For all companies, investing goes hand in hand with return on investment, either in the short or long term. It is why when thinking about implementing a Document Management System (DMS), factors such as financial savings, gain of productivity, … must be wisely considered.
Calculating a ROI, what should you consider?
Calculating your Return On Investment (ROI) is about comparing the cost and the profit you could make of a solution for example the implementation of Open Bee’s collaborative platform. To calculate it, several elements have to be taken into account.
Paper-based and manual processing expenses are ruining your efficiency
Concerning time spent, the calculation of employees’ salary involved, and the equipment or supplies needed enables you to assess some costs reflecting your actual business processes. Whether it’s searching and finding documents, entering data, physical filing, or recreating content loss or misplaced, you’re be able to estimate those costs. Moreover, you can easily notice the gap before/after implementation if you compare those costs with your ROI calculation.
Get a benefits’ preview simply and instantly
The first results noticed are always those you can check on the bills, such as your expenses. There are several benefits like this you will so be able to measure. Fortunately, you will shortly after discovering they’re not coming alone.
Apart from a drastic reduction on costs, on an average of $1,450 of monthly savings, there are other tangible advantages that generally end by more savings. For instance, eliminating filing or capture mistakes first reduces the error ratio, but it also represents a huge time saving. Furthermore, if you are currently dedicating specific areas to physical archiving, you will be a winner on this side too.
Even if it’s quite easy to observe the boost of co-workers’ efficiency*, it also makes a difference on your company’s external image, which will be enhanced on both customers and suppliers’ sides. Improving external business relationships is always profitable for a company. But it’s not only about external: indeed potential new hires will be more attracted by an efficient company compared to others.
Benefiting from an electronic management also brings various assets: a secure solution, limiting the risk of losing relevant information, and content can be consulted/modified from anywhere, anytime.
With such advantages, the Return On Investment (ROI) of your digitalisation solution will surely be profitable! Make your simulation now to estimate savings you could generate by using Open Bee’s solutions thanks to our online calculator!
*Estimating an average increased productivity of 46%