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), sixty-five 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:

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

Utilizing electronic document management processes and records management practices considerably reduces the time to get your business back online after a catastrophe.

Litigation is a major risk for companies and the cost of not knowing where your records are located can be staggering.

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. 

Slips, trips, and fall injuries cost employers approximately $40,000 per incedent. 

Don’t let physical documents contribute to workplace hazards. If you have numerous file cabinets, boxes or stacks of paper present in your office space, keep in mind the safety and ergonomic impact they have to your employees.

Searching for documents takes 20 percent of an employee’s time.

It’s simple math. If you have 20 employees, this inefficiency equates to four full-time employees. Assuming $40,000 annual salary for each employee, that’s $160,000 every year in productivity lost. 

Paper is a combustible material an abundance of which leads to fire hazards.

Loose or stored paper, discarded packaging, and waste bins are an unnecessary risk in most business environments where electronic documentation is acceptable. Going paperless isn’t just about switching off the printers, it’s about working smarter, decreasing the paper entry points, and improving processes. This is something every organization should consider. 

Getting Started
If you’re ready to address your paper problem, the first step is to digitize that paper and collect it into a single system to manage alongside all the other information you receive in a variety of formats. 

You have a few options for capturing this information. You can install hardware and software solutions internally, or you can outsource your capture needs

Once captured, you need a solution that aggregates all the data you receive—via email, XML, etc.—and manages it in a single system. With one platform, you optimize your processes and empower your staff to better serve your customers.

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.