With research estimating that companies are spending around $8 billion annually managing their paper use, the switch to a digital solution is no surprise.
The switch to paperless
Although opting for paperless solutions is a big deal for businesses around the world; 3% have already removed its use across all operations and are generating great results for their brand.
Businesses can often feel frustrated with the process of implementing new technologies as it can have a profound effect on the workforce. However, 16% of businesses are actively looking at different methods that will help them remove paper from their procedures entirely.
Companies generally take their time to implement new technologies and this will be no different for paperless solutions. 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.
Newly released data has proven the ability paperless solutions. 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.
With the positive results above, all businesses should be considering the transition to paperless technology. 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.
There are countless benefits that come with turning a business paperless; whether you plan to give your employees their payslips online or allow customers to sign contracts digitally — with all of this, you can prioritise paper reduction across your company. 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.
As the General Data Protection Regulation (GDPR) is here, paperless technology can also make sure that you continue to abide by 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.
"Research estimates that companies are spending around $8 billion annually managing their paper use."
As well as this, the authentication of documents will be made easier and companies can find specific time and dates of when contracts are signed. Businesses are able to complete viable audits to conduct regular contract searches, reducing the risk of fraudulent activities.
The customer experience will also be made better. 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.
Your business probably endeavors many disadvantages when it comes to using paper; storage being a main factor. 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.
Telco retail specialists Maplewave believe that if you don’t adopt these new changes, your business will suffer as a consequence. 87% of senior decision-makers are ensuring that digital transformation is at the top of their priorities this year — are you?
DISCLAIMER: The statements, opinions, views and advice expressed in this article are those of the author/organisation and not of ENTIRELY. This article should represent information correct at the time of publication however whilst every care has been taken to present up-to-date and accurate information, we cannot guarantee that inaccuracies will not occur. ENTIRELY will not be held responsible for any claim, loss, damage or inconvenience caused as a result of any information within this article or any information accessed through this site. The content of any organisations websites which you link to from ENTIRELY are entirely out of the control of ENTIRELY, and you proceed at your own risk. These links are provided purely for your convenience and do not imply any endorsement of or association with any products, services, content, information or materials offered by or accessible to you at the organisations site.