If $1.00 of soft cost savings does not equal $1.00 in hard cost savings this is for you. It is a common thought that efficiency in electronic document management only leads to soft dollar savings. Here are a few questions you may want to ask of your organization that may directly impact your bottom line. Are you printing and sending out invoices? How much is the postage? Are there copies of the same document in multiple locations? Have you ever needed proof for a law suit that you were not able to provide? What did it cost you? Have you ever needed Proof of Delivery or a Bill of Lading that was disputed and could not find it? For all the CFO’s out there, how is your DSO? How would it impact your organization if it could be reduced by 5 days? Have you ever missed a discount for early payment?
These are all great questions to keep in mind when looking at an electronic document management system.