{"id":46364,"date":"2021-12-16T03:09:00","date_gmt":"2021-12-16T08:09:00","guid":{"rendered":"http:\/\/blog.cybercon1.com\/?p=46364"},"modified":"2021-12-16T03:09:00","modified_gmt":"2021-12-16T08:09:00","slug":"making-the-case-for-a-document-management-system","status":"publish","type":"post","link":"https:\/\/blog.cyberconservices.com\/index.php\/2021\/12\/16\/making-the-case-for-a-document-management-system\/","title":{"rendered":"Making the case for a document management system"},"content":{"rendered":"\n

By\u00a0Mallory Hendry<\/a> – How do you calculate the return your firm will get from investing in a document management system (DMS)? Forgetting productivity gains for the moment (which is the source of soft ROI), \u201cto make financial sense in the here and now, partners must first make good, data-driven decisions with hard, objective numbers about the real cost savings that a DMS adoption can bring,\u201d says Peter Zver, Director of Tikit Americas, Advanced.<\/p>\n\n\n\n

\u201cAn ROI on time savings requires a conversion of time to dollars, and every managing partner has a different view of the formula for that conversion,\u201d Zver, author of a free\u00a0white paper<\/a>\u00a0on the subject, says. \u201cAn ROI based on assumptions, although valid to a degree is open to debate, especially when even small increments of time savings lead to disproportionally high\u00a0ROI. The hard ROI deals with actual cost reduction using factual evidence \u2014 expense line items on the P&L \u2014 and although the ROI is much lower, it\u2019s more credible and defendable.\u201d<\/p>\n\n\n\n

Advanced conducted a hard cost ROI exercise with several firms, and findings show that a mid-sized firm can save between US$400k and $600k over the first five years of DMS adoption. Just the exercise in surfacing costs tied to physical file storage and paper are costs often not reviewed and taken for granted, Zver notes the results, \u201c\u2026were quite eye opening and the opportunity in reducing these costs were quickly evident.\u201d<\/p>\n\n\n\n

Often, it\u2019s the administrator\/comptroller that puts forth a business case, and staying in the \u201chard cost\u201d zone with a focus on those savings \u2014 \u201cOften referred to as the ‘low hanging fruit\u2019 for the ROI,\u201d Zver adds \u2014 stays within the realm of their expertise and empowers them in defending\u00a0the case. Whether the calculation is based on hard cost savings or soft cost savings due to improved productivity, every firm should put together a business case for a DMS that takes ROI into account and should also address how a DMS contributes to improved client service delivery, compliance, security and employee well-being. But at the end of the day, there\u2019s an even more straightforward argument for its adoption. Reading On:<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"

By\u00a0Mallory Hendry – How do you calculate the return your firm will get from investing in a document management system (DMS)? Forgetting productivity gains for the moment (which is the source of soft ROI), \u201cto make financial sense in the …<\/span> Continue reading →<\/span><\/a><\/p>\n","protected":false},"author":1,"featured_media":46365,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"advanced_seo_description":"","jetpack_seo_html_title":"","jetpack_seo_noindex":false,"jetpack_seo_schema_type":"","_jetpack_newsletter_access":"","_jetpack_dont_email_post_to_subs":false,"_jetpack_newsletter_tier_id":0,"_jetpack_memberships_contains_paywalled_content":false,"_jetpack_feature_clip_id":0,"_jetpack_memberships_contains_paid_content":false,"footnotes":"","jetpack_publicize_message":"","jetpack_publicize_feature_enabled":true,"jetpack_social_post_already_shared":false,"jetpack_social_options":{"image_generator_settings":{"template":"highway","default_image_id":0,"font":"","enabled":false},"version":2},"jetpack_post_was_ever_published":false},"categories":[4],"tags":[163],"class_list":["post-46364","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-document-management","tag-document-management"],"jetpack_publicize_connections":[],"jetpack_featured_media_url":"","jetpack-related-posts":[{"id":61590,"url":"https:\/\/blog.cyberconservices.com\/index.php\/2022\/11\/02\/6-challenges-of-implementing-a-document-management-system-and-how-to-avoid-them\/","url_meta":{"origin":46364,"position":0},"title":"6 Challenges of Implementing a Document Management System \u2014 and How to Avoid Them","author":"Rick Backus","date":"November 2, 2022","format":false,"excerpt":"To me, number one is the real biggest issue. Too often as a buyer, we look at today and not enough into the future. This is where your consultant should come in. To help you ask those questions you are not thinking of and guide you to the right choices\u2026","rel":"","context":"In "DMS"","block_context":{"text":"DMS","link":"https:\/\/blog.cyberconservices.com\/index.php\/category\/dms\/"},"img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]},{"id":60335,"url":"https:\/\/blog.cyberconservices.com\/index.php\/2022\/10\/27\/netdocuments-acquires-worldox-document-management-solution\/","url_meta":{"origin":46364,"position":1},"title":"NetDocuments Acquires Worldox Document Management Solution","author":"Rick Backus","date":"October 27, 2022","format":false,"excerpt":"So whether you want to or not, eventually you will be moved to the NetDocuments cloud platform. 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That is assuming of course it is setup correctly. Sometimes, no so much so be aware.\u2026","rel":"","context":"In "Document Management"","block_context":{"text":"Document Management","link":"https:\/\/blog.cyberconservices.com\/index.php\/category\/document-management\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/cdn.pixabay.com\/photo\/2015\/01\/12\/17\/40\/padlock-597495__340.jpg?resize=350%2C200&ssl=1","width":350,"height":200,"srcset":"https:\/\/i0.wp.com\/cdn.pixabay.com\/photo\/2015\/01\/12\/17\/40\/padlock-597495__340.jpg?resize=350%2C200&ssl=1 1x, https:\/\/i0.wp.com\/cdn.pixabay.com\/photo\/2015\/01\/12\/17\/40\/padlock-597495__340.jpg?resize=525%2C300&ssl=1 1.5x"},"classes":[]},{"id":31344,"url":"https:\/\/blog.cyberconservices.com\/index.php\/2019\/02\/18\/legal-document-management-systems\/","url_meta":{"origin":46364,"position":3},"title":"\ufeffLegal Document Management Systems","author":"Rick Backus","date":"February 18, 2019","format":false,"excerpt":"By Christopher Zegers, CIO, Lowenstein Sandler LLP - Law and the legal language used to make agreements and settle disputes are verbose. 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