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Laserfiche Reveals the ROI of Content Management Software at Schwab IMPACT
RIA firms can save between $48,000 and $362,000 in annual operational costs with ECM
SAN FRANCISCO, CA (Laserfiche)-November 1, 2011-Laserfiche (booth #335) today announced the availability of a white paper that explores the return on investment for RIA firms that leverage enterprise content management (ECM) software. Calculations are based on benchmark data from recent industry studies prepared by Nexus Strategy, Moss Adams, and the 2011 InvestmentNews RIA Technology Study.
"With Laserfiche's 25-year history and experience with over 30,000 installations worldwide, we were able to conservatively approximate the savings associated with using Enterprise Content Solutions to ‘go paperless' and automate document-related processes," said Tim Welsh, CFP, Senior Consultant at Laserfiche. "In total, firms that use ECM can increase profitability by 64.1% to 125.6%."
Table 1: Summary of Staff and Cost Savings by Firm Size
|
Firm Size |
Emerging ($500,000 in annual revenue) |
Established ($1,000,000 in annual revenue) |
Enterprise ($4,000,000 in annual revenue) |
|
Technology Investment |
1.4% of revenues ($7,000) |
2% of revenues ($20,000) |
1% of revenues ($40,000) |
|
Staff Savings |
1,000 hours (0.4 of a full-time employee) |
1,500 hours (0.6 of a full-time employee) |
11,000 hours (4.4 full-time employees) |
|
Overhead Savings |
9.7% of revenues ($48,000) |
9.2% of revenues ($92,000) |
9.0% of revenues ($362,000) |
|
Profit Increase |
125.6% |
74.8% |
64.1% |
|
Business Value Increase |
$242,000 |
$644,000 |
$3,616,000 |
In particular, firms that embrace ECM realize five major benefits:
- Reduced paper storage costs.
- Automation of back-office processes for increased efficiency.
- Integration with CRM software for increased productivity.
- Simplified compliance.
- Increased business valuation.
"For a relatively small investment in ECM software, RIAs can make a powerful improvement in today's income as well as tomorrow's long-term business value," said Welsh.
The paper, "ROI for RIAs," is available for free at the Laserfiche booth (#335) and Website.
About Laserfiche
Since 1987, Laserfiche® has used its Run Smarter® philosophy to create simple and elegant enterprise content management (ECM) solutions. More than 30,000 organizations worldwide-including federal, state and local government agencies and Fortune 1000 companies-use Laserfiche software to streamline document, records and business process management.
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