iManage has announced the findings of a study conducted by Forrester Consulting which analyses the Total Economic Impact (TEI) and benefits realised by corporate legal departments deploying iManage Work for email and document management.
We’re told that the study shows that companies attained an ROI of 378% over a three-year period, with iManage paying for itself in less than six months.
The independent TEI study assesses the benefits, costs, and risks associated with deploying iManage for document and email management. It is based on in-depth interviews and data collected from iManage enterprise legal customers from industries including financial and professional services, IT, insurance, media and restaurants.
To create a framework to quantify benefits, Forrester designed a composite organisation modelled on the aggregate results of interviewed customers. The model measures a three-year ROI based on a composite enterprise legal department of 200 iManage users. Key three-year risk-adjusted benefits include:
End user productivity improvement of 240 hours annually per user achieved by faster search, upload, and predictive filing, equating to $4 million present value
IT productivity improvement of $60,379 derived from saving 750 hours of IT staff time annually by eliminating the burden on IT to set up secure external document exchange for the legal team – a simple, streamlined function now easily handled directly by iManage users
Cost avoidance of $324,534 from retiring the legacy document management solution and eliminating associated software, equipment and maintenance costs
One customer, a legal operations and global technology manager, from a global restaurants brand, interviewed for the study told Forrester, “Much of the time people spent trying to get information in and out of our content repository was essentially refunded and can be applied to higher-value activities. And the frictionless user experience has really inspired adoption. iManage clearly spent a lot of time figuring out how lawyers like to work.”
The study also identified additional benefits from leveraging iManage Work in legal operations:
Streamlined workflow supported by a single source of truth – With iManage, all content is in one place – consolidated in a single workspace, project, case, or deal – enabling simultaneous search across documents and email, and assuring that all users are working from the same, current information.
More time available for higher-value activities – As a result of reduced time spent searching for documents, uploading documents, storing emails, and recreating lost documents, iManage users gain significant time daily to focus on higher-value activity.
Decreased risk of a security incident involving legal department content – Customers credit iManage security controls and visibility with decreasing their risk of customer security incidents that have negatively affected customer brand and image.
Greater ability to ensure and indicate compliance with standards and regulations – iManage enables organisations to achieve and confirm compliance with international standards and regulations more easily, supporting requirements for evolving standards.
Easier collaboration across the legal department and with other functional areas –Prior to deploying iManage, users cited grappling with information fragmentation across multiple content repositories as a key productivity blocker and impediment to knowledge sharing. Through its single repository with powerful search capabilities, iManage enables users to more easily identify and engage on projects and matters handled across multiple practice areas or teams.
Better knowledge management and business continuity – Better control over policies and access helps retain and share Institutional knowledge and circumvent deliberate or accidental loss.
Dan Carmel, CMO of iManage said: “This research rigorously quantifies what users have been telling us for years; that iManage makes them more productive, and less frustrated in delivering high-quality advice and guidance within their organisations while maintaining the highest levels of security and information protection. By dramatically reducing email clutter and content confusion. iManage delivers impactful, ROI while contributing to improved business outcomes and greater operational agility.”
Half of the customers interviewed also use iManage across other departments including business affairs, finance and accounting, although these users are not addressed by this study. For organisations whose product is knowledge work, iManage delivers technology and solutions that provide competitive advantage – connecting knowledge workers and teams to the information they need, when they need it. The complete study, The Total Economic Impact™ of iManage Work, is available for complimentary download here.