Calculate Your Records Management Savings
First, let's estimate the number of pages of documents that you are currently maintaining in paper format.
A standard banker / storage box (265 x 311 x 408mm) can hold 2500 doc’s approx.
Enter values for each employee directly involved in filing, retrieving, copying and maintaining paper documents.How many employees?What is their average hourly rate? $Average of hours per week spent on document activities? hrs
Estimate the number of hours per week all employees spend on document related activities (e.g. filing, storing, document searches etc.)Average "labour burden" rate for each employee? %
Labour burden is the total cost of each employee above and beyond their hourly rate. To calculate this rate for an average employee, sum the yearly salary plus any additional costs (benefits, FICA, training etc) and divide by the number of hours spent on document related activities. For example ($35,000 + $25,000) / (1800 – 480) =43%
Annual Labour Costs equals =
Let’s calculate your current cost and overhead.Do you use filing cabinets, if so how many?
A filling cabinet requires about six square feet of floor space (including access room whether it is full of empty)Do you use wall storage units for storing documents, if so how many?
A typical wall storage unit requires four square feet (including access room) for every linear foot of storage along the wall.Enter your annual cost per square foot for office space. $
This is typically listed on your lease. If not, just divide your yearly rent or mortgage by the square footage of your space.Enter the annual cost for contracted off-site documents storage. $
Annual Storage Costs =
Lost and Misfiled
The cost of documents being unavailable for customer support, etc. is often difficult to quantify.
We've pre-entered some assumptions based on information available from the document management industry. You can modify these values as you see fit.Enter the percentage of misfiled and lost documents %Enter the cost of each document $
Annual Lost & Misfiled Costs =
Do you distribute paper copies of your files to other locations? If so, estimate your copying costs.Monthly Copier Maintenance $Monthly Toner Costs $Monthly Paper Costs $Any Additional Monthly Copier-Related Costs $
Annual Copying Costs =
You estimated that you currently maintain pages in paper format.
Your Current Paper Costs
Lost & Misfiled
Current Annual Costs
Lost & Misfiled
Annual Paper-Free Costs
Your Current Paper Costs minus Your Costs by Going Paper-Free
Estimated Annual Savings:
As you can see, the savings from converting your paper files to electronic documents can be substantial.
What are Records