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Document Management Efficiencies and ROI

Document messBy the time a potential client contacts Information Edge to consult on a document management project, they’ve realized that the inefficiencies, frustrations and costs of poorly or unorganized information are truly detrimental to the firm’s bottom line and ability to thrive in a competitive business environment.

It’s important to think about both the financial and non-financial benefits of document management. Staff in many organizations feel the stress of not being able to find documents or having to recreate documents when information or strategic knowledge cannot be found and reused.

BAE Systems conducted a study that discovered that 80% of employees waste an average of half an hour per day retrieving information, while 60% are spending an hour or more duplicating the work of others. (Source: “Show me the Money, Measuring the Return on KM” Knowledge Management)

IDC has estimated that the typical enterprise with 1,000 knowledge workers wastes $2.5 million to $3.5 million per year searching for nonexistent information, failing to find existing information, or recreating information that can’t be found. (Source: IDC)

How does an organization measure ROI potential, including what to measure and how to quantify that in actual dollars? There are many ROI calculators out there and they will aid in beginning to understand what to measure and how to measure it.

How much could your organization save in terms of $$ and staff frustration if you instituted a document management program?

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