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Why Your Company Should Reduce its Dependence on Paper Documents

September 21, 2016

Blog Document Storage Tips

It’s not easy to change the way things have always been. Whether yours is a large, long-established corporation, a medium-sized growth company or a small start-up, you have a dependence on paper to some extent.

What most company owners and managers don’t understand is the number of risks they expose their business to by storing and maintaining their own paper documents.

All it takes is a quick look at some statistics to get a quick idea of the true cost of paper documents in your business. Or, stated another way, the payoff your business can enjoy by becoming a paperless enterprise.

1. It’s one of the most common risks in business

a. 75.9% of companies experienced serious business risk resulting from the use of paper documents.
b. 36.2% experienced compliance issues
c. 30.2% lost key employees
d. 24.9% lost key customers
e. 24.8% had a major IT breach

2. It’s one of the biggest drains on employee productivity

a. 3.5 – the number of hours per week an employee spends searching for and not finding a document
b. 3 – the number of hours each week an employee spends recreating lost documents
c. $125 – The cost to the company of every misfiled document
d. 12 seconds – the average length of time between instances of a document being lost in a large corporation
e. $500 to $700 – the cost to large corporations for each lost document

3. Using paper-based systems adds to a negative customer experience

a. 82% of businesses said that the customer experience would be improved by taking the friction out of front and back office processes
b. 72% said that their customer satisfaction and brand value would increase if they improved their business processes.

4. Switching to digital document management pays off in increased ROI

a. 60% – the number of businesses surveyed that reported a positive ROI within one year of going paper-free.
b. 77% – reported a positive ROI within 18 months

Not every business is as dependent on paper documents as others. The results from going paperless will be different from one company to the next. But when you add up the bottom-line advantages, scanning your documents and making the shift to a paperless business is at least worth considering.

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