It is a known fact by now that Document Management Solutions can simplify the process of document management and enhance organisational processes. However, implementing this idea can be a daunting task. Taking stock of all your documents, digitizing the physical copies and moving to the electronic platform is indeed a Herculean task. This is when DMS experts come to your rescue. All you need to do is outsource document management to them and stop worrying about the technicalities of the transition. Whether it’s setting up storage facilities or avoiding risky errors, outsourcing document management to a trustworthy and professional DMS service provider is definitely the right choice to make. Do you still want to give it a second thought? Let us help you to take the right decision. Listing down the 6 reasons why you should outsource document management. Continue reading 6 Reasons to Outsource Document Management Right Now!
Many customers who see potential in using document management solutions often find themselves puzzled while making the choice between cloud-based or in-premises installation. While making this crucial choice, you need to familiarize yourself with the differences between the two, along with their pros and cons. Once you acquaint yourself with your options for installation, you can make a choice that suits your organization best. Here are 7 important factors for consideration that will help you decide between cloud-based or in-premise document management solution.
1. Type Of Organization Continue reading What’s Ideal? In-Premise DMS or Cloud-based DMS?
Estimate current document handling and storage costs. To find out how much is currently spent on a monthly basis to handle paper documents, list down the following: number of employees who handle paper documents, their average hourly salary, and time spent by each employee retrieving documents, making copies, recreating existing information, and faxing documents each day.
Estimate also the number of paper copies generated each day (pages), cost per copy (paper, toner, ink); amount spent on physical offsite storage per month, hours spent accessing this offsite storage and amount spent on filing supplies; as well as the amount spent on overnight delivery services and postage per month, or the number of faxes sent per day.
This exercise would give you a rough estimate of the labor, copying, storage and distribution cost of a paper-based office. You would be surprised at the staggering cost this exercise on a daily, weekly or monthly basis.
Estimate the impact of a document management system on your operations. For each cost item you identified in Step 1, estimate how much of a reduction can be expected as a result of implementing ECM. It would be helpful to forecast a best-case and a worst-case scenario. For example, reducing time spent filing documents by 75 percent could be the best-case scenario, while a 50 reduction may be a worst-case scenario.
Multiply the savings (percentages) by your initial cost factors. This provides a best- and worst-case scenario of the monthly savings that your unit will realize as a result of more efficient content management.
Estimate the costs associated with ECM. The costs of software, licensing, hardware (and maybe employee training) must be factored in. However, they will vary significantly from department to department or from organization to organization, especially in the area of conversion expenses (i.e. document imaging required to convert paper documents into digital files).
Calculate ROI. The return on investment should be the net annualized document handling savings divided by the total ECM costs, as a percentage. Using best- and worst-case scenarios should enable you to arrive at a high and low estimate for the ROI.