5 Ways Paper Hurts Your
Business in 2024
Many companies still rely on physical files stored in boxes and shelves, leading to wasted time searching for important documents. Resistance to change and familiarity with paper keep them from embracing digital solutions, despite available technologies.
However, going paperless could save companies millions by reducing waste and improving security and accessibility. So, why haven't we made the switch yet?
The challenge with paper processes
Did you know that over half of workers spend more time looking for papers than answering emails. The more time spent searching for papers, the less time for important tasks like planning and creating.
Here is some other interesting statistics:
Employees can lose up to 25% of their productivity due to document problems.
Around 7.5% of paper documents are estimated to go missing, leading to time wasted searching for them. When documents can't be found, 83% of employees end up recreating them, causing duplication of work and multiple versions of the same document.
A recent study by Forrester Consulting for Adobe showed how not having enough digital tools affects workers. The study found that 97% of companies with limited digital document systems, and 72% using both paper and digital processes, said it hurt productivity.
5 Ways Paper Hurts Your Business in 2024
Let's take a look at a hard-working employee, Sarah, who is dealing with paper-based processes every day. Here is what she is facing every day and how it might affect your business.
1. Spending too much time looking for documents.
Sarah often spends valuable time searching through stacks of paper documents to find the information she needs.
Impact. Time spent searching for documents often results in decreased productivity and missed deadlines, impacting overall business efficiency.
Solution. If Sarah's company had an ECM system, she could have easily searched for and retrieved documents using keywords or metadata tags, saving time and improving productivity.
Business results. Streamlined document retrieval processes lead to significant cost savings and improved operational efficiency. Additionally, digitization enhances data accessibility, allowing decision makers to make informed strategic decisions based on real-time information rather than relying on outdated or inaccessible paper documents.
2. Difficulty in Collaboration
Collaboration with team members is hindered by the physical nature of paper documents, leading to delays and miscommunication.
Impact. Difficulty in collaboration leads to communication breakdowns, which can result in errors, duplication of efforts, and delays in project completion.
Solution. Digitized documents stored in ECM can be accessed and edited by multiple users simultaneously, facilitating real-time collaboration and reducing communication barriers.
Business results. By adopting ECM and digitization, decision makers can empower teams to collaborate seamlessly, regardless of geographical location or time constraints. This fosters a culture of innovation and agility, positioning the company for long-term success in today's competitive business landscape.
3. Security risks
Sarah worries about the security of sensitive information stored in physical documents, especially in cases of loss or theft.
Impact. Security vulnerabilities in paper-based processes increase the risk of data breaches, potentially leading to legal and financial consequences for the business.
Solution. ECM offers robust security features such as access controls, encryption, and audit trails, ensuring that sensitive information is protected from unauthorized access or breaches.
Business Results. By implementing ECM and digitization, decision makers can enhance data security measures, ensuring compliance with industry regulations and protecting sensitive information from potential breaches. This proactive approach to data security strengthens the company's competitive position in the market.
Content digitization: a lot to gain
Let's dive into the details of digitization, including what it is and why your company or business will benefit from it. We have also included a series of questions to help you determine whether your business requires content digitization.
4. Increased Costs
Sarah is concerned about the rising expenses associated with printing, such as the cost of paper, ink, and maintenance.
Impact: High printing expenses create unnecessary financial burdens for the business, eating into profits and resources that could be allocated to other areas.
Solution: Implementing cost-saving measures such as digital document management systems can significantly reduce printing costs by minimizing paper usage and optimizing ink consumption.
Business Results: By adopting digital solutions, businesses can lower their overall printing expenses, freeing up funds to invest in growth initiatives and improving the bottom line.
5. Environmental Damage
Sarah is alarmed by the environmental impact of excessive printing, including deforestation and climate change.
Impact: Excessive printing contributes to environmental degradation, exacerbating deforestation and increasing carbon emissions, which accelerate climate change.
Solution: Transitioning to digital processes, such as electronic document management, reduces the need for paper consumption and minimizes the environmental footprint associated with printing.
Business Results: By embracing digital solutions and reducing paper usage, businesses can demonstrate their commitment to sustainability, enhancing their brand reputation and attracting environmentally-conscious customers. Moreover, implementing eco-friendly practices can lead to cost savings in the long run by reducing paper and printing expenses.
Benefits of going paperless
Improved Efficiency: Digital workflows streamline processes, reducing the time spent searching for documents and boosting overall productivity.
Cost Savings: Transitioning to a paperless office eliminates printing expenses, saving businesses money on paper, ink, and maintenance.
Enhanced Collaboration: Digital platforms facilitate seamless collaboration and information sharing among team members, fostering innovation and teamwork.
Enhanced Security: Document digitization enhances data security, with encrypted storage and access controls protecting sensitive information from unauthorized access.
Environmental Sustainability: Going paperless reduces reliance on paper, conserves natural resources, and minimizes the carbon footprint associated with printing.
As you can see, adopting ECM and digitization would have addressed Sarah's struggles with paper-based processes. It's time to rethink traditional paper-based processes and unlock efficiency, enhance security, and contribute to a greener environment.
To fully unlock the potential of ECM and tailor it to your business needs, it's crucial to have a reliable ECM specialist by your side.
At IseoSolutions, we specialize in ECM solutions tailored to your unique requirements and business processes. Our team of experts is dedicated to guiding you through the process, providing services from implementation to optimization, ensuring that you harness the full benefits of ECM for your organization.
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