Sometimes you have to spend money to make money. In the world of document automation, this saying couldn’t be more truthful. Document automation software can cost your firm a pretty penny, but in the long run, could end up saving you a fortune. So, what exactly is it costing your firm to not automate documents?
Time is Money
The most prominent benefit of document automation is the potential savings it presents. However, some firms may avoid document automation software due to the upfront costs. If you find yourself in the same boat, take this into consideration. For the purpose of this example, assume that document automation software can help save an attorney at your firm just 15 minutes per day. On the surface, wasting 15 minutes per day may not seem detrimental. However, take a look at just how quickly that time (and more importantly, money) can add up:
15 minutes/day x 5 days/week = 75 minutes per week
75 minutes/week x 52 weeks/year = 65 hours per year
Now, assume that the attorney spending 65 hours per year manually performing a task that could be automated has an hourly rate of $200. Over the course of one year, that adds up to $13,000 lost—for just that single attorney. Now multiply that value by the amount of attorneys at your firm who are manually performing this task. Starting to add up?
Unintended Non-Compliance
Each year, legislators and regulators churn out thousands of new laws and regulations. If your firm does business in a heavily regulated sector, it is inevitable that you deal with a plethora of contracts and other legal documents on a daily basis. For documents such as these, document automation can aid your firm by cutting costs and boosting efficiency—unburdening your firm’s attorneys from manually performing this tedious work. More importantly, it can significantly drive down your risk of becoming non-compliant, by eliminating human error.
Whether non-compliance is a result of human errors or not, it can turn ugly in a hurry. Document automation is just one measure your firm can take to avoid non-compliance. Here are six other suggestions to help you incorporate compliance measures as part of your day-to-day business process.
Many people know the benefits that document automation software can afford its users. What often goes overlooked is what the cost of not implementing a document automation system can add up to. Not only can your firm potentially lose thousands of dollars per year, you are also putting yourself at a greater risk of non-compliance. Connect with one of our expert consultants today to start saving your firm money and significantly lower your risk of non-compliance.
