One of the great challenges of doing a cost / benefit analysis is quantifying how much is saved, and to what extent efficiency is improved. When applying this analysis to the implementation of Safe4, there is a range of variables that need to be taken into account to be able to monetise the benefit that will be achieved by the business. And to complicate matters, each business sector is different, and individual firms with each sector will have a different approach.
Some of the key questions will be:
- To what extent is the business dependent on the use of paper, and the distribution of hard copy to clients?
- How many requests for information retrieval are received, and what level of admin effort is needed to deal with them?
- Can clients receive documents by email? Is the security of public email systems sufficient to meet regulatory requirements?
- Are there any issues in meeting compliance requirements? Is it a big effort to prepare for a compliance audit?
- How much staff time is spent sending out documents to clients by email or post, and is it necessary to follow up to ensure safe receipt?
Establishing clear models that can be used to identify and quantify cost savings can be a huge boost to a business. It would be great to get some feedback on any specific approaches that are applicable in the professional practitioner environment.