The Cost of Paper Processes
Estimated reading time: 3 minutes
If your business is still based on filling out paper forms, you are losing money. With custom mobile forms taking the place of many, if not all, paper-based processes, it helps to know the return on investment of going paperless. Of course, using paperwork to report incidents, tasks and inspections, for example, is outdated. It is undeniably an inefficient and costly way to do business.
But what is the real ROI for switching to paperless processes? We have some data to help you get buy-in from the finance department to make the leap and invest in a mobile solution that will not only increase workplace efficiency, but ultimately save your company money.
The hidden costs of paper
The true price of paper can vary, but the additional costs can add up quickly, and many companies don’t take these costs into consideration. The fact of the matter is, 15% of an organization’s revenues are spent creating, managing and distributing documents.
Approximately 10,000 sheets of paper are used by the average office worker and 6 of those sheets are wasted per day (that’s more that 1,400 wasted sheets of paper per year!). With the assumption that wasted sheets cost around $0.06 per sheet (including cost of ink, power and time), you are likely losing approximately $85 per office employee annually in wasted paper alone.
On top of that, each filing cabinet can cost up to $1500 per year, and for every 12 cabinets requires one additional employee to handle the paperwork associated with it. It costs, on average, $20 to file a document, $125 to find a misfiled document and a minimum of $350 (up to $700) for a lost document.* Have you ever thought of what would happen to your business if all paperwork was lost in a disaster?
Other indirect paper costs include:
- Inability to access information in a timely fashion that leads to less effective decision-making.
- Cost of disposal.
- Low quality, incomplete or inconsistent data collection.
The solution is digital
By switching to custom mobile apps, you can eliminate cumbersome and costly paper processes quickly. Paper-based forms are easily transitioned to custom mobile forms and everything is filed and accessed through secure cloud-based storage.
To learn the true ROI of mobile awareness and engagement, download our whitepaper and find out how an investment in a mobile strategy will save you money in the long term.
*Figures sourced from http://www.thepaperlessproject.com/