Benefits of Going Paperless
Return On Investment (ROI)
Most organizations think that switching to a paperless solution will cost more in terms of purchasing new software, hardware, and training as opposed to sticking with paper-based manual processes. After the initial investment, however, the ROI of these investments is very transparent. In most cases, businesses realize their full cost of investment within the first 18 months, and then the corresponding savings are apparent with time savings and a three-to-four times increase in productivity.
The very nature of paper documents requires time-consuming work to organize, store, and retrieve. According to the industry group, AIIM, on average, office staff spends about one hour per month searching for and replacing files. And, of course, there are many businesses that spend even more time than that. Regardless, processing paper is very time consuming and Process Automators can automate these manual tasks and help businesses, increase profits by allowing more time for employees to do higher-value activities.
Lost & Misplaced Documents
With a Document Capture solution in place, organizations no longer have to worry about losing or misfiling documents. On average, between two and five percent of an organization’s files are lost or misplaced. In the case of a natural disaster, documents that are stored digitally are recovered, which just might save an entire business.
How much valuable office space is filled with filing cabinets and shelves with stacks of documents? Paper takes up space and, for most companies, there is not much extra space available to hold documents and records that are added to the storage area each month. Businesses spend money renting storage facilities to house all of their documents, but with a paperless strategy you can store millions of documents in the Cloud or on a single hard drive.
Improved Document Security
With a content management solution (ECM), the options are endless for securing information. Companies can track every single document, changes that have been made, who viewed them, who made the changes and more. It adds a new level of accountability and document security to protect businesses and their customers.
Improved Customer Service
The ultimate goal of every business should be to provide the best possible product or service to their customers (internal and external). When customers receive outstanding products and services, they stand out from the rest; customer service plays a big role in a customer’s impression of a company and can be a competitive advantage over the competition. In order to achieve a high level of success with customer service, businesses need to be able to access the right customer information at the right time with efficient and productive employees. The customer services staff can spend more time listening to a customer’s issue and resolving it versus tracking down data and documents of the customer just to start the resolution process. Fingertip access to customer data gets the service professional all the information needed to better address the customer’s concern and provide a more expedient resolution.
Change does not happen overnight but taking steps towards improvement will make businesses operate more efficiently in the immediate term. Companies that start to adopt a digital transformation in the areas of their business that are choking on paper and manual processes will see a great result in their bottom line.