A digital future: How paperless offices can benefit your business

Businesses are relying increasingly on technology in 2018, and with technological advancements being developed all the time, companies have started to become aware of the benefits of switching to entirely digitalized paperless offices. Switching to a paperless system has been proven to be both environmentally friendly and cost effective, with studies finding that 8 billion dollars are wasted annually by businesses using excess paper.

This article investigates the rise of paperless offices and how they can help businesses to deliver a streamlined and reliable service to their clients.

Making the switch: Things to consider

Making the switch to paperless is an opportunity for every business. The technology can also be used for a range of different tasks such as allowing customers to sign for their products using a tablet or online employee payslips – this all helps to reduce the amount of paper used in the 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.

One of the most obvious benefits of going paperless is that companies can easily determine the authenticity of documents when using electronic signature software as well as the location and time of signatures. 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 businesses becoming increasingly digitalized, it’s a good idea to take advantage of technological developments. 87% of senior decision-makers are ensuring that digital transformation is at the top of their priorities this year — are you?

Making the switch

Business should weigh up their options carefully before fully committing to a paperless office plan. 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 many businesses are comfortable with their current way of operating, so some may be slightly slower than others in adopting the electronic alternatives. In contrast, 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. Research has proven the capabilities of paperless technology. 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.

The financial benefits of paperless technology for business seem clear-cut. 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.