Discover the benefits of implementing an EDMS – Forrester study “The Total Economic Impact™ of WEBCON BPS”28 January 2022 5 min reading
The survey conducted in 2021 by the Polish Rectors Foundation and Wolters Kluwer showed that as many as 86% of universities feel the need to improve their IT solutions in the area of electronic documents management (EDM).
Electronic document management systems, or EDMS for short, undoubtedly make the work of the whole university easier and more efficient, as well as enable to handle administrative matters online. However, convenience is not the only benefit that a university can gain from the implementation of such a solution.
The latest Total Economic Impact™ Of WEBCON BPS study conducted by Forrester Consulting examined the impact of implementing an EDMS, such as WEBCON BPS platform, in a large organization in the financial industry. The analysis showed many benefits that are possible to achieve regardless of the industry in which the organization operates. Read the summary of the report and find out what can be achieved through the digitization of processes and document workflow.
Forrester Consulting analyzed a financial services firm that is part of a global corporation with a total of 300,000 employees. While the interviewed organization has offices across the world, the implementation of WEBCON BPS was pioneered by the Polish team based in Warsaw.
The interviewed organization searched for a solution that could would increase business process efficiency and transparency, increase flexibility in developing and optimizing applications (workflows), and improve measurement of process performance and progress – ideally at a higher cost-effectiveness than off-the-shelf solutions.
Before WEBCON BPS implementation
The organization was facing several major challenges. A key one was the cumbersome and time-consuming nature of processes that were being performed manually. The lack of automation was particularly troublesome for numerous activities that were repetitive and tedious in nature. Inefficiencies affected both internal and external processes, negatively impacting customer and employee satisfaction.
A poor transparency and control over business processes was also a significant problem. As the processes were performed on paper, there was no single common view of processes across the entire organization. As a result, there was a very high risk of exceeding assumed deadlines and non-compliance with procedures and corporate standards. Moreover, access to information was inefficient and there was a lack of clarity as to who was working on which processes and what the progress of individual processes was.
The company’s situation was not helped by the high cost of ready-made solutions. Alternative solutions available on the market are high in cost and inflexible with pricing structures. Additionally, both evaluation and comparison of these tools are time consuming.
After WEBCON BPS implementation
The implementation of the WEBCON BPS platform allowed the interviewed organization to improve internal by automation and digitization of processes. According to the study, the organization achieved an 87% improvement in internal process handling time and 67% improvement in external process handling time (both complex and non-complex). This acceleration saved plenty of time for employees and increased customer service satisfaction. Optimized process flows also resulted in improved cooperation and communication between teams.
Thanks to the fact that WEBCON BPS is a low-code platform, meaning that it allows you to build applications and create workflows by using a clear graphical editor, without the knowledge of programming, the employees of the organization gained the ability to quickly prototype and test new solutions in practice. Additionally, with InstantChange™ technology they can make changes to workflows on the fly, even if they are already in use. Forrester indicated that this translated into more agile responses to change and significantly reduced time-to-market for new products and services.
The study also found that process transparency increased after implementation. For each process built on the platform, a detailed audit trail is available, allowing to check individual elements of the process and the users involved. As we read in the Forrester report, accurate insight into processes makes it easier to correct actions taken and, in the long run, maintain business continuity.
W ramach analizy eksperci zidentyfikowali także korzyści finansowe, jakie odniosła organizacja z wdrożenia. Na przestrzeni trzech lat badana firma zaoszczędziła ponad 600 000 dolarów i uniknęła kosztów na poziomie powyżej 1 000 000 dolarów. Oszczędności wynikały z zautomatyzowania i przyspieszenia procesów, a także możliwości własnego budowania wszystkich potrzebnych rozwiązań na platformie WEBCON BPS.
As part of the analysis, experts also identified the financial benefits to the organization from the implementation. Over the course of three years, the interviewed organization saved more than $600,000 and avoided spending of over $1,000,000. The savings came from automating and speeding up processes, as well as the ability to build all needed solutions in-house on the WEBCON BPS platform.
The costs of the license, pilot project, implementation, and training paid back completely after 25 months, after which time WEBCON BPS continued to generate savings, reaching a net present value (NPV) of over $320,000. Ultimately, the return on investment (ROI) reached 113%.
We highly encourage you to read the full report on WEBCON website: https://webcon.com/the-total-economic-impact-of-webcon-bps-by-forrester/
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