Here’s How Much Paper-Based Process Are Costing Your Business

Businesses both big and small need documents for a variety of reasons, such as forms to be ditributed to workers, documentation of events, contracts for clients, building lease agreement, and even sales/purchase agreement. With the large number of paper needs, it makes the cost of paper records cannot be underestimated. Starting from the cost for printing, storage, retrieval and even filing.

Moreover paper document can only be in one place at a time so it’s necessary to make additional copies for their own. The more people handle the same document, the more copies will be made.

When all these documents are printed, they take up a ton of space and when they are lost or misplaced, they can add more cost to reproduce. According to one study, the average company uses about 10,000 sheets of paper (20 reams)per employee per year. Multiply that by 50 employees, and you already get a pretty big number. Not only spent, but wasted.

Research has shown that up to 45% of this paper ends up in the trash, that’s quite a bit of money that could be put back into the company.

Paper doesn’t only cost a lot of purchase, working with it can also create issues with accuracy and standardization. A study by PricewaterhouseCoopers estimates that finding a lost document will cost a company $122 on average, and around $220 to reproduce. In average 750 or 7.6% to 10% of all company documents are lost or so completely misfield that might be lost. The study also indicate that an average office employee will spend 30% of their time or some 400 hours every year for searching the documents. (imagine what better thingsyou could be doing.) So it causes the average amount of lost-productivity due to paper based filing system is $160,000 annually.

In contrast, a digital platform will make it simple for business to reduce the expensive paper use, automate how the work is done, and replace the complicated workflow process. A digital platform improves productivity by instantly archiving, categorizing and organizing your documents, so you can always found them in one common central place. Furthermore, you no longer need the cost of paper purchase, storage, and printer maintenance. In addition,your employee no longer need to spend 400 hours every year for searching thedocuments, that means you can save the $160,000 annually on productivity.The last, a digital platform able to works on computer, smartphones, and even tablet. So that the involved parties in the working process will be able to accessdata from any device, any where, and any time. The paperless process makes the works become ore convenient and simple.

If you have any questions about cost reduction and how to implement a sustainable, and highly efficient paperless organization, please feel free to contact us!

Here’s How Much Paper-Based Process Are Costing Your Business