Why Go Paperless? The Numbers Don’t Lie
Your business is busier than ever. However, though business is busy, this does not mean that your business is as profitable as it could be. In fact, maybe profits are even less than you had projected. In order to resolve this issue and become more profitable, you can implement a Document Management System that will help you not only organize your crucial documents, but will also save you both time and money on labor costs. On top of that, imagine the environmental benefit of using little to no paper at all.
Crunching the Numbers
- The average office spends up to $20 on labor filing or retrieving a document(s).
- The average office spends up to $120 in labor finding a mis-filed document(s).
- The average office spends up to $250 in labor recreating lost documents.
- 7.5% of all documents get lost, 3% of the remainder get mis-filed.
- The average business document is copied 19 times – Over 81 billion sheets of paper are copied each month.
- There are over 4 trillion paper documents in the U.S. alone – growing at a rate of 22% per year.
- U.S. Banks have over 16 billion paper documents on file, growing at a rate of 4% per year – 80% of the documents are suitable for imaging.
- Over $5 billion each year is wasted on printed materials that become obsolete before they are ever used.
- For every 10 printed pages, only 1 is ever consulted.
- Only 10% of corporate information lies in structured databases. The remaining 90% – often critical to business processes – lies unmanaged in chaotic file system structures.
- According to recent studies, professionals spend 5 to 15% of their time reading information, and up to 50% of their time just trying to locate the information
- According to the Gartner Group, a leading technology consulting firm, companies spend between 6 to 15% of their annual revenue on document management (printing, faxing, copying, etc.).
- According to Ernst & Young, electronic document management can, “Triple document processing capacities.”
By using an electronic Document Management System you can:
- Reduce staff time/resources by 50%.
- Provide immediate access to decision-critical data, from any location.
- Reduce document storage space by 80%.
- Provide fail-safe, secure document management solution.
*sources: Coopers & Lybrand, PC Magazine, AIIM, Imaging Magazine