Return on Investment - Notes

Please note the list below is for example only and will vary depending on your organisation. This list is also by no means exhaustive and we welcome feedback from customers.

This example is based on 20 software users. Please contact us for savings applicable to you.

Retrieval Times
As a guide, perhaps assume each member of staff (based on 20 users) saves just an hour a week storing and retrieving documents, be they paper files, Word documents or emails etc. and based on a typical wage of £10 per hour, this alone equates to a saving of around £860 per month. Vastly improved retrieval times means employee time is maximised. This will be of great benefit in many areas, but from the outset, the instant retrieval of documents when requested will be considerably useful and time/hassle saving.

Telephone calls
Any item of company information saved into the system would be instantly available, security and privileges permitting, empowering the employee to instantly respond to the client/supplier etc. or internal request. If information is available on the desktop within seconds, an incoming call can be handled and closed 1st time and therefore the cost of returning that call once the information has been found, would be saved. Based on a conservative estimate of a potential saving equal to 20% of the quarterly telephone bill (based on average business telephone bill £100 per employee per quarter x 20 employees), this equates to a direct cost saving of £130 per month.

Reduced Filing Space/Cabinets
Existing files can be scanned and immediately located in seconds. Hard copies of documents will not need to be kept therefore current filling space requirements will disappear as will the cost of purchasing additional cabinets, dividers etc. This freed up space may have other, far more productive, uses for example to accommodate the staff expansion.

Filling cabinets are added each year, this will create a direct saving of approximately £300 per cabinet per year.

Credit Control
The accounts team will benefit by having instant access to relevant and accurate information when dealing with customers’ queries on any matter. Copies of the required information can be supplied by email or electronic fax whilst the customer/enquirer is on the phone – dramatically reducing delays. Assume the average outstanding total creditor balance is reduced by just 5% and calculate what this equates to in a saving per annum.

Printing/photocopying costs
Currently, many documents are photocopied or reprinted in order to be viewed or faxed etc. This cost, whilst not disappearing, will be dramatically reduced because documents can be viewed electronically, and by many people at once if necessary, thus negating the need for copies. Take a look at your existing photocopier and printing costs, including cost of cartridges, maintenance etc. Most companies experience a reduction of more than 50% of these costs, assume a conservative 25% reduction of printing/photocopying costs for the purpose of this exercise.

Improved Customer Service
Overall service levels will be improved dramatically due to instant response times when customer information is required. Productivity improvements will provide another angle to gain the competitive edge in the market. Any improvement in customer satisfaction may increase customer spend and assist retention and referral possibilities. This factor alone is the decisive one for many INVU customers.

Data Security
Once stored electronically, backed up and held off-site every item of company information is protected against disaster i.e. flood / fire damage. Companies have been forced to close down simply due to a loss of critical data. An efficient Document Management System ensures protection of business critical data. Also, with regard to security, files can be protected from any changes or have restricted access if required. A paper system can be potentially easy to look into by non-authorised personnel.

Efficient Electronic Document Storage/Retrieval
Any electronic file such as Word, Excel, PDF, PowerPoint etc. can be stored alongside scanned images. Therefore any file, regardless of whether it’s paper or electronic, can be located immediately across the network either by its index data or any word/phrase that is contained within the body of the document i.e. product number. In addition, the system will always locate the most up to date version of a document, unless previous versions are specifically requested… therefore ensuring staff are working on the correct information, reducing errors and improving service. The comprehensive audit trail of all document movements and actions will enable you to establish the status of any document at any point in time or even check to see if a document has been viewed by a particular individual.

Emails/Web Pages
Currently, emails are primarily stored locally on pc’s and others cannot easily interrogated important information when required. All or selected emails can be stored alongside other relevant paper or electronic documents if required. Employees are therefore using all information available when performing daily tasks. This is particularly useful if somebody is off ill unexpectedly or on holiday. As referred to above, the content of any company email can be searched across too for either a word or phrase – a very powerful search tool, impossible with the current system. Any web page or link can also easily be stored alongside other scanned/electronic documents – negating the need to print an important web page and then scan.

Management Information
New management information will become instantly available. It will be simple to search across using the index fields or keyword/phrase search - impossible with the current paper based system without many hours of labour. Company audits will also become a simple process. Analysing data in this way may also benefit in terms of offering marketing or accounts feedback.

Compliance
The process of scanning documents, storing electronically and destroying complies with the British Standards PD0008 guidelines and whole host of other governing bodies. Also, all invoices and accounting information can be scanned and destroyed, the Inland Revenue and Customs and Excise will accept scanned images instead of paper copies. Therefore paper copies do not need to be kept.

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