The Financial Aspects of Going Paperless

Visit Website View Our Posts

One other notable advantage that ultimately influences corporate leaders to decide going paperless is the fact that they can save a significant amount of money by implementing this strategy within an office.

Because so many corporate leaders are turning to electronic workflow now to jumpstart their organizations, there are numerous people ready to proclaim the various benefits of digitizing. To name just a few, this process can help ensure against physical destruction of records, free up office space, and plenty of other advantages.

The financial aspects of going paperless
The financial aspects of going paperless

Some company leaders are still on the fence, as there are a number of owners who haven't explored their options or learned about this type of document management software yet. You'd think that the proclamation of all of the benefits would be enough to swing their votes.

However, it might be one other notable advantage that ultimately influences corporate leaders to decide to digitize - they can save a significant amount of money by implementing this strategy within an office.

This might seem vague - after all, don't administrators have to buy the management programs and scanners and dedicate  a lot of man hours to this effort? While the answer to these questions is ultimately yes, the fiscal rewards that can be seen are unparalleled. What are the most notable expenses that can be saved?

Individual costs

They might seem like small enough factors, but over time, buying reams of paper, cartridges of ink, new printer parts and storage receptacles really adds up. However, each of these expenses would be eliminated if a digital plan was implemented.

Pacific Union International Vice President of Operations Christina Bonner told Inman News that this was one of the biggest draws within her business. That was the tipping point for Pacific Union, as storage costs and paper expenses run the company's budget up significantly.

That mixed with the fact that there was already high customer demand for using e-signatures to approve things like invoices made digitizing a no brainer.

Donations may be made

The cost savings might be even more significant if company administrators can shave some of the initial expenses that digitizing requires. It's no secret that businesses will have to shell out a little bit of money right in the beginning. This covers the purchase of the scanners that will be used to place documents into a digital infrastructure, as well as the document imaging workflow platforms leveraged. Not to mention, some businesses might think about taking on more employees - as a number of workers will be tasked with digitizing though they still have other responsibilities.

A number of firms might find that they can appeal to organizations in their industry or other groups that help in these situations. For instance, when 2,100 credit unions decided going paperless, the Credit Union National Association contributed more than $10,000 to the National Credit Union Foundation, Credit Union Times detailed.

Moreover, organizations heavily involved in green initiatives may offer funding opportunities to companies that dedicate themselves to digitization and stop wasting paper. It's just up to the leaders to exhaust all of their options.

More protections can mean more savings

If a company has many highly sensitive documents, they may have had to invest in expensive ways to protect these files. From high-tech file cabinets to remote storage facilities, many businesses had to archive the records in special ways, which almost always requires additional expenses.

For New York's Ogdensburg City Council, this included hiring police officers when files were being transported or a number of other processes, The Watertown Daily Times reported. This meant that the organization had to pay each law enforcement agent $22.99 per hour during these operations.

However, after digitizing, these costs are almost entirely eliminated. Companies can protect their important documents online behind passwords, encryptions and anti-virus programs, all of which are exceedingly impenetrable but low cost.

Leave a Comment

Your email address will not be published.

This site uses Akismet to reduce spam. Learn how your comment data is processed.

Show Buttons
Hide Buttons