How Paper is Costing Your Business Real Money (Infographic) By Keith Bateman

Determining the True Cost of Paper

In order to truly understand the value of going mobile with your data collection, it's important to know how your current process is affecting your business. Many companies today do not fully understand the hidden costs that come with using paper, and how it can strike a major blow to productivity. Take a look below to find out why you should consider going paperless with your business' data collection processes!

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Definition of Paperless Office Or Business and difficulties in adopting the paperless office or Business

Paperless Office:

A paperless office or Business is a work environment in which the use of paper is discontinued or greatly reduced. This is done by documents conversion and other papers into digital form. Proponents claim that "going paperless":

1. Can save money, 
2. Boost productivity, 
3. Save space, 
4. Make documentation and information sharing easier, 
5. Keep personal information or Business Information more secure, 
6. And help the environment. 

The paperless concept can be expanded to communications outside the office or business as well.

Difficulties in adopting the paperless office 

A major difficulty in "going paperless" is that much of a business's communication is with other businesses and individuals, as opposed to just being internal. Electronic communication requires both the access to appropriate hardware and software.

There may be costs and temporary productivity losses when converting to a paperless office. Government regulations and business policy may also slow down the change. Businesses may encounter technological difficulties such as file format compatibility, longevity of digital documents, system stability, and employees and clients not having appropriate technological skills.

And, there may be a reduction of paper, but some uses of paper will remain.

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5 tips to small-business owners who are interested in going paperless

5 tips to small-business owners who are interested in going paperless

Peterson offers these five tips to small-business owners who are interested in going paperless:

1. Focus on document management. Aim for more than just storage. Implement a method of organizing and searching files that makes your operations run smoothly. Choose a solution that allows you to index — and then search — your documents with keywords.
2. Ensure multiple backups. Savvy companies back up records in more than one place. Always back your files up on a separate hard drive that is stored elsewhere and then find a reputable company that offers cloud backup for a monthly fee. Peterson recommends seeking a storage provider that’s been around for a while. There are a range of providers to choose from.
   
3. Rally your team. Digitizing is a disruptive process; people may get nervous when they can’t push paper around anymore. It’s important to get everyone on board, so you don’t end up maintaining redundant paper-based and electronic systems.
4. Scan and file everything that comes in the door. To begin the monumental task of digitizing, store and index all incoming communications in a digital format. Also start indexing any new digital files you create, including email. Shred paper documents after you scan them.
5. Be mindful of regulation. Make sure you find a document management solution that meets the regulations for your industry, whether you’re in financial services, medical, education, or another field. If you store sensitive client data, security should be your top priority.

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Benefits of Running a Paperless Business

Why should your Business take this way? During Varsity Tutors’ shift to the digitized world, found following key Benefits:

• Devoted less time to non-essential tasks. Think about this: 123 years of National Geographic magazine with high resolution photos, or over 1,400 Volume, can be stored on just one flash drive. Paperless filing can easily reduce long-term storage costs for your company, as well as allow you to access information near instantaneously. Rather than spending time hunting for a piece of paper in a filing cabinet, you can pull up a document in a digital database within moments. This efficiency means you can focus your manpower on other projects that are critical to the growth of your business.

• Higher security for business documents. Digitalized businesses can easily back up key information. If your brick-and-mortar office faced a fire or flood, your hard-copy paperwork would likely be destroyed. In contrast, digital documents can be protected remotely via the cloud or an off-site hard drive. you must have your backup of key information.

• Business velocity increased. Maximizing your organization’s velocity is a must if you hope to expand your business in this hyper-connected era. Simply, if you delay a transaction, you delay revenue – in certain instances, you may even lose a sale. Paperless processes can help prevent this issue by helping you provide a better, faster, and less expensive or higher margin service. Your clients will appreciate the efficiency of your operation and will reward you with more business.

Paperless practices can increase your company’s efficiency and streamline your internal processes.

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