Offices can benefit from a paperless future
Better paper management can save you money (pic: Terry Murden)
Research estimates that businesses are spending around £6 billion a year on managing their paper use but could be far more efficient by adopting digital alternatives.
Queue management specialist Maplewave has put together this guide on the benefits of going paperless, for your business and for your customers.
Have businesses already started going paperless?
Switching to paperless is by no means a small decision; many businesses have files upon files of archived paperwork. However, 3% of businesses have already made the switch, and are seeing amazing results in return.
Implementing a paperless process has only recently become feasible for offices, and so it can seem like a risky choice in the beginning. However, 16% of businesses are actively looking at different methods that will help them remove paper from their procedures entirely.
Some businesses tend to resist larger changes to their current processes, such as electronic alternatives, due to finding comfort in their established methods. 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.
Research shows the capabilities of paperless technology. 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.
Paperless technology has proven to be financially beneficial. 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.
Paperless and your business
Paperless is an option that can benefit every business. 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.
Paperless technology that offers contract signing alone can see costs for businesses reduced by 60-85%. This enables greater savings and reduced budgets on administration expenses.
In light of the General Data Protection Regulation (GDPR) being applied, being paperless offers greater security requirements which in turn, keeps you compliant with the legislation. 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.
In addition, the authenticity of documents can be supported by paperless technology’s recording of location and time of signatures. Businesses are able to complete viable audits to conduct regular contract searches, reducing the risk of fraudulent activities.
Switching to paperless is not only a benefit to your business, but to your customers as well. 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 can also become a storage problem, which paperless technology resolves. 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.
Paperless is just one more way in which businesses are staying ahead of the digital race. 87% of senior decision-makers are ensuring that digital transformation is at the top of their priorities this year — are you?
This article is supplied under the terms of the DB Direct service