The ROI of Going Paperless
Everyone wants to improve efficiency and get their work done in the most streamlined way possible. But before investing in new technology, a company has to understand how the solution will allow them to make their money back quickly and help them continue to save going forward. When it comes to document management software, there are many pieces that go into building a return on investment and it depends on how the solution will ultimately be used.
Let’s take for example a company who would like to use a paperless solution for the singular purpose of electronic document storage. They want to be able to easily access their documents from wherever they are, yet ensure security is in place. If we’re building the ROI in this case, we’ll take a look at how much they spend on paper supplies, copy machine and printer maintenance, toner and filing supplies. They will want to calculate any off-site storage fees and the cost of square-footage for filing cabinet space in the office. Additionally, it’s important to make note of how much time is spent filing paper documents and searching through files. When we start getting into streamlining workflow approval processes, there are some additional items to consider.
If an organization is routing documents to approvers in remote office locations by sending physical copies via FedEx or UPS, the ROI can easily be calculated by looking into how much is being spent on courier fees. The time savings also correlates with a cost savings, especially if those resources can be re-allocated or if the company can grow without adding headcount. If the time to approve a document is decreased by 30% or more, that means orders can be purchase or payments can be made much quicker. If you’re paying late fees or missing out on early-pay discounts, those issues will be eliminated.
Another cost savings to think about results from simplifying the auditing process. If you give an auditor access to the documents they need from their computer, they will be able to quickly review the information and get out of your way. Then you can get back to doing your job and you can expect a lower fee from the auditor.
If you go with a document management solution integrated to your accounting software, like doc-link by Altec, the cost and time savings will be significant. And we can help put together the calculations that make the most sense for you based on how you run your business. To see a product demonstration or learn more about going paperless at 2WTech.com