While implementing a document management solution can result in up-front costs, it does lead to long-term savings. In fact, a recent IDC study pinpoints the return on investment (ROI) of document management solution at less than one year, with a five-year ROI of 404%. Half of the organizations studied had payback within six months. In fact, a quality document management solution can deliver a rapid return on investment without overtaxing IT resources.
Document management solutions increase profitability by reducing costs and by increasing revenue. EDI Group, Ltd., estimates that implementing a document management solution results in a cost savings of $1-5 per document, while Gartner, Inc., estimates that a document management solution can reduce overall document-related costs by 40%. There are the benefits of reduced overhead, lower costs for both on-site and off-site storage, reduced costs of regulatory compliance and, often, the elimination of staff positions or reassignment of staff to more strategic positions.
Because a document management solution helps you better utilize your time, you generate more revenue. You spend more time meeting with clients and closing deals, offer the value-add of a quicker response time to customer queries and provide quality customer service which ultimately leads to more referrals.
Cut costs and increase revenue by:
- Lowering paper-handling costs.
- Cutting the filing, duplication and retrieval costs of off-site storage.
- Reducing organizational downtime in the case of a natural disaster.
- Simplifying business continuity planning.
- Using space currently needed for paper storage for more productive revenue-generating activities.
Overall, lower costs and increased revenue result in enhanced profitability and greater business value. The cost of implementing a document management solution is ultimately an investment in your future organizational success.