EOFY cost-cutting? Here’s 5 ways to save by digitising your documents.

The reasons for the recent economic downturn are obvious, so as a business, you’re likely to be feeling that pinch on your bottom line. Tax time is always a time that brings about the tougher business decisions, including how and where you can cut costs. Instead of slashing resources or losing staff, you could save a bundle just by digitising your documents. Digitisation isn’t just about scanning your existing paper documentation, but facilitating a paperless workplace and streamlining your data processing for measurable financial benefits.

1. Cut Paper Costs

Paper isn’t cheap and as the world’s resources continue to become more valuable, the price will only increase. The purchase of paper for offices makes up just one aspect of your stationery budget, but the associated costs of using paper documents really stack up. This isn’t just a case of a budget for staples and paper clips, but considering the cost of printing documents. We’re talking ink cartridges, printer running costs and the ever-dreaded printer maintenance and repair. Plus, when your printer is out of action, you’re paying for unnecessary downtime. Sending paper-based documents also incurs expenses such as envelopes and postage.

Still need documents signed? Software such as Docusign, Pandadoc and more are replacing the need for paper-based signatures on contracts and agreements. Digital document signage is instantaneous as there is no need to return physical versions. It is also tamper-proof, fully traceable and safely saved with cloud-based backup.

2. Decrease Inefficiencies

Have you ever had a client or customer fail to pay an invoice due to a mysterious case of missing post? Physical envelopes can get lost or, dare we say, ignored. Perhaps you’ve been on the receiving end of accounts payable when a supplier is chasing payment for an invoice you’ve never seen. Document loss translates to a surprisingly considerable amount of financial fallout.

Just the labour involved with physical document processing is costing your business money. There’s also a lot of ways physical files can get damaged – we all spill coffee from time to time. In more extreme cases, think water, fire, accidental disposal, incidental damage, wear and tear or misplacement. Here are some sobering statistics on paper document loss, courtesy of konicaminolta.com:

• Between 2% and 5% of an organisation’s files are lost or misfiled on any given day.
• On average, the cost in labour to file one document is $20.
• Companies on average spend $120 in labour to find one misfiled document.
• One out of every 20 documents is lost.
• Approximately 25 hours are spent recreating each lost document.
• Approximately 10-12% of documents are not found on the first attempt.
• 400 is the number of hours per year the average employee spends searching for documents.
• More than 70% of today’s businesses would fail within three weeks if they suffered a catastrophic loss of paper-based records due to fire or flood.
• It takes an average of 10 minutes per paper document to retrieve, copy and re-file.
• The average document is copied 19 times.
• The average worker makes 61 trips to the fax machine, copier and printer.
• 60% of employee time is spent working with documents.
• 90% of a business’s information is in documents.

Making the switch to digital won’t just save you money, but will cut out major inefficiencies that cause major headaches.

3. Increase Productivity

Time saved is money earned. Digitising your documents and outsourcing document management solutions is the ultimate exercise in cost-cutting. There’s no more time lost rifling through filing cabinets or archive boxes. Digitising and indexing your existing and current documents enables instant file access for your staff. When your digital files are made accessible through a cloud-based document management system or EDMS, your staff can also access files from multiple devices in different locations. This is an increasingly critical function when it comes to streamlining workflows for distributed workforces and remote workers.

An electronic document management system is just the beginning of increased productivity. Your digitisation provider can help you streamline your workflows across the business with mailroom management and invoice automation solutions. Designed to integrate with your current systems, you can monitor and process hundreds of thousands of invoices across departments in the digital space, tracking their status and instantly confirming accounts as paid or outstanding. Everything in the process is recorded for future reporting and improved downstream accountability.

4. Produce Less Waste

Every year, around 420 million tonnes of paper and cardboard are produced, as reported by theworldcounts.com, not to mention that 50% of business waste is paper-based. The paper industry has never been kind to the environment. Many paper manufacturers in Australia now work to ethical sourcing standards as outlined by the global Forest Stewardship Council.

That paper still comes from trees though, and it ends up as waste just as often as it is recycled. Switching to digital workflows isn’t just an exercise in eco-consciousness – going paperless will pay off in more ways than one. If you’re a medium business or large organisation, you can cut the cost of outsourced paper recycling. You can also avoid costly printing mishaps and reprints, and save on professional document shredding and destruction services.

5. Save More Space

If there was ever a time to declutter, make it EOFY. Digital files take up no room at all, so a digitisation transformation could improve the aesthetic of your workspace. A cleaner, clutter-free office is actually proven to boost morale. Cleaner offices are also healthier offices, as fewer physical files are used for communication, there is less transmission of germs, bacteria, and those pesky colds that do the rounds every few months. But how is this saving you money? Office space isn’t free, and how well that space is utilised directly contributes to your business efficiency and output. Removing those dusty filing cabinets and document storage areas can free up usable space and even entire rooms you can fill with new staff or equipment.

Want to Know More?

For over 40 years, Micro Image has helped businesses cut costs through intelligent digitisation and document management solutions. To find out how you can save, contact us or call us on 03 9427 7958.