Track the ROI of workflow automation software.
Workflow software provides across-the-board efficiency
When they measure workflow automation success, organizations usually see immediate ROI. But what’s really surprising? How many different ways TAP can pay off for your enterprise, from major cost savings to improved employee morale.
One example: Based on customer data, the average cost (in employee time) of completing a non-disclosure form (NDA) using paper-based workflows was determined to be $129.81.
Here’s how TAP transformed just that one process:
If an organization executes 1,000 NDAs
annually – about four per workday – it
sees an ROI of over 100% on
its TAP investment.
Labor is reduced
Employee labor devoted to workflows
is reduced by 75%, saving $97.36
every time an NDA is initiated.
Time is cut
NDA completion time
is cut by 95%, so an average
NDA process is 20X faster
ROI can top
ROI climbs with the number of NDAs;
at 2,000 annually, TAP ROI is over 300%.
When you measure workflow automation success, here’s how TAP makes an impact:
TAP users are more than happy to measure workflow automation success in cost savings. One user saves $70,000 a week by streamlining its approval processes using TAP’s best-in-class e-signature features. That’s $3.6 MM a year in savings directly attributable to TAP.
With TAP, documents are never lost or accidentally misrouted. IDC says workers waste 21% of their time searching for lost documents or handling other document-related issues. Still, 7.5% of all company documents are lost completely.
Automating notifications with TAP can save serious money. If an employee paid $50/hour takes half an hour to write each of 5 notifications per workday, it adds up to $6000 a year you’re paying one worker for repetitive work. And you may have more than one person doing it, right?
The costs of using paper can be 13 to 31 times the price of buying the paper in the first place, yet a single average U.S. office worker uses 10,000 sheets a year. Plus, printer ink costs more per ounce than a bottle of Chanel No. 5 (and it sure doesn’t smell better).
Security & Storage
With TAP, it’s easy (and economical) to back up documents to secure, Cloud-based servers, so compliance tracking and disaster recovery is far easier than if you’re using using physical archiving. You’ll save beaucoup bucks on file cabinets alone!
Are directors and managers better put to use managing – or doing paperwork? One study found that by preparing just three documents a week manually, a senior attorney could waste $1,350 per month in lost billable time versus using automation.
Morale & Retention
Replacing drudgery with efficiency helps people focus on more important tasks and feel more fulfilled in their work. It’s one reason why Adobe research found 81% of U.S. office workers ranked up-to-date tech as being a key factor in keeping them happy on the job.