You consider many factors before making major business decisions, and the financial bottom line is always a big contender. In considering the future, some business owners or CFOs may count digitizing documents as too great of an expense. In reality, the ROI of electronic document storage includes considerable savings. Here are five different ways that going paperless can save your organization money.
The space required to house paper documents is significant. Electronic document storage allows you to eliminate the filing cabinets and boxes that clutter your space. Additionally, you may find that you need less square footage overall because employees and contract workers can easily work from places other than their desks via cloud-based document access.
Every business owner knows the anxiety of preparing for audits and wading through compliance regulations. By moving your documents to electronic document storage, you guarantee automatic compliance and will be prepared for any spot checks or audits that may occur. This saves you from investing time and money in pre-audit preparations, whether in-house or hired externally.
The number of work hours spent managing paper is unbelievable. Electronic document management changes that entirely. Filing, organizing, retrieval, mailings, and more are all handled by the electronic system. This frees your staff to take on the more important responsibilities on their plates.
No one wants to lose an important document. Until the advent of electronic document management, the solution was making a copy. Not only did this require a time investment for each backup made, but it led to a huge waste of paper. By entrusting your documents to an electronic document system, you gain automatic backups of all important data. Even in the case of a disaster, your documents are both safe and accessible.
Paper waste is a very real and pressing issue in every industry. Every day, an enormous amount of time, energy, and money are put into creating and maintaining paper documents. With this in mind, the cost savings of going paperless are significant. Not only do you no longer need to purchase so much paper, but all paper-related costs (ink, toner, mechanical maintenance, disposal, etc.) go down as well.
Electronic document services make many aspects of business more manageable. For example, workflow, collaboration, access, security, and mobility all benefit from a digital transformation. However, this boost in effectiveness does not punish your bottom line. By cutting costs in multiple ways, electronic document storage saves you money as well. Interested to know more? Contact MaxxVault today.