Vincent E. Giuliano of Arthur D. Little, the world’s first and oldest management consulting firm, predicted in a June 30, 1975 BusinessWeek article that “by 1990, most record-handling will be electronic.” While many organizations, large and small, have supported that prediction by implementing an electronic document management and workflow solution, like PaperSavePro, there are still others that have not leveraged the technology and are thus perpetuating the following inefficiencies associated with running paper-based operations:
Storage Space: To store 2 million paper documents, an organization can expect to spend between $40,000 and $60,000 on file cabinets alone. Those same files could be digitized and stored on less than 5 gigabytes. The last time I bought a 10 gigabyte thumb drive, it was less than $10.
Lost Documents: Even with the best intentions and the best filing system, the fact remains that documents are lost on a regular basis. According to AIIM, a non-profit community that provides education, research and best practices on information management, approximately three percent of all paper documents are eventually lost. A Deloitte and Touche study of U.S. managers found they spend about three hours per week looking for paper that has been misfiled, mislabeled or lost and it can cost upward of $120 per document to find it. An effective electronic document management system could dramatically reduce this loss.
Wasted Forms: Outdated forms can be a significant source of waste for companies. A study by the International Data Corporation found that in the U.S., businesses spend $1 billion a year designing and printing forms, $25-35 billion a year filing, storing and retrieving those paper forms, and $65-85 billion over the entire life-cycle of those documents maintaining, updating and distributing them. A well-designed electronic workflow could dramatically improve these inefficiencies.
According to Infotrends, a worldwide technology and strategy consulting firm, organizations continue to use more than one trillion pieces of paper each year! The American Forest & Paper Association found that Americans discard enough paper every year to build a 12 foot-high wall of paper from New York to California. Now that’s a wall I don’t want to see!
Check out this great video created by John Mancini, president of AIIM, that illustrates the impact paper has on a business and the benefits of driving paper out of your operations!
1) Conscientiously make a point to not PRINT
2) Investigate a business process or technology that can cut the paper waste in your office
3) Participate in or produce a local Paper Free Day event
So here’s my prediction for you, when you adopt an electronic document management and workflow system, like PaperSavePro, you will save time, money, and paper!