Laserfiche last week 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 ECM 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%.”
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.