Survey Says: Time is Money, So Deploy EDRMSs

June 29, 2007: According to a new Laserfiche study, investments in electronic document management tech can yield healthy increases in both profits and compliance levels.

The study looked at Registered Investment Advisors (RIAs) in the US and found that they stood to increase profits by 40 to 55 percent, as investing in an effective electronic document and records management solution (EDRMS), according to Laserfiche, increases back office efficiency, streamlines compliance tasks and reduces rent costs due to lower amounts of physical storage space being required.

The company claims that RIA firms can even increase their valuations from US$200,000 for an emerging firm to upwards of US$3.4 million for enterprise sized firms per year. In order to achieve these compelling numbers, the company looked at rent and physical storage costs, staff costs and compliance costs where its EDRMS was deployed.

It found that as rent consumes six percent of revenues for SMBs and five percent for enterprises, by reducing the space required for physical records savings of $8,000 to $27,000 can be achieved.

Alongside this, Laserfiche claims that increasing back office efficiency can save 20 percent or between $24,000 and $284,000 in staff costs, and 3.7 percent in compliance costs amounting to between $19,000 and $158,000.

“Through hundreds of implementations of Laserfiche technology solutions in independent financial advisory firms over the past decade, our clients have reported very compelling cost savings,” said Chris Wacker, Senior VP of Business Development for Laserfiche. “This is the first time that we have documented those savings in terms of real dollar savings, impact on profitability and business value, and the results truly speak for themselves.”

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