Is Paper Hurting Your Business in the Digital Age?
Is paper still dominating your daily work processes? Desk clutter, unorganized files, missing information, and security risks are just part of the struggle to manage all of that paperwork efficiently and effectively. Fact is, those frustrations you’re facing internally are impacting customer satisfaction, increasing your exposure to compliance issues, decreasing productivity, and costing you more money. A recent study found that:
- 75.9% of businesses who still use paper-intensive processes suffered serious business risks and compliance issues as a direct result of the cumbersome paperwork
- 36.2% failed to meet compliance requirements
- 24.9% lost major customers
Lifecycle document management can be an effective tool for increasing efficiency throughout an organization and moving into the digital age. But if you’re leaving out key aspects, such as document scanning, electronic document management, and workflow automation, you could be doing more harm than good.
How can a paperless office help you?
- Improve workflows: When the right content is accessible on your desktop, you can instantly organize, share, and approve documents across multiple departments. This helps streamline AP and AR workflows, HR processes, approvals, invoicing and much more. Creating a customized electronic document workflow specific to your needs enables greater accessibility, more transparency, and faster turnaround times.
- Increase visibility: Using electronic workflows instead of hard copy records means better transparency and allows you to better track your business processes in real time — meaning you’re more likely to catch mistakes and identify opportunities for improvement.
- Reduce security risks: I know it seems like we say this a lot, but finding ways to mitigate risks and data security breaches never gets old. As technology evolves, it can leave your systems vulnerable to new security threats. An electronic content management system makes it easier and less expensive to maintain compliance and reduces the chance for missing documents and/or data breaches that could result in lost revenue.
Going paperless will have a greater impact on your business today than it ever has before. It’s likely that many of your customers and business partners are already transition to a paperless environment themselves. Going paperless allows you to extend the benefits of an electronic workflow to your end user. Want to get started? Check out more information on electronic content management and back file scanning.