Information Management Systems: Business Tech That Pays For Itself

Want to see an attractive return on investment with your technology?

In today's ever-changing technological landscape, businesses face many choices when it comes to investing in new technologies. One crucial aspect that plays a pivotal role in the decision-making process is Return on Investment (ROI). Measuring ROI has become an important metric for organizations looking to justify their technology purchases and optimize their organizational efficiency.

What is return on investment?

Nucleus Research defines ROI as the “annual return you receive on an investment”. Nucleus says, “It’s the same percentage number a bank tells you when you deposit funds. If the bank is offering a 5% interest rate, then you intuitively know a deposit of $100 today will return $5 a year from now and you’ll still have your $100 deposit. ¹”

According to Nucleus Research, content management returns $8.55 in benefits for every dollar spent by SMB customers². That’s an average return of 855%!

What is the role of ROI in technology purchasing?

Return on Investment (ROI) stands as a fundamental financial indicator that gauges the profitability and value generated from a particular investment. When applied to technology purchasing, ROI takes center stage in the evaluation of whether the acquisition of Enterprise Content Management (ECM) or information management solutions is smart.

ROI empowers organizations to make data-driven decisions rather than relying on intuition. By examining the potential returns of an information management investment, businesses can accurately assess the long-term benefits and cost-effectiveness of the solution. Calculating ROI requires a thorough examination of both tangible and intangible factors, including reduced operating costs, increased productivity, improved compliance, enhanced security, and streamlined processes.

What are some examples of key benefits offered by information management?

1. Enhanced document management efficiency
Information management systems bring order and structure to the chaos of document management. By providing centralized repositories, version control, and robust search capabilities, information management systems streamline document storage, retrieval, and collaboration. This increased efficiency in managing critical information saves employees valuable time and effort, leading to boosted productivity across the organization.

For example, Woodstock General Hospital implemented Digitech Systems PaperFlow™ to capture and manage patient records electronically. They saw payback on their investment in just three months and received an ROI of 258%. Read the ROI report or full case study here.

2. Optimized business processes
Implementing information management solutions can significantly optimize business processes by automating manual tasks and workflows. Leveraging features such as document routing, approval workflows, and automated notifications, businesses can expedite decision-making processes, reduce errors, and eliminate bottlenecks. Consequently, this streamlining of operations enhances overall efficiency, translating into tangible cost savings and improved customer service.

For example, All Island Gastroenterology & Liver Associates implemented PaperVision^® Enterprise and ImageSilo^® to manage patient records electronically and expand their practice. They were able to gain 4000 hours of staff productivity per year, see annual benefits of $435,687, and clear out physical file storage to make space for a new doctor, increasing the clinic’s revenue by 50%! They achieved 879% ROI in just 1.3 months. Read the ROI report or full case study here.

3. Better compliance and risk mitigation
In industries where regulatory compliance is crucial, information management systems serve as a powerful ally. By enforcing stringent access controls, audit trails, and retention policies, information management ensures that sensitive information is protected and that compliance standards are met. This reduces the risk of legal penalties, reputational damage, and data breaches, which can prove costly for any organization.

For example, Mental Health Center of Denver implemented PaperVision^® Enterprise and PaperVision^® Capture to comply with HIPAA, free up space, and improve patient care. They saw a 1,315% return on investment and a 90% increase in staff productivity, saving them $259,625 per year! Read the ROI report or full case study here.

4. Improved collaboration and knowledge sharing
Effective collaboration is at the heart of any successful enterprise. Information management facilitates seamless collaboration by enabling real-time access to documents, fostering cross-departmental communication, and supporting collaborative editing. The result is an empowered workforce that can make quicker and well-informed decisions, driving innovation and yielding higher-quality outputs.

For example, Bigelow Tea implemented ImageSilo to manage documents electronically and speed access to their business information. They saved $25,000 in annual labor costs, saw an 813% return on investment with project payback within two months! Read the ROI report or full case study here.

5. Enhanced data security
Data breaches and cyber-attacks have become a harsh reality for businesses worldwide. Information management systems employ robust security features such as encryption, access controls, and secure authentication mechanisms to safeguard sensitive information from unauthorized access. This fortified data security not only protects the organization's intellectual property but also cultivates a sense of trust among customers and stakeholders.

For example, Vulcan Materials implemented ImageSilo to electronically manage and secure 200,000 tickets generated monthly They saw a 498% return on investment, project payback within just three months, and are now able to provide their customers with secure access to their information any time they need it. Read the ROI report or full case study here.

In conclusion, the role of ROI in technology purchasing, particularly in the context of information management technology, is significant. The ability to quantitatively assess the potential benefits and financial gains of investing in information management empowers organizations to make informed decisions that align with their long-term objectives. Through streamlined document management, optimized business processes, improved compliance, enhanced collaboration, and fortified data security, information management systems such as ImageSilo^®, PaperVision^® Enterprise and PaperVision^®.com open a gateway to increased efficiency, productivity, and profitability. Information management systems are not merely a technological advancement; they are an investment in the future success and sustainability of any enterprise.

Ready to get started with your own information management solution? See quick project payback and an attractive return on investment with the PaperVision product suite. Call 866.374.3569 or visit www.digitechsystems.com/contact-us today.

Sources:
¹ https://nucleusresearch.com/everything-to-know-about-roi-tco-npv-and-payback/
² https://www.digitechsystems.com/wp-content/uploads/2019/07/nucleus-research-note-t19-content-management-returns-855.pdf

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