Quantifying The Value of Document Assembly
In his recent post The fictional nature of money, Christoper Penn said,
“Think about how to create the perception of value. Think about how to inspire in someone else the desire to give you anything you want in exchange for that perceived value. What do people value about you, about your products or services? How can you provide more of that value perception? How can you boost the perception of the value that’s already there?”
Penn was talking about the fact that what’s important about money for most people, is the value they percieve in the acquistions they make. He went on to say,
“I know that as a businessman, I tend to value three big things – things that will save me time, things that will save me money, and things that will make me money.”
If you agree with Chris AND you happen to be considering document assembly or, better still, are trying to make a business case, consider this:
Time Savings – Automating your documents means not starting from scratch every time. You can resuse all of your standard clauses and best practices, as well as pull information from your database or CRM systems. Business users can create their own documents via a web interview in a fraction of the time it used to take.
Saving Money – Legal departments don’t need to spend time drafting routine contracts or reviewing the documents, since they created or approved the templates.
Making Money – 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 pasted the wrong clause with less favorable terms).
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, ask us for a sample ROI Calculator to help determine the value to you and your company.
Show me the Business Case