If you’ve been considering a document management system such as The Paper Tiger Document Management and Filing System software, you may be wondering what kind of return on investment (ROI) you can expect. When you implement The Paper Tiger document management filing system, you can expect to quickly see a reduction in a variety of your company’s costs.
These expenses include specific hard dollar amounts saved by a reduction in the number of lost documents and files that must be recreated, as well as the extended time spent locating them; and reduced labor costs and wages involved in creating, maintaining, managing and retrieving documents and files.
In addition, there are countless soft dollar costs that offer tangible savings. These include such increased efficiency and employee productivity, improved decision making because the tools (files and documents) required to make those decisions are more readily available, and even the ability to get your products to market quicker because of your increased office efficiency.
Add to these benefits, the reduction in stress and frustration associated with lost or misplaced files, and the interruption of the work day when overfilled filing cabinets require unplanned reorganization in order to make room for necessary folders, and you begin to recognize tangible savings almost immediately.
While you’re the only one who can determine the true dollar value associated with accelerating the time to market for your products or services, we can offer some work flow considerations that will assist you in calculating the ROI for your business and individual situation.
Going beyond basic document management or work flow reduction by combining a more efficient document management system with greater flexibility that offers increased employee morale will allow you to raise your ROI even more.
The level of efficiency and stress in the workplace have a dramatic effect on employee productivity, and subsequently on ROI. Be sure to factor them in when comparing the cost of The Paper Tiger Document Management and Filing System software against other solutions.
In addition, you’ll want to include every hard dollar and soft dollar cost, such as the aforementioned employee morale, physical location of files, supplies and equipment needed, labor involved, ease of retrieval, and similar considerations.
Consider these potential expenses in order to calculate your ROI:
• How many company employees require access to files or documents, or are involved with managing the filing system in your office?
• What is the average annual salary of each of those employees?
• How much estimated time does each of those employees spend searching for files or documents every month?
• How many confidential files and documents are mishandled due to unauthorized access?
It’s estimated that most companies waste over half of every dollar spent handling records due to lack of efficiency and duplication of efforts.
• How much estimated time do each of your employees spend every month duplicating or reprinting files or documents for easier access with colleagues and supervisors rather than storing them in a central office filing location for easy retrieval?
These figures will help you calculate the labor and employee hours associated with managing your company’s document management and filing system.
Now consider the cost of duplication of lost files and documents:
Over seven percent of all documents a company produces are estimated to be lost, and approximately three percent of the remaining documents are typically misfiled. This requires an average company to spend over 25 hours for each file that must be recreated due to lost or misplaced documents!
• How much estimated time does each employee spend recreating or reproducing lost documents every month?
• How much does your company spend every month on paper, file folders, file labels and other materials needed strictly for recreating or reproducing lost documents?
• How much additional money is spent to run copiers, printers and fax machines, as well as the added maintenance, ink and toner on all of this equipment, strictly to recreate or reproduce lost documents?
• How much is spent on telephones and faxes required to replace those lost or misplaced documents?
• What about postage, shipping, envelopes and other mailing supplies, as well as labor associated with handling files specifically duplicated and replaced because of loss or misfiling?
In addition, there are other costs to consider depending on the document management system chosen, such as:
• Additional file cabinets and storage space needed to keep files in alphabetical order, or to store bulky disks along with original documents.
• Labor required to reorganize and redistribute files as file cabinets fill.
In Search of Answers: Enterprise Search and the High Performance Business by Accenture Information Management Services reports that workers can reduce their time spent searching for needed information and recreating lost documents by 15 to 30 percent using a more efficient document management system.
There are many costs associated with traditional document management systems, but thankfully, there is a solution to help alleviate and reduce many of these costs and increase a company’s ROI exponentially.
The Paper Tiger Document Management and Filing System software is one of the most efficient and cost-effective document management systems available; and it can save your company thousands of dollars when you implement this efficient, easy-to-use indexing filing system for your company’s document management needs.
Download your free trial now and see for yourself!
Tags: document management software, document management system, filing software, paper filing systems, The Paper Tiger filing - "finding" system
This website article gave me a full load of ideas, cheers for posting
Marjory,
Thank you for your feedback. We are glad that this was helpful to you.
Thanks again!
The Paper Tiger Team