The ROI of Document Assembly
Depending on your accounting method, you may be trying to determine your ROI (Return on Investment), TCO (Total Cost of Ownership), or simply the payback on your investment in a document assembly or document automation solution.
There are a number of elements to consider when calculating the value of a document assembly implementation, including:
- Time Savings – Automating your documents means not starting from scratch every time. You can reuse all of your standard clauses and best practices, as well as pull information from your database or CRM systems. Business or Legal users can create documents via a web interview in a fraction of the time it used to take
- Cost Reduction – Legal departments don’t need to spend hours drafting routine contracts or reviewing the documents, since they created or approved the templates. Think about your fully loaded cost for a senior in-house attorney. Automation can reduce or even eliminate the time they need to spend reviewing standard contracts. They could use that time instead for higher value work.
- Faster Revenue – The sooner your contract is finished, the sooner you can book the revenue. And if your contracts are automated, you know exactly what’s in them (i.e. no one cut and paste the wrong clause with less favorable terms).
- Risk Reduction – Do you know what risks are hidden in your contracts? Do you have all the necessary data available if the regulators come to call? By automating your contracts, risks become more visible, and can therefore be managed before they become a problem. And, a much tighter approach to risk management can be built into contracts. Document automation provides immediate visibility into data to better manage compliance and mitigate risk exposure.
There is solid value in document assembly if you match the right solution to your problem. If you need help in creating a business case for your document assembly initiative, contact us and we can help calculate the value to you and your company.