July 16, 2013
(Market Wire) -
Mi-Co, the Mobile Information Corporation and market-leader for enterprise-ready mobile data solutions, today announced the results of its Cost Analysis research around paper-based processes. This analysis revealed that the average paper record costs a company $4.10 for processing alone, and that paper processes hinder employee productivity and efficiency greater than initially thought, while delaying the transmission of critical business data from the field. Mi-Co's analysis also found that the average savings for customers using its best-of-breed Mi-Forms Mobile-Forms technology is $3.25 per form.
After analyzing typical business process paper trails, Mi-Co identified a complex web of hidden costs linked to a single sheet of paper beyond paper and ink costs. Workflow inefficiencies are the greatest cost contributors. Examples in the case of a standard inspection process relate to redundancy in personnel and employees who:
Initially collect, input and collate data, typically into multiple forms and formats
Fax, transmit, and share collected data, when possible
Sort and prioritize shared data
Verify data and information
Input the verified information into a software system
Review and approve the collected data in reports (if available) to track KPIs, metrics & issues
Create and fax the work orders to appropriate personnel
Initiate the work order activities
Issue invoices for completed work
File and store hardcopies of the documents for future reference (averages to about 7.5 hours per week for a government agency)
From the sample inspection workflow, an initial 1-page form generates at least 2 paper forms through faxing, or incurs mailing/scanning costs. Cost contributors include, the initial cost of paper and ink, time and overhead, which are the main components, while errors in the transcription process can affect the flow of information considerably. Such inefficiencies significantly delay the approval process and the deployment of field personnel. This results in lag times in revenue streams, underutilization of assets, and employee/manager downtime waiting for accurate information.
With Mi-Forms Mobile Data Capture, an average of 5.5 man-hours a day is saved for a company with ~15 employees in data related tasks. This covers tasks such as copying forms, querying suspect data with field staff, error correction, documentation and stacking.
Economies of Scale Come from Mobile Data Collection
"We have grown up with paper and paper-processes over thousands of years... however, we don't realize the type of cost associated with continuing to use paper in data capture processes," said Gautham Pandiyan, Vice President of Sales and Marketing, Mi-Co. "By adopting a Tablet data collection system, paper use is limited and often eliminated in many business process workflows. Organizations that have already adopted such a solution have dramatically improved workflow efficiencies, cut costs and boosted productivity."
The U.S. Department of Agriculture (USDA) APHIS Division, a Mi-Co customer, cut annual direct paper costs by nearly $640,000 and increased inspections by just over 750% by adopting a paperless system that enabled inspectors to make real-time decisions in the field based on information lookups, and allowed for dramatic savings in time and direct paper related costs.
In addition to quantifiable reductions in paper costs, the system deployed by the USDA also made it possible for the Division to eliminate massive recurring overhead expenses, effectively streamline a critical business function, and increase its number of cattle inspections employing the same labor resources, while reducing data entry and collection errors.
About Mi-Co: Mi-Co is the developer of Mi-Forms, the market's leading Tablet e-Forms software platform. Mi-Co provides solutions for smart, flexible mobile e-Forms data collection in a variety of industries. Mi-Forms supports enterprise data capture using Windows 8 Tablets like the Microsoft Surface, the Digital Pen, iPads, Android Slates, and other mobile capture devices across diverse industries and has worked with customers like Sutter Health, the USDA, Newmont Mining, IDCRP and many others.