There are many benefits to going digital, whether your goal is offering paperless services to your customers, your internal operations or both. As a middle market company, you’ll need to invest time and money to make such a significant change, but you’ll save enough in the long run that the initial investment will be worthwhile. Here are six reasons to go paper-free:
Greater efficiency and fewer errors
When you switch to an all-digital system, you can cut down significantly on human error. For example, forms that are digitally scanned rather than typed into a database have fewer errors. Some banks have reported that the number of errors decreased so much after going paper-free that they had to shut down departments dedicated to fixing mistakes and redeploy those staff, reports American Banker. That’s a good problem to have.
Faster customer service
You can greatly speed up customer service if you move to a digital landscape. Most businesses traditionally relied on paper for applications and opening new accounts, but many that digitize the process find that lowering the barrier to entry increases their number of customers, notes American Banker. In addition, you’ll make your current customers happier by answering their questions faster. If a client requests a file and you can search for it digitally and email it rather than looking for a hard copy, you’ll save significant time.
Although an initial investment is needed, businesses that go paperless eventually see that money returned. Consider this: An average office worker uses 10,000 sheets of copy paper a year, according to data cited in Entrepreneur. On average, a four-drawer filing cabinet costs $25,000 to fill and $2,000 to maintain just for one year. This doesn’t even take into account the costs of making sure all your papers are properly shredded before you throw them away.
Flexible work environment
If you employ a document management system and keep your files in the cloud, your employees have more flexibility. Is an employee ill but wants to work from home If you’ve gone digital, they can access all their files online and still meet those vital deadlines.
Going paperless brings a number of environmental advantages. On average, 39 percent of every 30 copies that are made are thrown away, reports Entrepreneur. In addition to saving trees, you’ll also save on energy costs when you don’t have to use print and copy machines as often.
Another advantage of being paper-free is better security. When you have backups of all your files saved in the cloud, you won’t have to worry about a fire or other disaster destroying your most important documents. Not only that, but a simple filing error won’t make an important paper impossible to find later.
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