Often when people think about a Document Automation Solution, they like the idea of it, and may even be aware of the business benefits, but they struggle to justify the ROI from the technology. This is where a Document Automation ROI calculator can help.
Embracing Document Automation can drive greater business efficiency and innovation, reduce costs and risk, but, more importantly, save you a significant amount of time and money. Does that sound too good to be true? Take a look at our article, ‘Everything You Ever Wanted to Know About Document Automation’, if you need further information around if Document Automation could be right for you.
The issue is, even knowing in principal, a software solution can save money, organisations rightfully need clarity towards exactly how much money and when those savings will be realised.
Many vendors say they provide a ‘generous return on investment’. However, perhaps conveniently, they maximise the immediate savings, while ignoring the true cost of adopting their software. This is in part why many organisations feel their investment was never fully realised. You can read more towards the other reasons here.
Our ROI calculator will help you evaluate how much time you currently spend on Document Automation per month, and how much time you could save with an effective Document Automation Solution.
The ROI Calculator
Use the slider tool below to illustrate the average effort to create a document and how many you create in an average month. As you’re averaging out lots of different formats and content, don’t worry too much about being accurate. Feel free to try various scenarios or think about each main document one at a time then add up all of those savings.
Average Manual Draft Effort (hours):
Average Documents per Month:
Hours without Document Automation:
Hours per month with Document Automation:
With Document Automation you could have saved hours this month!
Please remember, our ROI calculator is a basic tool. It’s purpose is to try and help you appreciate what you could be saving. DocGovern has a far more complex and detailed tool that they typically use when working with Clients.
The tool doesn’t take into consideration the real, additional financial savings you can make by mitigating risk and improving the quality of your documents.
The tool looks at effort only and doesn’t take into account the associated staffing costs you’ll save. It also doesn’t consider those adoption and running costs mentioned earlier. These can vary considerably dependant on the actual solution that is right for you.
What do I do next?
The DocGovern team go through a detailed and extensive return on investment exercise for their Clients. This is to ensure they have absolute clarity towards the initial capital investment, ongoing running costs and the true effort to implement and adopt the solution. The exercise is calculated against current “pre-automation” costs which provides a realistic date for when they will recoup their investment. Contact DocGovern to learn more.