On average a lost document will cost a company $122 on average (according to Pricewaterhouse) and 7.5% of all company documents are lost completely. Let’s look at some numbers if we assume your company works with 50,000 documents. That would mean, 50,000 x 7.5% = 3,750 documents will be lost, ultimately costing your company around $457,500 this is not taking into account if you had to recreate any lost documents, the time and supplies.
On average one three drawer filing cabinet can cost around $250, hold 6,000 pages of documents and require about 20 sq. ft. of office space. As document retention periods become longer many businesses will need to acquire additional filing cabinets and an offsite storage area. A relatively small storage space will cost about $100 per month, not to mention the utilities (electricity and lighting, etc.). PricewaterhouseCoopers reports that on average, a company spends $20,000 to fill one file cabinet and an additional $1,800 a year to maintain that cabinet. The fees quickly add up.
Statistics show that 3% of an organization’s documents are misfiled. On average, Pricewater House reports that an employee spends about 10 minutes filing a document properly. With a paper based system, when an employee making $20 per hour spends one hour each day on filing, they are wasting over 250 hours and $5,000 annually. By going paperless, this time could be spent on more useful tasks to bring in more money, rather than wasting it.
Replacing paper in the office with a digital solution can save you money when working with suppliers by organizing and consolidating payment procedures. By creating electronic document workflows, you can ensure approvals are made on invoices and payments are sent out timely. This in return can help your company apply for sales discounts in exchange for early payments and these savings can add up. A $10,000 invoice offering a 3% discount will save you $300 alone – and that’s just one invoice.
It’s time to go paperless with business automation in order to take your organization to the next level. Not only will you save the high costs of paper storage and management, but users can easily streamline everyday business processes while remaining environmentally conscious. For more information on how we can assist you, contact us at [email protected]