Whether your business has an aim to become more cost effective or to help the environment, the developments in technology and paperless solutions have allowed us to do both. According to one source of research, organisations are spending $8 billion each year on paper administration, highlighting the importance of digital change.
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 possibilities that come with removing paper from the office while delivering incredible results to customers.
Are businesses welcoming the new trend?
Like any new trend in the world of business operations, welcoming new and improved methods of working can take time — but when it comes to paperless solutions, 3% of companies have already pledged their allegiance and have removed paper from all of their processes.
With paperless solutions still relatively new for businesses, it can be worrying to fully implement at first. Research has found that 16% of businesses are already looking at different ways they can remove paper from their processes — and this has now become a viable option.
Most businesses and their employees will find their current operational methods faultless and will hesitate before making any changes that could impact their operations. But did you know that businesses with this thought-process increased their paper consumption by 20% and that 33% of businesses are actually almost paperless. They delay in change is down to a few factors that include the distrust of digital solutions, regulations and humans being happy with current methods.
Studies have discovered the financial benefits of paperless technology in a business. One report has suggested that within the first six months of switching to paperless solutions, 28% of businesses gained a full return on investment (ROI). For those that didn’t achieve it within half a year, 59% achieved it in under 12 months and 84% within 18 months.
Considering the positive figures above, any business that uses paper across the organisation should be looking at the possibilities of using paperless technology. While increasing your ROI, you can also put your efforts into other areas of the business and remove the worry of managing paper administration tasks. Not only that, consumer acquisition costs can decrease, too.
Key considerations when going paperless
There are multiple ways to implement paperless technology across your business — from offering employees their payslips online to enabling customers to sign documents on a tablet instead of a piece of paper, the options almost endless. Also, those that implement digital contracts can reduce costs by 60-80%.
The process of identifying documents will be made simpler — as well as the authentication of them. From this, organisations will be able to conduct regular searches for specific documents which can reduce the risk of fraudulent activities.
Although processes will be streamlined for your business, things will also be made easier for your customer. For example, customers will be able to gain a copy of the document they have signed immediately via email, and if it has been misplaced, it can be easily resent from the administrative interface. When necessary, the documents can also be pulled up more easily for evidence purposes.
If you’re constantly obtaining paper documents, this could become a damaging storage problem. Paperless technology combats this. If you’re looking to adopt more advanced features for your paperless installations, biometrics can be utilised to create an easier flow of signing, which can again enhance the customer experience and increase satisfaction.
As a modern-day business, the last thing you want to do is fall behind due to the rapid technological advancements. 87% of senior decision-makers are ensuring that digital transformation is at the top of their priorities this year — are you?