5 Keys to Developing a Realistic Return on Investment Strategy

these days, everyone is trying to do more with less...

At FileSolve, part of our role as consultative problem-solvers includes helping our clients figure out ways to justify spending precious dollars that ultimately will improve the way they manage their operations. These days, everyone is trying to do more with less and making significant expenditures often requires many approvals and a solid Return on Investment (ROI) in order to move them forward.

Most business decisions are justified by impacting some or all of the following:

1. Decrease Risk ? Can the proposed solution decrease exposure to liability?
Example: Imaging your firm?s vital documents allows for disaster recovery and business continuity in the event of catastrophe.

2. Decrease Costs of Doing Business ? Can the proposed solution reduce the ever-increasing expenses of running your business?
Examples: Implementing updated storage and filing systems can reduce the amount of square footage and decrease time needed to retrieve and re-file materials by 30 ? 40%. Automating the process for paying vendor invoices in an optimal amount of time could help a company realize discounts if paying within a specified time period.

3. Increase Cash Flow ? Can the proposed solution help bring money in the door faster?
Example: Automating the entire invoicing process means invoices are issued in a more timely manner and payments are received faster versus manual methods.

4. Increase Customer Service ? Can the proposed solution help provide faster and more efficient service to customers ? internal and external?
Example: Implementing a document management system provides instantaneous access to client information – this allows for quick replies to customer inquiries, higher customer loyalty and retention. Not to mention?a lower stress level for your employees and a better competitive position within your industry.

5. Increase Revenue ? Can the proposed solution help increase sales and revenue?
Example: Streamlining document processing could allow for extra time to be devoted to reaching out to prospective customers.

Call on us to help. Whether it is document scanning, offsite storage, department renovations or document management software, FileSolve has worked with hundreds of clients to help them identify practical return on investment strategies for their Records and Information Management initiatives!

Posted by: Cindy Ahrens
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