The True Cost of Paper Documents and How it Affects Your Business and Bottom line
The true cost of paper documents
As the popularity of electronic document management systems (EDMS) has grown, research has been completed regarding the actual/true cost of maintaining a paper document system. Here are some common research results that businesses may want to consider when evaluating the need to move to a cloud-based solution. EDMS options are many and any business needs to make their decision based on their needs and budgets.
Professionals across multiple industries spend between 5% to 15% of each day reading documents.
Unfortunately, they can spend up to 50% of their time each day looking for it. Professionals face daily time management issues and spending time looking for documents is inefficient, ineffective and costly
Research as also shown the real cost of paper documents to be filed correctly is twenty dollars ($20) per file.
If the paper document is misfiled, it has to be located and properly filed again the cost has increased by a factor of six so now the true cost is One hundred and twenty dollars ($120) per file.
If a paper document is lost and has to be obtained again and correctly filed away, the cost increase by a factor of eleven and the true cost is two hundred and twenty dollars ($220) per file.
EDMS are solutions that small to large businesses will need to consider. Digi-Docs, LLC is one option that is available and is a valued solution.