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Organizations today remain at the mercy of paper-based systems, despite available technologies to reduce paper usage, if not remove it, altogether.
In fact, only 18% of companies today can be considered truly paperless. Scary, isn’t it? What’s even scarier are the BIG problems with using paper. Handling paper is cumbersome, impedes productivity, reduces operational efficiency, and costs companies money — and a lot of it.
One study estimates that the time wasted from processing paper, costs organizations close to $20,000 per knowledge worker, per year. But that’s only the half of it. Read on to learn more about the extent of the paper problem and everything you need to know about the paperless office and how it can help your business:
An annual report submitted to Congress by The HHS' Office for Civil Rights revealed that paper records account for 62% of data breaches in companies of over 500 employees.
This statistic shouldn’t surprise you. After all, paper is by its very nature impermanent, so unless you have a digital back up, you remain vulnerable to such breaches. You’re also open to theft and damage due to natural disasters, such as floods, which can impact business continuity.
Furthermore, printers, which remain common in many organizations, are insecure by default and also open to hacking — yet another security risk for your organization.
The same IDC survey mentions that the wasted time associated with handling paper leads to a productivity loss of 21.3%. Indeed, many employees struggle to stay on top of daily tasks and workflows because they're inundated with information and hampered by inefficient, paper-based business processes.
Moving paper through your organization, without first converting it to electronic form, is notoriously slow. Information workers waste time capturing, storing, and routing documents to others due to manual processes.
These tedious manual processes, in turn, reduce operational efficiency and create a “document disconnect,” which results in delays and errors as documents move between critical business functions such as procurement, accounting, sales, and human resources (HR).