Return on Investment ROI

A strong scanning ROI will always make the decision to buy or implement a new business process much easier. Making a good analysis can be difficult and misleading if not done correctly. The hardest part about figuring out your imaging ROI is simply knowing all the costs and benefits.

A cost justification comparing your current costs against the new systems costs viewed over a specific time will reveal if your investment presents a positive or negative return. The costs outlined below should help you determine what your costs may be regarding your current paper process. Once you have those numbers you will need to figure out the numbers for implementing an imaging system and for outsourcing the whole project.

Paper and/or Data Entry costs

• Salaries paid to employees to locate paper documents
• Salaries paid to employees to locate lost paper documents
• Document warehousing for archival purposes
• The cost of regenerating a lost paper document (As high $200)
• Disaster Recovery
• Office space to house paper
• Filing cabinets
• Customer Service
• Data Entry
• Couriers
• Growth Rate - Can you handle the paper you might have two years from now

Costs

• Per page scanning price
• Search and Retrieval Software
• System training
• Image storage
• Destruction or Archival of original paper

We offer an all inclusive per image scanning price or a detailed itemized cost per service. When getting quoted make sure the following costs are included as they are all necessary in the process.

• Single seat search and retrieval software
• Document preparation
• Scanning
• Scanning Resolution
• Quality control
• Scanning
• Indexing (Data Entry)
• Double Keying
• Release into a database or ASCII text file with image files
• Destruction of original paper
• Pick-up and delivery

Benefits of a document imaging and scanning system

• Disaster Recovery
• Better Customer service
• Reduced data entry
• Increased productivity
• Labor reductions
• Remote work capabilities
• Ability to share documents
• Cost saving on file cabinets and off-site storage

Benefits of a document imaging outsourcing

• Disaster Recovery
• Better Customer service
• Reduced data entry
• Increased productivity
• Labor reductions
• Remote work capabilities
• Ability to share documents
• Cost saving on file cabinets and off-site storage
• Avoid purchasing expensive hardware and software
• No new systems implementation or training
• No new employees to manage and operate an imaging system

Pay back Period

Pay back period is the time it takes for an initial investment in a particular system to pay for itself. If an imaging system cost $100,000 dollars and the system saved the company $35,000 per year the pay back period would be 3 years. Other aspects of cost justification to consider are Internal Rate of Return (IRR) and Net Present Value (NPR.)

A Cost Benefit Analysis pits the costs of a proposed system versus the benefits it provides. When putting together a CBA you should get as detailed, and accurate as possible. Compare all the numbers and make your decision. After you have all the data you can safely figure out your ROI.

Scanning and document management system cost

Typical scanning project cost to outsource