Today, both our customers and employees are more environmentally conscious of what goes on behind closed and in front of the public — with the advancements in technology, businesses are changing their methods. With research estimating that companies are spending around $8 billion annually managing their paper use, the switch to a digital solution is no surprise.
A road to paperless
Different sectors will adopt paperless solutions at different rates, but research has suggested that 3% have already eliminated the use of paper entirely. As paperless technology is still relatively new for businesses, at first it can be difficult to comprehend. However, 16% of businesses are actively looking at different methods that will help them remove paper from their procedures entirely.
Businesses that didn’t adopt paperless technology quickly 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.
Paperless can be a great option for businesses. 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.
If you don’t make the switch, you’ll see your internal costs go through the roof. 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.
What your business must consider when going paperless
There’s an opportunity for all businesses to turn paperless, and the technology can be used for a range of requirements that include offering employees their pays lips online or even allowing customers to sign for their products on a tablet which all help reduce the amount of paper present in an office.
Businesses will see reduced costs of around 60-85% if they adopt paperless solutions that allow customers to sign contracts digitally — this will encourage savings and remove any administration requirements.
Adopting paperless solutions allows your company to remain more compliant with GDPR too. Although this legislation is set to strengthen and unify consumer data in Europe, it will also apply to non-EU businesses that are trading with EU consumers.
Monitoring any document will become simpler too, as key business figures will be able to see the authenticity of documents and locate all information surrounding them. Businesses are able to complete viable audits to conduct regular contract searches, reducing the risk of fraudulent activities.
It’s also important to understand how this can ease the experience for the customer too. 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.
Storage can become a problem if you continue to use paper documents and if you’re a telco specialist, this could truly benefit your business. 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.
If you’re looking to remain ahead of your competitors, this is something that you should be looking into. 87% of senior decision-makers are ensuring that digital transformation is at the top of their priorities this year — are you?