In a very competitive market, businesses need to find and eliminate inefficiencies if they want to stay ahead. Paperwork is often a large expense and eliminating it can increase efficiency and reduce costs. When offices go paperless and use paperless document management systems, they usually experience immediate benefits.
Paperless offices use electronic document management software and cloud storage to manage data. This eliminates the need to use paper and the ability to manage records more efficiently offers many savings.
Nitro reports that nearly 60% of organizations that invest in paperless document management achieve a full ROI in less than a year.
Saving time saves money
Employees often waste time looking everywhere for files as it is easy for them to go missing. Using a paperless platform allows employees easy access to all documents. They can find documents without having to dig through messy paper files. It also takes time to physically send files from one office to another and this is unnecessary when using a document management system.
Using new technology that makes their jobs easier encourages employees. It gives them easy access to the data they require at any point and they no longer have messy desks filled with piles of paper. With everything at their fingertips, they are far more productive.
Another benefit of electronic documentation is more accuracy of information. It is easy to fix mistakes or errors that result in paper documents being thrown out.
Saving on printing and distribution costs
It costs companies plenty of money to print and distribute documents. Transferring knowledge is difficult when it involves physically sharing it. When using a document management system, digital collaboration tools make circulating knowledge and sharing information easier.
This can improve teamwork and encourage collaboration and innovation. Online tools allow employees to share documents, folders and projects in an efficient way.
A company can fill up space in filing cabinets and other storage solutions very quickly with the amount of paper every employee uses every day. The space used for storing paper can be occupied more productively.
The space you get back can be used for meeting rooms or additional offices to increase collaboration and grow your company. There is no longer any need to keep buying expensive filing cabinets as space runs out. When you store your data digitally, you have unlimited storage space.
Using a document management system helps to keep documents in systematic order. This helps in situations such as having a company audit and being compliant with government rules and regulations. Documents are easily accessible whenever necessary and you can also track who accessed data.
The way documents are stored in a document management system allows them to be accessed from anywhere. Employees can even work from home, which can save on expenses, such as office space.
Paper-based documents can be damaged by water, fire and other natural disasters. By keeping data digitally, you can potentially save your business millions in restoration costs. Additionally, robust permission systems can keep your documents safe and can help you to save on costly legal fees that come with security violations.
The average office worker uses 45 sheets of paper per day, according to a non-profit organization called WRAP. If offices all over the world went paperless, it could have a real impact in an era when we are all trying to go green and reduce our carbon footprint.
With a paperless document management system, a company can gain some green credentials and save some money at the same time.