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Gauging Return on Investment - Bank Document Management Systems

February 23, 2012 | Comments: 0 | Views: 138

To keep up with the technology age, financial institutions must constantly search for innovative ways to conduct customer and account management. From growth considerations to regulatory pressure to technical expertise, many demands force banks to closely consider their "return on investment."

Conducting an ROI analysis can benefit an institution in many ways. First, it can help identify financial benefits including cost reductions or revenue increases. When investing in an imaging and document management product, other non-financial benefits will arise, including: enhanced accessibility, end user satisfaction, improved workflows, and more efficient exception tracking. As more processes are added to the ROI calculation, the ROI becomes more accurate.

The ROI process can be divided into four steps. The following steps can serve as a good guideline for banks and financial institutions.

Step 1: Needs Analysis - In this initial process, a document management solutions provider should give your institution product demonstrations and worksheets. This serves two purposes: to assess your current processes and to assist you in deriving your primary needs.

Step 2: Cost Analysis - Each savings opportunity should be identified as tangible or intangible.

Tangible Costs & Potential Savings - Institutions must acknowledge physical storage space (for example square feet of space if transformed into usable space), the cost of file cabinets and file folders, impacts on workflow, document accessibility, and travel / courier costs.Intangible Savings - Considerations include: elevated level of customer satisfaction, improved precision by automating exception tracking, and disaster prevention measures.

Step 3: ROI Conclusion - In this step, the institution runs the ROI analysis and compares it against its expectations. Also, the bank should check the ROI analysis for accuracy.

Step 4: Beyond the ROI - Of paramount importance is the consideration "how we can achieve the promised value with the proposed solution"? These steps are crucial to long lasting success:

Perform a "Discovery of Primary Needs" and "Process Improvement Analysis" to outline the priority level the institution wishes and assign to each of its processes.Compare the desired process enhancements to determine the best match.Review the vendors' capabilities and potential ROIs. Explore the potential savings that can be reached.Develop deployment plans (simultaneous or staggered implementation, scanning, depart. priorities, etc.).Develop implementation strategies to ensure proper launch.

Following this simple process can be helpful to effectively evaluate the ROI impacts of a document management system. For more detailed information or for specific examples of an ROI analysis, feel free to contact the author.

Unlike many ECM (Enterprise Content Management) solutions, AccuSystems is committed entirely to servicing the needs of community and regional banks. We have tailored our banking software system to accommodate your document imaging and document management requirements. Our solutions simplify bank loan management, loan approval, deposit tracking, audit preparation, and workflow management. Partnering with your bank allows us to continuously refine our offering and maximize value. To learn more about our products and take an interactive tour of our software for banks, please visit:

Source: EzineArticles
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