Questions about return on investment (ROI) are among the first insurers ask when considering replacing their legacy document management systems with more modern enterprise content management (ECM) solutions.
ROI is certainly important, but it’s crucial for insurers to look beyond initial cost-to-savings ratios to accurately compare total cost of ownership (TCO).
While you won’t incur new direct expenses by keeping your current legacy system, you’ll continue to pay for it indirectly through change management, risk mitigation and opportunity costs.
Rather than asking, “How much money will we save by doing this?” ask a more crucial question: “How much does it cost us to keep our current system running?”
In this article by Ken Burns, Senior Market Intelligence Analyst, learn which questions to ask potential vendors – and your organization – to get the conversation started, including:
- Are you missing out on opportunities to increase employee productivity, improve customer service or to attract and retain quality agents?
- Would your IT staff have more time to help bring new products to market faster rather than system administration?
- Does staying with the current solution represent risks to the organization?
- Can your legacy system adopt other technologies to support business process enablement in new ways – like through mobile technology?
- And many more