Apart from the major benefits of keeping documents electronically in an EDM system - such as space, speed of access, security, in built disaster recovery- cost is an area that is a factor in considering the best route for information storage.
There are obviously up front costs related to the implementation of a Document Management system – the software, server storage, licences, and possibly scanning hardware – but even these costs can now be financed which have tax advantages and the cost can be spread.
However, every client needs to be able to carry out some form of cost analysis, especially in the challenging trading conditions we find ourselves in. And evaluating the relevant factors – both hard and soft – is not always easy.
But you can carry out a basic analysis taking account of most of the areas that need consideration, and the link below will take you to a spreadsheet that will enable you to input your own dynamics in order to give you a basis of comparison.
The spreadsheet has some standard costs in place already, but you can change these to suit your specific business, to come up with a cost comparison. If you are looking at an EDM implementation, you will no doubt have to present a business case and this formula should help.
This covers ‘hard’ factors, but the ‘soft’ benefits need consideration as well.
With a structured EDM system you cut out the misfiling of information, and have disaster recovery inbuilt (a key item in formulating any Business Continuity plan), but most importantly the key benefits will be getting more productivity out of current staff. They will be able to do more as they spend less time looking for information (research studies indicate the average executive spends the equivalent of 4 weeks a year in trying to locate information they need).
And with a structured approach to information, training of new staff is easier and ensures the correct standards for information retention are applied across the whole organisation. All of these factors should also be considered, as being more efficient is key to running a successful business.
And with the increasing call for organisations to be ‘greener’, using an EDM system will also dramatically reduce the paper output of any organisation. Because with IPC’s mstore solution all items produced and received in an electronic format are filed direct into the system. – no paper is needed.
For more information contact our Document Management experts on 08081 45 46 47.