INNOVATION DB

AN INTANGIBLE EXAMPLE  

This is an example of possible tangible and intangible benefits that can be identified from implementing technology.

If a mortgage company implemented a digital document imaging system and scanned in all the loan documents from each file into the system, they could get rid of the paper file.

 No more paper files would: o Reduce toner and paper supply costs (tangible) o Reduce printer maintenance (tangible) o Free up space in the office (tangible) o Eliminate time to physically file paper documents (tangible)

 Eliminating paper files and documents from the company’s process would: o Eliminate the need for trips to the file room to check out files (intangible) o Improve speed of customer service because reps could immediately access a borrower’s

digital file via their browser (intangible) o Improve employee efficiency by reducing wasted time hunting down lost files or missing

documents (intangible) o Reduce or eliminate delays in fulfilling document copy requests by customers

(intangible) o Improve customer satisfaction by creating a self-serve portal for retrieving loan

documentation (intangible)