Return on Investment Model for Brokerprove
The basis of this model is customer experience to date and a medium sized practice with 3 professionals and 1 back office staff. The model estimates the cost savings derived by implementing Brokerprove over a currently semi-automated process. It does not include the increased business enabled by using a Brokerprove enabled digital process, so any benefit can be added to the calculations.
The key cost savings for headings are as follows:-
Physical Postage costs: – By using Brokerprove, electronic communications with clients and suppliers are enabled, thus physical post handling and costs can be reduced. We just take outgoing postage costs in the calculation. A conservative estimate is that outgoing post can be reduced by 60%. Assume there are currently 10 letters per day @ €0.55 each. Then a daily saving on postage costs would be €3.30.
Paper Handling & Processing costs: – By using Brokerprove we move our document and file processing from paper based to digital. If we assume a conservative 40% reduction in the time spent paper processing, and an average of 4 hours per day is spent overall in the team handling paperwork, we also use a conservative hourly labour rate of €20.00/hour (equivalent to an annual salary of circa €40k), we can achieve a daily saving of €32.00
Paper Storage Costs: By using Brokerprove we can stop the growing demand for storage space and in fact reduce the amount of expensive storage in the office and/or archives**. By some basic financial engineering we have established the average daily storage cost to be approximately €3.00 per square metre of storage space. A small to medium practice depending on its years in business is calculated to be approx. 2 Sq. metres of storage on which we can get a conservative reduction of 60% and/or stop growth, leading to daily savings of €3.60
Reduction in meeting travel and time: Brokerprove’s anywhere, anytime access to documents improves meeting and back office productivity; more can be achieved at each meeting and many clients will accept interim document communications by electronic format. We assume for the model practice an average of 4 Hours per day is spent travelling to meetings, and a conservative reduction of 20% of travel time at €30.00/Hr. (estimated professional annual salary and benefits €62k). This will lead to a daily saving of €24.00
|Total Daily savings||€||62.90|
|Total Monthly savings||€||1,321.00|
|Total Annual savings||€||15,852.00|
Brokerprove investment for this Model.
|Initial once off set up cost: (Server, Software, Installation, Training & 250 support points)||€1,625|
|Starter Subscription Plan: (600 transactions/month, 60GB Cloud Storage, 3 Users)||€132/month|
|Payback Period||6 weeks|
|On-going Monthly savings:||€1,321|
** We recommend Brokerprove Cloud if you do not have good IT practice in your business, that is back-up and recovery processes in particular, as using Brokerprove cloud brings the added benefit of automating these processes.