Following up on my last post (Invoke Change) and in preparation of my upcoming segment at the annual ImageSource user conference, Nexus, I found some very interesting ROI metrics surrounding compliance enablement. This is thought provoking content when factoring in some of the more intangible reasons to make technology investments in ECM. I have worked with organizations that actually have budget for fines levied through the normal course of a fiscal year. This should tell you that there is REAL savings potential as a result of acknowledging the impact ECM technologies may yield on compliance.
According to PriceWaterhouseCooper, each $1 invested towards compliance saves $5.21 on average! I had the opportunity in the last 12 months to work with an organization that was levied approximately $1 million in fines due to their inability to recover documents tied to the gaming industry in Las Vegas. Ouch! Another interesting find was made by Cohasset Associates. They have found that for every 100 people, annual savings of $240,000 can result from technology investments towards compliance.
As we work aggressively within our organizations to streamline and evolve business processes with ECM technologies, don’t overlook or underestimate the compliance savings that can be realized!