5 Factors Affecting Document Scanning ROI

Document scanning has found widespread adoption among businesses trying to streamline operations and increase profits. From healthcare to hospitality, various industries have been reaping the benefits of document scanning for some time now. However, not every business benefits equally from the implementation of document scanning solutions. The ROI from document scanning depends on a number of factors.

This blog explores the various factors that determine the ROI of a document scanning system and how you can make the most of it.

5 Factors that Affect the ROI of Your Document Scanning Solution

Here are the five biggest factors affecting the returns on your investment in document scanning:

1. Scanning Accuracy

The accuracy of your document scanning system has a direct impact on its ROI. A low-grade document scanner would naturally be inefficient. Poor scanning accuracy can lead to data loss and other errors, adding to the costs.

Using a more robust document scanning system would generate greater ROI. It not only eliminates the errors caused by distorted scans but also curtails the associated costs. Furthermore, your staff won’t have to spend as much time retaking the scans. This allows them to be more productive at their job.

2. Scanning Speed

Speaking of productivity, the next factor that pops into mind is scanning speed. The speed at which you can scan the documents affects both time and labor costs. The quicker your staff can scan the documents, the more work they can get done. Higher-end document scanners can scan more pages per minute. Some sophisticated systems are even capable of scanning multiple pages simultaneously, which makes them more efficient.

However, without large volumes of documents to scan, such speeds and multi-page scanning capabilities might not make a difference. It’s all a matter of figuring out your requirements and investing in a system that fulfills them efficiently.

3. Hardware Costs

This brings us to yet another crucial factor to consider – the cost of your scanning hardware. Depending on a scanner’s specifications and capabilities, the price can vary significantly. The costlier a scanner, the greater the returns it’d need to deliver to be worth the investment.

You should keep the price in mind and invest in hardware that fits your budget. Consider what it brings to the table. If spending a hundred more dollars can get you a scanner that streamlines your operations much better, it’s hands down the more logical choice.

4. Software Costs

You need scanning software whether you buy scanning hardware or decide to go with mobile document scanning. Once again, the costs may vary significantly. However, getting the cheapest scanning software isn’t always the smartest choice. A sophisticated scanning software boosts the scanner’s accuracy and performance. It may also come with additional features such as optical character recognition (OCR).

The best way to go about this is to invest in a robust and feature-packed document scanning SDK. This would allow you to build custom scanning software tailored to your needs. It enables maximum optimization and customization, giving you the flexibility to exclude unnecessary features.

5. Cost Savings Compared to Physical Document Management

Here’s an aspect about ROI that you might not have considered earlier. Physical documents require physical storage space. In industries such as finance and healthcare where businesses have to store and manage large volumes of documents, this can be quite expensive. Storing physical documents takes up valuable space that you could otherwise put to better use. You’d also need to assign more workers to document indexing and management.

Digitizing your documents allows significant cost savings. With the documents stored digitally, you can utilize your space and workforce much more efficiently. If your business handles a lot of documents, implementing document scanning can offer great ROI as it will free physical space and enable your workers to focus more on revenue generating tasks.

Conclusion

There are multiple ways to maximize the ROI of your document scanning system. However, there’s no one-size-fits-all solution. For instance, while a higher scanning speed increases the overall efficiency of the process, it can potentially compromise accuracy. To maximize your ROI, you need scanning equipment that strikes the perfect balance between scanning accuracy and speed. Different businesses may have different needs in this regard.

Getting a good document scanning SDK that improves the scanner’s performance and capabilities certainly helps. To make the most of document scanning, set up custom scanner software that integrates perfectly with your other systems.