Paperless Office: The Top 12 Benefits of Going Paperless
On March 4th, 2015 the Toronto Globe and Mail reported that the average price of a Toronto detached home has now surpassed $1 million. At that price, you want to make sure you are maximizing your footprint. Now consider the average cost of Toronto GTA office space. How does $59 a square foot sound?
In a perfect world, no document would ever need to be printed on paper. Cost savings is one of the biggest reasons to go paperless. Even if you were to take your existing paper documents that are being filed away in filing cabinets and convert them to images, the savings potential could be significant. But once your business goes electronic, the benefits go beyond a bottom line dollar savings. Here we explain the many benefits of going paperless.
The Benefits of Having a Paperless Office
1. Cost Savings
Today, the average cost of a Toronto GTA office space is $59 per square foot. Imagine spending $59 a square foot just to store paper, it’s just not realistic. Understanding and calculating what paper costs you will go a long way to understanding the real ROI on document conversion.
2. Time Savings
The amount of time that is wasted simply searching for documents is detrimental to businesses. Going paperless means that you can conduct document searches quickly, and find what you need in seconds. Store all your documents in an organized manner and retrieve them easily. Information is now at your fingertips.
3. Space Savings
The need for fewer filing cabinets translates to much needed extra office space. Convert your former storage space into revenue-producing space.
4. Improved Business Development
With all the time saved, executives can spend their time more productively on developing the business.
5. Improved Security
A digital document management system stores everything securely. Only authorized users can retrieve these documents.
6. Improved Access
Digital document management lets you create security settings and give all authorized users the ability to view the same document. This access makes it easy when more than one user needs a single document, or in cases when the people who need access to the document are on multiple sites. The documentation is always accessible no matter where you are.
7. Improved Customer Service
A digital document management system allows you to access all customer data, retrieving information such as customer orders and documents, allowing your business to provide customer service proactively, and respond to inquiries faster.
8. Easy Distribution
With a digital document management system, you can simplify many business processes. Users can action or authorize tasks and transfer data with the touch of a button.
9. Easy Storage
With a digital document management system in place, all documents that come into your office can immediately be scanned and electronically stored, making it easy to send them electronically to everyone who needs them.
10. File Integrity
No more coffee stains on critical business documents. Unexpected disasters, such as fire, flood or theft can no longer destroy the one and only copy of an irreplaceable file. By going paperless, critical business documents and data are always backed up and available to ensure continuous data access and integrity even after a disaster.
11. Audit Capabilities
Businesses that need to adhere to strict compliance guidelines or need to store records indefinitely now have no limits to the amount of documents they can store. Every document has a unique number that automatically generates an audit trail, allowing the employees to make changes to documents and still keep the original, helping with compliance and audit guidelines.
Last but not least, going paperless saves trees. Plus, less paper translates into less pollution. And by emailing invoices, there is no courier/mail vehicle pollution. Protecting the environment makes good business sense.
Statistics on the Many Costs of Handling Paper*
70% of time spent processing paper
90% of documents are paper
7.5% of documents lost
15% of documents misplaced
30% of the workday is spent searching for hard copy documents
30% of documents contain obsolete information
Average filing cabinet (4-5 drawer lateral cabinet) uses about 15.7 square feet
Average cost of premium office space in Toronto’s downtown Financial District is $59.07 per square foot
Average cost is $927.40 per filing cabinet solely based on the real estate it consumes
One 4-drawer file cabinet holds 15-20k pages, it costs $25,000 to fill and $2,000 per year to maintain
It costs $20 to file a document
It costs $120 to search for a misfiled document
It costs approximately $250 to recreate a lost document
*taken from the LinkedIn AIIM Forum
Businesses do not need to spend a lot of capital in order to switch over to a digital document management system. There are cost effective choices that will allow you to see a return on investment in as little as six months. If you have questions about how this translates to your situation, Octacom is here to help. Contact us to find out how you can start saving money and also save time, the environment, improve efficiency and security all by simply eliminating the need for paper.