Initially looking to implement the document management system, we considered whether or not such an investment would ultimately improve our bottom line. We carefully considered the metrics associated with material and labor costs and where we would generate savings. Of course, there is the savings in cost of paper, printer ink and filing supplies, but there are additional costs associated with this. One must also consider the price of the filing cabinets, the physical space that is taken up by them, and any additional rental fees that can be attributed to storage, whether it is for additional square footage or offsite storage facilities.
Labor, the second area of savings, may not be as obvious and will not show immediate results as with the material savings; However, it is significant. When considering the cost associated with labor regarding filing the documents, transferring storage files, replacement of lost documents, and most significant, document search and retrieval time, the total savings is expected to surpass the cost of an average payroll for 2080 hours. That is the cost associated with paying one employee for an entire year.
A fantastic benefit that one cannot argue is the fact that this will greatly improve customer service. When a client calls there will be greater organization of records. No longer will there be a timely search for documents. You will be able to provide them with immediate results. Using the electronic document management, you essentially eliminate the chances of losing any documentation. Even if a document is indexed incorrectly, the options of being able to retrieve the record is still easily available since there are a multitude of variables in which the document will be archived. This will allow you to easily search documents in various ways, by clients, date, alphabetically, etc. In addition, document distribution within the office is also improved. Once the system has been implemented, multiple departments can recall and view the document at the same time, thus eliminating wait time and the need for a manual search, which will essentially allow you to provide results to your clients in a more timely fashion.
Comparatively, the benefits far outweighed the costs associated with implementing the new system, which is approximately the cost of one person’s salary for a year. Not only will our bottom line improve, but so will our customer service and overall efficiency. We are looking forward to making this change within the company. We are aware that there will be some obstacles to overcome while making the transition, and in an effort to minimize any hurdles, we are prepared to utilize the system gradually. Although we know we will run into some growing pains during the adjustment period, the entire company is eager and enthusiastic about the access and efficiency the system will offer.