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Can You Cost Justify a Document Imaging System?

By: Randy Van Ittersum & Erin Spalding, CDIA+ Instructor

This is the final session of our 5-Day Mini-Course on document imaging technology. We hope that you have found this information both informative and useful. At the end of the session, we would appreciate any feedback you would like to share with us. We will even give you a very useful document imaging questionnaire that we developed to help you organize your project and establish clear objectives so that you can experience a smooth implementation process.

Finally, if you are interested in learning more about our document imaging software, please contact us by phone at 616-847-5055 or complete the form on our contact page: http://www.disusa.com/contact.php

Is it Economical to Purchase a Document Imaging System?

Every organization seeks the benefits a document imaging system provides:

  • Increased productivity


  • Improved customer service


  • Reduced costs


  • Better business decisions


  • Improved employee moral


  • Disaster protection


However, most businesses never consider purchasing a system, even in light of the time-proven positive impact a document imaging system can have on organizations. The reason for this anomaly is that the people charged with the responsibility to gather the information and evaluate the different systems can only answer the second of two questions:

  1. Should we purchase a document imaging system?


  2. Which one?


So why have you not installed a system in your office? For many businesses, it is because they have not performed a cost-justification analysis and seen for themselves just how cost effective it is to have a document imaging system.

The following graph is a sample illustration of the cost-benefit ratio of a document imaging system; clearly there is substantial economic value to be gained by implementing a system.

  • This chart illustrates that an investment of $25,995 will result in a return of $375,000 over a 5-year period.


  • The estimated IRR on this investment is 288%.


  • The payback period is 4-months.


  • In this scenario, for every $1.00 invested the document imaging system will return $14.42.

If your CEO Knew the Facts

Your CEO and CFO will need you to answer these questions to be in a position to make a decision.
For example, your CEO or CFO needs the following questions answered:

  1. How much capital will it cost?


  2. What other financial and non-financial resources could this risk possibly affect?


  3. What is the internal rate of return?


  4. What is the lifetime value?


  5. What is the time-to-value: how long will it take to realize the promised value?


  6. What's being compromised during this time?


  7. What do I risk losing during the conversion or ramp-up period?


  8. What lag time will I have as my operation goes "live"?


  9. What impacts, financial or otherwise, will I experience elsewhere in my operation?


  10. Who has to be taught what?


  11. What can be done to eliminate the risks involved with the inevitable "learning curve" associated with doing something in a new way?


  12. What are the soft values with implementing a document imaging system?


Only by answering these questions and preparing a cost justification analysis will you be able to answer the question: Which document imaging system is right for your organization?

Get A Cost Justification Analysis

If you would like a customized cost justification analysis specific to your organization, please contact us and a representative will contact you. Contact Us

Conclusion

We hope that you have found this material helpful and informative. We wish you the best in your quest for the right document imaging system for your organization. If you would like to learn more about our document imaging software, please contact us at 888-855-7699 or on our website at Contact Us.

Warmest regards,
Randy Van Ittersum &
Erin Spalding, CDIA+ Instructor

P.S. Check out our new healthcare product called LifeKey. LifeKey allows you to carry your medical records with you at all times on a USB Flash drive. It uses the first universal electronic medical record that can be viewed from virtually every computer in the world without the need for proprietary software or hardware. If you know someone with a serious medical condition, please share this information with them. It could save their life.

For more information go to http://www.mylifekey.com

 

 
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