Old habits die hard as most people don’t like change. However, manually processing business transactions is inefficient, time-consuming and costly. As digital technologies continue to evolve and become more widely accessible, it’s no longer challenging to lead a life using less paper. It’s time to take business paperless!
The prevalence of cloud computing, digital signature applications, document and workflow management, as well as integrated online payments, have created a paperless business environment that is easily within reach.
Here are seven reasons any business can benefit from embracing digital management of document transactions.
1. Workflow Automation
Digital systems are more efficient than paper-based ones as they provide an automated flow of data and documents. Digital transaction management (DTM) streamlines time-sensitive tasks by triggering events through custom workflows. No longer do staff need to hand documents in physically with the risk of them being forgotten, misfiled or even destroyed. Users can also set up reminders, so signers are automatically notified when documents require their attention.
2. Improved Efficiency
Staff can get more done at a faster rate with DTM. With files digitally stored in an online document library, they are immediately accessible directly from any device. Enormous amounts of time can be saved by not having to search storage rooms and filing cabinets for records. With inefficient search and retrieval methods removed, staff can focus on their work and serve customers faster.
3. Integrated Cloud Applications
By taking your workflow digital, possibilities open to introduce options for technology integrations. With an electronic document management system in place, any number of platforms can be strategically added to the solution to give you a seamless process. One of the most significant causes of inefficiencies is due to the lack of integration of different parts of a document’s lifecycle. There are often barriers between parts of the solution. A truly integrated system that manages your entire digital document transactions will remove these walls, creating a seamless and smooth workflow.
4. Remote Productivity
Digital document and transaction management grants employees access to necessary documents anywhere, anytime on any device. Through mobile devices, workers can create documents, make edits, update data, and even participate in workflow tasks without setting foot in the office. This empowers your remote workforce to get business done faster, no matter where they are.
5. Disaster Recovery and Risk Management
Unexpected disasters such as a fire, flood, theft, and accidental document destruction, can cripple a company. Many organisations keep only one copy of a file, meaning they are often irreplaceable if destroyed. DTM allows your critical business documents and data are always backed up and available. With the option of storing data in the cloud, businesses still have access to sensitive information in the case of an emergency. Emergency access ensures continuous operations and compliance with security and governance measures.
6. Less Paper = Better Environment
Going paperless can make a massive difference to the sustainability and efficiency of both an organisation and the environment. Going digital not only cuts costs and streamlines productivity, it can also help a business to do more with less. Significantly reduce your reliance on paper and do your part to ensure our planet stays healthy by eliminating paper-based business processing.
7. Costs Involved
At about a cent per page for the actual paper and another cent for the printing cost, each page costs you around 2 cents per print. That means that each standard filing cabinet drawer with 3,000 pages of paper costs you $60 to fill. Add in another $10 for office supplies needed to file these pages and the cost goes up to $70. Therefore, the average five-drawer filing cabinet is going to cost you $350 in printing and filing costs.
Each year, the world produces more than 300 million tons of paper. This is an alarming figure considering the opportunity technology presents to go paperless. There’s also the significant amount of time being wasted during the paper process.
So for organisations, the driving force behind going paperless has not a lot to do with paper at all. It’s mainly about the waste of resources paper-driven processes represent. Lowering paper usage in the office can result in higher efficiency and increased productivity levels throughout the organisation. Printing less and recycling efforts play their part, but the ultimate solution lies in cloud-based software such as Formaliti.
Making the change not only provides financial rewards for the company, but it also is a motivating factor for staff.
Get in touch with the team at Formaliti and take your business paperless!