In life there are principles and laws of nature that we follow when we’re making big life or personal financial decisions. Before we head to the car dealership to buy a new car, we have most definitely spent time researching the car we like online, reading reviews and checking prices. By the time we arrive to make our final decision and purchase, we are confident that this decision is the right choice.
The same is true for every business decision or investment. There’s one important factor that needs to always be present: Whether or not that decision or investment is going to bring back a positive return on your investment and time spent. It's a fundamental principle that helps organizations with their decision-making. If you’re going to be making a large investment into your company, there needs to be a great reason for it — and it should always make your company better off than it was before while saving and/or making you money.
Enterprise Content Management (ECM) solutions has been one of the fastest growing areas in technology for several years. Many reasons — including compliance and regulatory pressures — continue to drive the importance of ECM along with its promise of a very high ROI. The return on investment on an ECM solution is usually realized within the first 12 to 18 months of deployment. A survey conducted by the Association for Information and Image Management (AIIM), a Silver Spring, MD-based ECM association, reveals that while cost reduction is still dominant in driving ECM decisions, compliance and payback are also top contending reasons.
Decision makers are focusing on very practical applications with clear payback. If the investment can't be justified quickly, it will most likely not get approved. A great way to determine if your organization would benefit from an ECM or document management solution is to have an ROI profile completed. This profile will tailor the ECM solution to your company's exact needs and requirements, and it’ll tell you your cost reductions, annual savings, and also your payback and return. If the ROI does not tell a good story, then maybe that solution isn’t the right fit for you. Most of the time the ROI profile will serve as a rude awakening on how expensive your paper-intensive manual business processes are and will make you say, "Why didn't we do this a long time ago?"
It’s important to explore ideas and to clarify the ECM ROI opportunity from a technology, business and change management perspective. Though ECM can be a complex topic, it doesn't have to be a painful process; it actually can be an easy, smooth transition if done correctly.
If you would like to get an ROI profile on your company or organization, or maybe just get some more information, please click this link to contact us!