What the data shows is that cost recovery remains an important element in firms’ profitability.
Tempe, Ariz. (PRWEB) February 12, 2014
nQueue Billback the only truly global cost recovery provider and a leading provider of document scanning and routing solutions, today announced the publication of its Cost Recovery Data Capture and Rate Report. The report, with data collected from 152 law firms worldwide, is the largest source of cost recovery information available today.
Because the Cost Recovery Data Capture and Rate Report draws from actual data—not self-reported survey responses—it is the most accurate cost recovery benchmarking study ever produced. It includes an analysis of what percentage of firms are capturing cost information in 10 different areas—copy, color copy, print, color print, fax, scan phone, postage, shipping and research—and describes the rates charged back to clients in six of those areas. Data is grouped by firm size to allow for benchmarking.
The study uncovered some extremely interesting and useful data points. For example, in 2006 firms made one print for every two copies; now they make 1.5 prints per copy—and increase of 300%. At the same time, more than 75% of firms now charge clients for prints, up from less than 5% in 2006. “Considering the relative change in volume, it only makes sense to charge for prints as well as copies,” said John Gilbert, Senior Vice President of nQueue Billback.
Law firms can use the data in nQueue Billback’s Cost Recovery Data Capture and Rate Report to make better and more profitable decisions about how to manage their firm. “We are asked all the time to help our clients understand what other firms are doing in terms of cost recovery and this report provides the answers,” said Rick Hellers, President & CEO of nQueue Billback. “What the data shows is that cost recovery is, in fact, not dying and remains an important element in firms’ profitability.”
An infographic with a limited number of data points, including copy and print capture rates, is available for free download at http://nqbillback.com/dyn/casestudies/content/nQ_InfoGraph_DataCaptureAndRate.pdf. Those interested in more detail, including capture rates and amounts charged back to firms for color prints and scans, may request such information from John Gilbert, Senior Vice President of nQueue Billback, at jgilbert(at)nqbillback(dot)com.
For more information about nQueue Billback, please visit http://www.nQBillback.com.
About nQueue Billback
nQueue Billback provides software-based information accountability solutions to more than 35 percent of the largest 250 law firms in the United States, seven of the top 20 in the U.K., seven of the largest 35 in Australia, and five of the Top 10 globally. The company’s Cost Recovery solutions assist firms by enhancing the automation and processing of any operational and administrative expenses, including print, copy, scan, phone, fax, travel, court fees, research, overnight, courier costs, credit card charges and more on an extremely powerful platform. Its Document Scanning & Routing solutions enable firms to capture, format, route and control scans to reduce costs associated with document retention and retrieval. nQueue Billback’s software offerings, branded iA® for Information Accountability, can be embedded directly into multi-function devices or reside on tablet computers or terminals to provide clients with the knowledge required to run their businesses more profitably. nQueue Billback is a wholly owned subsidiary of Reckon Limited and is the only truly global cost recovery company. To learn more about nQueue Billback and iA, please visit http://www.nQBillback.com.