With research estimating that companies are spending around $8 billion annually managing their paper use, the switch to a digital solution is no surprise.
To find out more about the benefits of turning your office paperless, we’ve teamed up with Maplewave, retail management software specialists, to ensure that businesses are aware of the benefits that come with removing paper from the office whilst delivering incredible results to customers.
Are businesses already turning paperless?
Turning paperless is a big decision for any business to make, and 3% have already completely eradicated the use of paper which has allowed them to witness incredible results across their organization.
With paperless only recently becoming a viable option for businesses to implement, it can be an unnerving installation to begin with. However, 16% of businesses are actively looking at different methods that will help them remove paper from their procedures entirely.
Understandably, businesses will adopt electronic alternatives, like paperless technology, at a much slower rate — as many organisations find comfort in their current operations. 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 from Nitro has proven 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.
After looking at the financial implications paperless technology can have on your business, you’d be a fool not to make the switch. 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.
How paperless benefits businesses
There’s an opportunity for all businesses to turn paperless, and the technology can be used for a range of requirements that include offering employees their payslips online or even allowing customers to sign for their products on a tablet.
Looking at just the paperless technology that allows people to sign contracts, businesses can see reduced costs by 60-85% which enables greater savings and reduced budgets on administration expenses.
With the General Data Protection Regulation (GDPR) set in stone, going paperless actually allows you to have greater security requirements and allows you to remain 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.
Not only that, but when using paperless you will also be able to identify the authenticity of documents, as well as the time and location of signatures. Businesses are able to complete viable audits to conduct regular contract searches, reducing the risk of fraudulent activities.
Improved customer experience
Going paperless not only helps your business financially but will also enhance the customer experience. The beauty of a paperless contract is that it ensures all the required fields are filled out and can easily be sent through to the customer afterwards via 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.
Having physical pieces of paper can eventually become a storage problem, with not enough room to file documents away — paperless technology combats this. If you’re looking to adopt more advanced features for your paperless installations, biometrics can be utilized to create an easier flow of signing, which can again enhance the customer experience and increase satisfaction.
With the world turning digital, businesses should be embracing the excellent developments in paperless technology. 87% of senior decision-makers are ensuring that digital transformation is at the top of their priorities this year — are you?