If your company is ruled by paper despite the digital age, you’re not alone. There are many companies that still need to go paperless. According to the Association for Information and Image Management (AIIM), 65 percent of organizations surveyed for the Paper Free Progress Report are still buried in paper-based processes.
Paper stalls progress, inhibits information access, and puts you at risk for losing, misplacing, or exposing important business information. Cutting the paper will help you compete in your industry and provide your customers with the fast, seamless service they’ve come to expect.
Here are five compelling reasons why you should go paperless:
Dealing with Catastrophe
Seventy percent of today’s businesses would fail within 3 weeks if they suffered a catastrophic loss of paper-based records due to fire or flood. Businesses today absolutely must have good disaster recovery plans in place. Utilizing electronic document management processes and records management practices considerably reduces the time to get your business back online after a catastrophe.
Litigation and Security Risk
Litigation is a major risk for companies and the cost of not knowing where your records are located can be staggering. for For instance, one large financial services company paid more than $16 billion in litigation costs over a three-year period. Every organization needs a records retention schedule with a written policy that determines which documents are created and retained, by whom, and in what location. Employees who don’t adhere to these practices put an organization at risk, especially in times of audit or litigation. Going paperless and using an enterprise content management software tracks processes and insures employees adhere to policies.
Forbes recently projected that within the next five to ten years over 50% of the US Workflow will be working remote. Have a system where employees can access documents or more importantly information on those documents wherever they are and whenever they need it will be a crucial strategy for growing companies.
Companies are in the midst of the digital transformation age. This includes smart devices, AI, and connected application. Customers expect higher levels of service and companies are competing and winning these customers when they can optimize organizational efficiency. Gone are the days where you can take a stack of invoices, drop them in someone’s desk for approval, and then manually key information into your processing systems. Automation is only possibly when you take advantage of best in class practices maximize efficiency and scalability. It is clear that companies that manages their content well, gain visibility, control critical processes, and achieve a higher level of excellence.
Information is everywhere and in a multitude of systems. Historically, software solutions focused on specific areas of functional expertise, developing and supporting systems in a very siloed approach. Today, companies must be able to successfully integrate these systems to give a complete picture of their organizations and their customers. It is critical not just to make your paper electronic but select systems that have this integration in mind.
With OnBase Enterprise Content Management (ECM), for example, you can transform your organization by managing your content, processes, and cases on a single platform. Whether you implement a single departmental solution or deploy solutions across your enterprise, you will increase productivity, reduce operating costs and minimize risk. Improve your level of service by empowering your employees with the information they need, when they need it.
LBMC Technology Solutions has decades of experience helping customers with this digital transformation. For more information, contact email@example.com.