Paper is stacked high in our offices and its becoming too hard to handle — businesses across all sectors are considering implementing paperless technologies in a bid to reduce costs and become more environmentally compatible. With research estimating that companies are spending around $8 billion annually managing their paper use, the switch to a digital solution is no surprise.
With the help of Maplewave, specialists in telco retail, we take a look at the possibilities that come with removing paper from the office while delivering remarkable results to customers in a bid to retain and acquire new ones.
The shift to paperless
Opting for paperless methods is a decision that shouldn’t be taken lightly, but 3% of businesses have already removed the use of paper from all processes within their operations — quite a bold move for a relatively new technology. However, 16% of businesses are actively looking at different methods that will help them remove paper from their procedures entirely.
Just like every other piece of technology in history, businesses will begin to adopt paperless solutions at a slower rate to remove disruption among workers. In contrast, these businesses 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 technology can be incredibly useful 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.
Financial benefits are just one area that can improve for businesses. 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.
There are many factors of paperless technologies that could help improve a business in any sector — whether you digitally transfer documents or gain digital signatures from customers; removing the need of nay paper in the workplace.
In a bid to reduce administration costs, businesses that have paper contracts can see expenses reduce by 60-85% by adopting digital contracts. With the General Data Protection Regulation (GDPR) set in stone, going paperless actually allows you to have greater security requirements and allows you to remain compliant with the legislation. Although this is set to strengthen and unify consumer data in Europe, it will also apply to non-EU businesses that are trading with EU consumers.
With this new method of documentation, businesses will be able to authenticate documents in a more swift process. Businesses are able to complete viable audits to conduct regular contract searches, reducing the risk of fraudulent activities.
Paperless technologies can also make the customer experience better. 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 is another problem offices are facing, with paper piled high. 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.
87% of senior decision-makers are ensuring that digital transformation is at the top of their priorities this year — are you?