businesses plan their cost cutting better. There are 5 main points which help businesses to calculate their ROI:
Less paper costs
Starting to calculate the ROI through less paper is a great starting point which can result in a quite accurate picture. Paper-related costs can be calculated through the following expenses:
- Rent for offsite storage or taken space for the onsite storage
- Filing cabinets and folders
- Delivering documents to other employees across the company, clients, etc.
- Printing costs such as toner and ink
- Cost of buying paper
Reducing paper from the business is the most effective ROI which can be easily calculated. A filing cabinet would cost approximately 77 euro a month when taking into consideration the above.
Reducing searching time
IDC, an American market research, analysis and advisory firm, reported that workers spend up to 20% of their time searching and filing paper documents. Besides this, it is calculated that they waste over 10 hours a week searching for documents which they never find and therefore work on producing the lost document again.
A Document Management System helps to eliminate these types of expenses since employees can input more information when uploading or scanning a document, which result in less time when searching for the required document. In fact, documents can be instantly retrieved through a simple search.
Data is safer
Unfortunately, when keeping physical documents in a cabinet they can be easily destroyed through floods, fire or simply employees shredding or misplacing them by mistake. A Document Management System helps businesses to avoid these disasters since every document is in a repository which can be accessed from anywhere and every action on a document is audited. Deleted documents can also be retrieved if they fall within the respective retention period.
More time for work
As emphasised, a DMS reduces time when searching for a document. The reduction of searching time will result in more productive time to work. This helps a business to increase the working capacity which drives for potential growth through better results.
Besides the extra time, businesses will also gain from extra space which the filing cabinets used to take. All of that extra space could help the company to be more productive by increasing the number of workstations in the office.
These points should help you to work out the ROI on implementing a Document Management System and you could easily see that it is the right choice for your business. For more advantages regarding our Document Management System kindly visit: http://www.cabinet-edms.com/edms-features-and-functionality.