Factors to Consider When Calculating ROI
When building the business case for a document management project there are several important benefits that don’t necessarily carry a financially measurable advantage. The following list of “soft” benefits should be carefully considered as some, such as regulatory compliance or disaster recovery, may be so crucial to your operation that they provide a great deal of justification for the project. If a monetary value can be associated with the items below it should be added to the calculation.
- Regulatory compliance
In many cases, implementing a document management system may be more of a requirement than a choice if your industry is bound by strenuous information regulations. Failing to properly secure personal information or improper record keeping can lead to sever fines or even legal action. A document management system is an invaluable tool to keep your organization from failing in its legal requirements. Moreover, a document management system can ensure that, if you are facing a legal case, you can provide documents for disclosure purposes in a timely manner.
- Communication and collaboration
With a document management system in place your team will be able to easily collaborate on documents, share ideas, and enjoy a central repository of documents which can ensure that only the current and approved documents are in circulation. Moreover, documents will be available either in the office or remotely from any web-enabled computer.
- Project management
Having better access to information can shorten cycle times for projects and improve teamwork. Employees can collaborate on documents while ensuring they are working from the correct version.
- Security and access control
Digitization of information allows a greater degree of control and monitoring of access to sensitive information. With the MaxxVault document management system in place, files are more secure. Documents are restricted based on the users’ security level and if a user searches for a document to which they are restricted – even if they have the correct search criteria – the document is not returned. As well, with digital documents they are never left unsecured on a desk or in someone’s briefcase outside the office. Moreover, MaxxVault tracks the activity history for every user and every document so that your auditors can catch problems or security breaches.
- Business Continuity
Documents and the information they contain are the life-blood of your organization. Losing all your data could mean the end of your business. Computer archives, unlike paper, can cheaply, easily and regularly backed up and sent to off-site locations for extra protection from possible disaster. As well, digitized data allows for faster search and retrieval and is much harder to misplace.
- Consolidation of information
A central information repository makes it easier to access information, reduces error rates and eliminates the need for multiple copies. It also facilitates easier version control, and better serves employees and clients because all information is in one place.
- Reduced carbon footprint
These days, organizations and individuals are looking to do business with socially responsible companies. Getting ahead of the green curve doesn’t just make marketing sense but can also position your company for eventual environmental legislation. The amount of paper wasted by an enterprise can be significantly reduced when using digital documents instead of paper. This not only saves on excessive cost, it also optimizes workflow.
- Customer Service
With easy and quick access to documents, your customer service team can provide instant answers to customer inquiries. There is no need to call customers back while documents are retrieved, even if the transaction in question is years old. Should a customer need a replacement copy of a document, it can be sent instantly via email or fax. Moreover, documents can also be made available directly to customers via self-service web portal. Providing fast and efficient customer service makes customers happy, builds their confidence in your organization and puts the shine on your reputation.