February 15, 2017 Leave a comment
We’ve seen that many customers use frevvo to automate Purchase Orders. It’s the most frequent one. One of our partners asked me if I could quantify what’s it really worth. So, I tried to measure it for a 3-step approval workflow and the result was surprising at least to me. Here are the assumptions:
- An Employee costing $80,000/year (including benefits/taxes/vacation etc.) saves 10 min using an e-form.
- A Manager costing $100,000/year saves 3 min for each approval.
- An Accounting Manager costing $60,000/year saves 3 min for each invoice.
- There are 400 approvals/month (for all kinds of workflows PO, Leave Approval, Travel Authorization, Time Sheet etc.).
You’ll save ~$50K every single year or 57% of your costs. It’s amazing how much the paper/email process actually costs you – close to $85K per year. You’ll see positive ROI in just a bit over 2 months. And that doesn’t even take into account the time spent trying to track down emails, chasing down managers for signatures or, perhaps of greater importance, the Opportunity Cost of delayed approvals.
Try this ROI Calculator for your own organization. It’s often hard to see how much those paper/email workflows are really costing you. Visit our website to view customer success stories and signup for a free trial.