So, we’ve created a simple ROI (Return on Investment) calculator to quantify the efficiency benefits you can expect.
VT Docs has two core benefits for users.
It Shortens inefficient manual steps:
Reducing the time you spend on manual tasks by up to 85%*. For example tasks like “shredding” a doc into a requirements list, comparing contract amendments, checking acronyms, checking for passive voice etc. *Based on a survey of 29 customers in 2019.
I can see a spirit change in my team, where they’re excited that this platform is helping them do their job on a daily basis. They feel more successful, more empowered and it really helps bring our teams more collaboratively into building our proposal responses.
Pinpoints important requirements faster:
It helps you identify important commercial or technical requirements faster. This means earlier assessment of key requirements in the review lifecycle. Freeing you to work more strategically.
My Applied Legal Technology team has seen a significant business impact from using VisibleThread. Once started, users became fast advocates for the solution. The lawyers noted that the accuracy VT Docs provides gives them confidence that they haven’t missed any critical requirements and provides peace of mind.
What tasks can we automate?
The ROI calculator quantifies the savings you can expect from automating these tasks:
- Creating a Requirements Compliance Matrix or RTM (Requirements Traceability Matrix)
- Doc Compare – Comparing revisions, draft vs. final etc.
- Acronym Checking
- Readability & Editing Time
- Concept Tracking – e.g. Search across docs for risk etc.
- Discovery – e.g. Gap analysis across docs
- Responsibility Matrix – allocating who needs to review what content
- Excel Compare – Comparing Pricing workbook revisions, labor rates etc.
How to use the calculator.
The calculator has two steps, Step 1: Enter Company details, and Step 2: Efficiency Per Cycle. Fill out both sections to arrive at your annual savings.
Step 1 – Company Details
First fill out your name, company name, and email.
Also, fill in:
- How many RFPs / Contracts does your Company review each Year? This is the number of pursuits or contracts that you look at on a yearly basis. So, for instance if your company pursues 75 contracts, enter 75 here. We’ll use this number in step 2 to help quantify overall time savings.
- Fully Burdened Average Hourly Rate* ($) Enter the total cost per hour for an average employee in your team. We’ll use this later to calculate dollar savings.
- Note 1: This number includes not only the employee’s base salary or wage but also any additional costs the company bears. For example, pension or health care contributions and social employer security payments.
- Note 2: We default to $80 as a reasonable guesstimate, but of course, your mileage may vary. Change to suit.
- Average efficiency gain per task (%) This is the efficiency you can expect by automating manual tasks. Our default is 85%. This is based on a survey of 23 enterprise VisibleThread customers in 2019. You can adjust this number to suit.
Step 2 – Efficiency Increase Per Cycle
In this section, enter the time it takes to accomplish each task by hand today.
For example, our first task is Shredding docs to create an initial requirements matrix.
Let’s assume you have a 100-page RFP and a 25-page SOW (Statement of Work) for that RFP. How long does it take on average to copy-paste all the content from both docs into Excel?
Suppose it takes you 10 hours to shred the RFP by hand, and a further 2 hours to copy-paste the SOW document, and if that’s reasonably typical across your RFPs and contracts, then enter 12 for that task.
In this case, the hours saved are 10.2 hours. This is the difference between 12 and 1.8 (since we’re reducing the time by 85%) and the dollars saved is $816. The fully burdened hourly rate from Section 1 puts a dollar amount on it.
Fill out the remaining tasks in the same way.
Step 3 – See your yearly efficiency in the charts
Click the “Get your yearly ROI” button and you can see a graphical representation of these time and dollar savings.
Example ROI:
Let’s consider an example organization that pursues 50 Requests for Proposals (RFPs) and Contracts annually. Using VT Docs, the potential for significant time and cost savings is clear.
- Assuming a reasonable set of defaults for each task, this team could save a remarkable 536 hours per year using VT Docs.
- With a saving per bid of $4,862.
- And a total annualized cost saving of $243,100
These savings highlight the tremendous value and return on investment achievable through VT Docs. Take the opportunity to calculate your own ROI today and witness the transformative impact it can have on your organization.
Example Result:
