How CFOs Can Save Money by Going Paperless

When the topic of going paperless is raised during meetings, it sometimes can elicit feelings of dread from people who have previously had bad experiences with ineffective systems. But don’t fear—the benefits of “going paperless” are ever improving and increasing and are now being adopted by organizations of all sizes across numerous industries.

There are a number of terms people will use when talking about the process of going paperless. Some of these include Document Management Systems (DMS), Document Imaging, Electronic Content Management, Electronic Document Management, File Storage, and Records Management. But what exactly is a DMS? Simply put, a Document Management System ensures that all information in your organization is available at the fingertips of the people who need it, no matter where they are.

We have a few important points for fans of traditional paper documents. According to Nitro, 31% of organizations still experience significant paper buildups in the workplace, leaving workspaces disorganized and making it harder to keep track of important information. Additionally, 20% of businesses report their paper consumption is increasing at a rapid rate. Reasons why paper consumption may increase often can be attributed to a lack of regulations or regulatory requirements, a lack of confidence in electronically secure data, or simply because some people may feel more comfortable with handling paper rather than electronic documents.

So how exactly will investing in a Document Management System help you save money? Let’s explore some of the ways that you can enjoy an enhanced return on investment (ROI) by investing in a DMS.

Save on the cost of supplies and equipment

At it’s most basic level, a DMS can save money by cutting the cost of paper and related printing supplies. Unless they are directly handling the ordering of supplies, many employees may not realize the enormous daily cost of supplying an office with those supplies. According to TotallyPaperless.com, the average four drawer filing cabinet can hold 15,000-20,000 sheets of paper, and costs up to $25,000 to fill and $2,000 to maintain—equate that cost to the number of filing cabinets that sit in your office space.

In 2013, Yale Information Technology Services reported that three of the university’s departments realized an annual savings of more than $250,000 after adopting an electronic process that replaced paper time sheets, replacing paper course packets with iPads, and publishing its annual report online rather than printing and mailing hardcopies. Imagine how much more money the university could save if they went paperless completely.

If you are concerned about the cost of investing in a DMS, you can breathe easy. Nitro reports that 28% of organizations that invested in paperless document management received a complete ROI in fewer than six months and that 59% reported achieving a full ROI in less than a year.

Increase the speed of operations and overall productivity

Implementing an organized document management system can help your organization save a lot of time and money in other ways, too. Employees report spending upwards of 40% of their time searching for files and information in their email or filing cabinets. Additionally, your company stands to lose $125 every time a document is misfiled or upwards of $700 for a document that is lost altogether and now has to be recreated. Now you’ll be able to find any document or record at the click of a mouse without having to conduct repeated searches of your inbox.

Another benefit of electronic documentation is increased information accuracy. By making your information more accurate, you will save on fixing costly mistakes or errors that would otherwise result in paper documents being thrown out. Additionally, going paperless can contribute to increasing productivity by 90% and makes access to information possible anytime, anywhere.

Regain valuable office space

Imagine all of those space-hogging file cabinets disappearing from your building. By going paperless, you are simplifying operations and regaining space that is otherwise only being used for storage. You can get back space that could be used for additional offices or meeting rooms to grow your company and increase collaboration.

Safeguard your data

By storing your files electronically, you can help to avoid the loss of thousands of documents should the unexpected occur, such as a flood or fire. This could potentially save your business or organization millions of dollars in restoration costs. Additionally, our secure and scalable paperless solutions will help you keep your documents safe via a robust permission system and help you save on potentially costly legal fees due to security violations.

DocuPhase is an Enterprise Automation Platform that can transform how your business is conducted. Our paperless innovations and processes can help your organization to be more agile and effectively achieve more in a work day. Our DMS is created for ease of use, so it is easy to integrate with your existing applications and is simple to learn.

When you are ready to adopt your paperless solutions to improve your organization’s daily operations, it is important to remember that you may initially need some support to help get it right, and we are here to support you through the process. Contact us today at 1-727-441-8228 to get answers to your questions or to request a demo.