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Paperless offices are a fairly recent phenomenon in the business world. As an environmentally friendly and cost-effective solution, it’s not surprising that a growing number of businesses are looking into making the digital switch. Data shows that businesses spend over 8 billion dollars annually just to cover their paper use, with much of this being wasted on unnecessary over-use of paper.
Maplewave, who specialize in electronic signature software, have looked into the benefits of removing paper from your office completely and how digitalizing your business can help you deliver a better and more streamlined service to your clients.
Making the decision to digitalize
Making the digital switch is a big decision for any business; owners should think carefully and weigh up their options before going ahead. Data has shown that 3% of businesses have already eradicated its use in every process which has allowed them to witness incredible results across their organisation. With paperless only recently becoming a viable option for businesses to implement, it can be an unnerving installation to begin with. However, 16% of businesses are actively looking at different methods that will help them remove paper from their procedures entirely.
It’s understandable that some companies are used to their current way of operating and may be slow to adopt newer technologies such as paperless. Research shows, however, that these businesses actually increased their paper consumption by around 20%. This is due to three key factors; a lack of confidence in digital solutions, the need for regulations and quite simply, humans being content with paper. However, studies have found that 33% of businesses are almost paperless.
The benefits of paperless technology have been proven by numerous studies. One study suggests that in the first six months of going paperless, 28% of businesses gained a full return on investment. A further 59% achieved a full ROI in less than 12 months and 84% within an 18-month period.
Not only will this offer a return on investment, but it will also allow companies to focus on other areas of their business and not have to think about any administrative tasks that occur when handling paper. Your consumer acquisition costs can decrease dramatically, too.
What to consider before you make the switch
There’s an opportunity for all businesses to turn paperless, and the technology can be used for a range of requirements that include offering employees their payslips online or even allowing customers to sign for their products on a tablet which all help reduce the amount of paper present in an office.
Looking at paperless technology that allows people to sign contracts solely, businesses can see reduced costs of 60-85% which enables greater savings and reduced budgets on administration expenses.
With the General Data Protection Regulation (GDPR) set in stone, going paperless actually allows you to have greater security requirements and allows you to remain compliant with the legislation. Although this is set to strengthen and unify consumer data in Europe, it will also apply to non-EU businesses that are trading with EU consumers.
Not only that, but you will also be able to identify the authenticity of documents, as well as the time and location of signatures when using paperless. Businesses are able to complete viable audits to conduct regular contract searches, reducing the risk of fraudulent activities.
Going paperless does not only help your business financially but will also enhance the customer experience. The beauty of a paperless contract is that it ensures that all fields that are required are filled out by the consumer and can easily be sent to the customer through email. Should it be misplaced, it can easily be resent from an administrative interface. If any issues were to occur, contracts can simply be retrieved and shown as evidence.
Having physical pieces of paper can eventually become a storage problem, with not enough room to file documents away — 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.
With the world turning digital, there’s no time to stay behind on the excellent developments that have aims to improve our businesses. 87% of senior decision-makers are ensuring that digital transformation is at the top of their priorities this year — are you?
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