Let’s take a moment to consider Whatcom Educational Credit Union, and its growing paper piles – loan applications, membership profiles, and so forth.
With paper physically stored in its main office, whenever a branch employee wanted access to a customer’s file, he or she would have to contact HQ. Someone at the main office would have to find the file, find the right document within the file, and fax the paperwork to the branch to access a member’s file – while the member was standing at the teller window or requiring the customer to leave and return.
Now how many customers could the teller help if he or she had instant, secure access to the customer’s documentation? What other tasks could he or she pursue in the time they’d get back?
It’s this “overall math” of the low-value task that surprises most companies considering an enterprise content management (ECM) solution.
A given task might take only two minutes to complete per day. But if it’s two minutes per day per transaction and that employee deals with 15 transactions per day, now we’re looking at 30 minutes per day to complete those tasks.
That time, multiplied by 260 business days, equals 130 hours. Multiply that by $15 per hour and the “two-minute task” costs almost $2,000 per full-time employee. Multiply that by 10 employees and now you’re looking at a significant chunk of change.
Eliminate the time spent tracking down documents by implementing a carefully considered ECM software solution, and the math allows a company to reinvest that $20,000.