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The benefits of businesses breaking free of paper

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The benefits of businesses breaking free of paper

Current estimates show businesses are spending around $8 billion annually managing their paper use. With new advancements in technology, telco retail specialists Maplewave have explored the benefits of your office going paperless. Many businesses have already opted for this route, looking to paperless solutions for cost-effective and environmentally friendly solutions to the paper problem.

From paper to paperless

3% of businesses have removed paper from every part of their process and are seeing the benefits. But making the switch can seem like a daunting task.

Paperless technology has only recently become a viable route for businesses to take, so it can seem like a big task to start with. However, 16% of businesses are actively looking at different methods that will help them remove paper from their procedures entirely.

Paperless, like any other digital alternative to traditional method, can take a while to be picked up by businesses, who worry they may be uprooting their current processes. In contrast, these businesses actually increased their paper consumption by around 20%. This is due to three key factors; a lack of confidence in digital solutions, the need for regulations and quite simply, humans being content with paper. However, studies have found that 33% of businesses are almost paperless.

The benefits of paperless technology have been documented. One study suggests that in the first six months of going paperless, 28% of businesses gained a full return on investment. A further 59% achieved a full ROI in less than 12 months and 84% within an 18-month period.

Businesses looking to enforce continuous improvement in the workplace should look to paperless technology as their next step. Not only will this offer a return on investment, but it will also allow companies to focus on other areas of their business and not have to think about any administrative tasks that occur when handling paper. Your consumer acquisition costs can decrease dramatically, too.

Reasons to pick paperless

Paperless technology is available to all types of businesses. Technology can be used for a range of requirements, including offering employees their payslips online or even allowing customers to sign for their products on a tablet. All these methods help reduce the amount of paper present in an office.

In just one example of paperless technology at work, paperless methods of signing contracts can reduce the cost of administration by 60-85%.

With the General Data Protection Regulation (GDPR) now in place, paperless can offer a higher level of security requirements for your data, helping you with compliance. Although this is set to strengthen and unify consumer data in Europe, it will also apply to non-EU businesses that are trading with EU consumers.

Plus, document authenticity can also be supported by paperless, along with the time and place of signatures. Businesses are able to complete viable audits to conduct regular contract searches, reducing the risk of fraudulent activities.

Making the switch from paper to paperless can also be a bonus for your customers. The beauty of a paperless contract is that it ensures that all fields that are required are filled out by the consumer and can easily be sent to the customer through email. Should it be misplaced, it can easily be resent from an administrative interface. If any issues were to occur, contracts can simply be retrieved and shown as evidence.

Physical paper, in its nature, will present a problem of storage for any business. Paperless does not have this issue. If you’re looking to adopt more advanced features for your paperless installations, biometrics can be utilised to create an easier flow of signing, which can again enhance the customer experience and increase satisfaction.

Digital developments make your business quicker, more accurate, and are often more cost-efficient than traditional methods. 87% of senior decision-makers are ensuring that digital transformation is at the top of their priorities this year — are you?

 

Sources:

https://en.wikipedia.org/wiki/Paperless_office

https://www.maplewave.com/paperless/

https://www.docusign.co.uk/blog/5-reasons-paperless-puts-money-in-your-pocket/

https://www.gonitro.com/resources/ebooks-infographics/paperless-office-statistics-how-to-go-paperless

I am the founder of Startup Today. I am the main writer and have put in many hours of work into creating this blog. If you want to find out more about me then lets get in contact.

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