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Return on Investment The return on investment for the SmartProcedure system can be very significant. Besides having better procedures which lower risk, increase safety and equipment reliability, there can be substantial savings on direct procedure costs, as shown in the following table.
One of the key benefits associated with SmartProcedures is the marked reduction in formatting time required by products like Word. In many cases, formatting and procedure creation time can be reduced by as much as 75%, enabling you to re-allocate valuable manpower resources to high-value activities, while providing greater flexibility in procedure output and associated benefits to your end-user operators and technicians.
The following profit gains or reduced losses are estimates based on general industry practices and conventional Word-based solutions compared with improvements gained through SmartProcedures.
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Activity |
Basis |
Potential Costs/Return |
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Reduced time in creating new procedures |
· 250 procedures/year
· 10 pages/procedure
· 2 hours per page
· 1 hour per procedure
· $50/hour |
Reduction in formatting and proofreading by 50%.
Equates to $savings per year |
|
Increase in knowledge capture and knowledge transfer from experience to less experienced operators |
· 75 senior operators
· 75 median level operators
· 2.5% improvement |
$562,500/year |
|
Reduced time in modifying existing procedures |
· 750 procedures/year
· 10 pages/procedure
· 30 minutes per page
· 1 hour per procedure
· $50/hour |
$187,500 per year |
|
Reduced costs in producing and delivering documented Procedure training materials |
· 2000 procedures
· 4 hours/procedure
· $50/hour |
$400,000 one time
$50,000 per year for updates |
|
Increase efficiency of turnaround based on valid, effective procedure and user adherence, mobile access or just-in-time training |
· 1 day per year
· $350,000/day |
$350,000 per year |
|
Mitigation of incident based on valid, effective procedure and user adherence |
· 1 incident per year
· $500,000/incident |
$500,000 per year |
|
Reduced time in accessing valid, electronic procedure |
· 250 access per operator per year
· 5 minutes/access
· 100 operators
· $50/hour |
$104,000 per year |
|
Reformatting of procedure content for output to mobile field devices (e.g. IntellaTrac) |
1000 procedures
4 hours per procedure
$50/hour |
$200,000
$50,000 per year for modifications |
|
Reduction in potential compliance violations |
TBD |
TBD |
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Reduction in potential litigation costs due to better procedure and training documentation |
TBD |
TBD |
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Things Procedure Writers Would Rather Do Than Formatting!
· Anything else but formatting
· Operating
· Troubleshooting
· Training
· Day off
· Taking video for work guidance support
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