We’re all out to maximize profits. That may or may not be the ultimate purpose of your organization, but it’s more or less necessary for its survival. And we are keenly aware that all digital fax projects, RightFax support decisions, and even minor workflow changes are a means to this end. With that in mind, let’s look at some figures to see how that works in practice.
(For the record, some of these numbers come from our vendors’ research, and others come from our firsthand experience with clients. This is less about statistical precision than about presenting the financial role of fax solutions in a more direct and tangible way. Still, every case is different, so please understand that your mileage may vary.)
One figure we often cite in our blog and websites (and to which our RightFax support clients can often attest) is that a typical ROI timeframe is under a year—and frequently under six months. That might sound a little audacious, so let’s break it down:
An average Fortune 500 company spends around $16 million per year on fax-specific phone service.
Much of this expense reflects dedicated fax lines for traditional fax machines and/or MFDs. Conservatively, let’s say 25% of these devices (a lower share than we often observe) are either a) in place for convenience rather than capacity or b) are MFDs used for faxing.
By replacing fax machines with desktop faxing, and facilitating network faxing from MFDs, a digital fax solution obviates the need for these extra lines.
Thus, fax-related phone costs fall by roughly 25%, or $4 million per year in this hypothetical scenario.
It’s a pretty compelling number, even before accounting for improved workflow efficiency, the prevention of lost documents, and scheduling faxes to exploit off-peak rates. And let’s not forget industry-specific benefits, such as avoiding damages and penalties from stolen or mis-sent medical records.
Long story short, the data all add up to one fact: digital faxing saves money. If you’re ready to explore how RightFax can do the same for your organization, or would just like a casual chat with an expert, then feel free to drop us a line at your convenience. Happy holidays!