Top 6 Benefits of Going Paperless for Your Business
For businesses, the market is competitive. The constant pressure to improve efficiency and cut costs while maintaining a high level of customer service is a challenge. Going paperless is a great way to accomplish this.
Even though technology has made going paperless easier, many businesses have yet to make the switch. Many people are unaware of the incredible benefits of the paperless processes approach; others are intimidated by the prospect of implementing completely new processes. However, there is no need to be concerned; the benefits of going paperless are significant. And it is quite easy to replace your paper-based data sheets with appropriate software applications.
So, why should your office go paperless?
What are its benefits?
What exactly is a paperless office?
A paperless office, also known as a paper-free office, is a work environment that uses little physical paper and primarily uses digital documents. A paperless employee is one who has reduced or eliminated the use of paper in the workplace. Digitization is the process of converting paper files into electronic files.
Since personal computers became the foundation of the modern workplace, the concept of an entirely paperless office has existed. Despite the prevalence of electronic documents and email, majority of the organizations continue to rely on paper documents. Going paperless has numerous advantages, ranging from resource savings to increased security.
Top 6 Benefits of a Paperless Office
1. Reduced business expenses
Less paper means lower costs for your company. According to researches, the biggest cost savings when going paperless come from less time spent searching for or recreating lost documents. On an average, paper-based file retrieval costs 86 hours per employee per year.
In addition, if your business relies on paper, cases of paper must be purchased and kept on hand at all times. Printers and photocopiers come with leases and service agreements if not purchased outright. In contrast, digital information can be shared without paper, printers, or photocopiers, and multiple people in different locations can view and even edit the same document at the same time.
2. Data Retention and Digital Backups
Employees are no longer required to create backups of every document manually when it is possible to do so digitally with the right tools and platforms. Data can be automatically saved to the cloud, flash drives, or external hard drives. This allows digital data to exist in multiple locations rather than a single paper source, lowering the risk of damage, loss, or misplacement.
Keeping multiple copies of files digitally is inexpensive and simple, and backups can be scheduled to occur automatically. Well-designed disaster recovery plans can include provisions for storing important files where they can be accessed immediately and archiving less important files.
3. Simple access and sharing of information
In a paper-based organization, information access is determined by the location of your documents and your proximity to them. If you are away from the office and need to access a paper document, you must either drive back to the office or ask someone to retrieve it for you. If the document you require contains sensitive or confidential information, the latter may not be a secure option, and they may not even be able to access the document you require. However, digital files can be accessed from anywhere, at any time, and on any device to meet your information access requirements.
4. Enhanced Business Operations and Quicker Payments
Paper-based processes are time-consuming and risky, and document management can be inefficient. Every year, employees spend hours printing, filing, organizing, and searching through paper documents. While it may appear to be only a few moments each day, it can add up to a significant amount of time that could be spent on more productive and revenue-generating tasks. For digital documents, automated workflows can be created, shifting the focus away from team members managing pieces of paper and toward automation.
Using paper may also be slowing down your cash flow. If you continue to send paper invoices and do not accept digital payments, you are adding days to the payment process. Digitizing processes like this will result in faster revenue realization—not to mention a more pleasant customer experience.
5. Data Security and Compliance
It can be difficult to track who has access to a document or file, and even more difficult to control that access. Document management systems can keep track of who and when accessed a file. Furthermore, a digital-based system can restrict access at the file and even document level. Most providers have strong protections in place, role-based access controls, and can meet most regulatory requirements for businesses considering a cloud-based document storage solution. This can significantly speed up the audit and compliance process. With access control over digital documents and logs showing who has accessed files and when, securing data becomes much easier and less stressful.
By reducing your reliance on paper, you can build a more sustainable business. Despite recycling, the amount of paper used in offices increases year after year. By reducing the amount of paper, you use, your company can contribute to the well-being of the environment.
Aside from paper, printers, ink, and ink cartridges are also harmful to the environment. A laser printer and inkjet cartridges require more than three quarts of oil to manufacture. Printers and ink contain potentially hazardous chemicals that, if not properly disposed of, pollute water and soil and contribute to the spread of environmental damage. Not only is an eco-friendly approach more sustainable and beneficial to the environment, but it also benefits your brand’s image.
TykVen is a startup company focusing on providing software solutions for the HVAC industry. We assisted them in bringing their app ideas to life, from brainstorming to designing, development to product launch. TykVen is an all-in-one service software that allows you to effectively manage your Tasks, Team, Assets, and Clients. Using the app, the service provider can easily and quickly register client requests. TykVen enables Service Engineers to collect leads and new business during client visits.
TykVen assists you in eliminating all paperwork and avoiding complex and time-consuming excel sheets. This user-friendly application provides real-time tracking, a calendar view of tasks and workload, and comprehensive reports. The SaaS-based application can boost team efficiency and productivity for a low monthly subscription fee.
Understanding the Advantages of a Paperless Workplace
It’s easy to get into a rut and go about business as usual, especially if it’s been working for years. Although this is a convenient way to run your business, it also means that your operations may become stagnant, potentially lagging behind your competition. Don’t dismiss the benefits of a paperless office because your company is set in its ways. Increase productivity, optimize workflow, cut office supply costs, and convert paper documents to electronic formats to go green. Let’s kickstart your digital transformation journey today.
Read our case study to understand how we help car dealers in UK with their FAC compliance requirements without paper.