Less paper, more profit: why going paper-free is good for business
Going paper-free is not only good for the environment, it’s also good for your bottom line. Digital transformation comes with a host of business benefits, offering savings and the chance to gain a competitive edge.
Implementing a paperless strategy provides the opportunity for forward-thinking businesses to reduce overhead costs and vastly improve operations.
Adding up the cost
The savings of going paper-free extends beyond just the cost of the paper. Many other costs are associated with paper-based forms, including storage, lost documents, postage, printing, photocopying, or even loss of business due to labour inefficiencies such as manual data entry errors. This is money that businesses could put to much better use, such as improving products, services or investing in staff.
A case in point is finance solutions provider Duologi, who reported a 40% reduction in admin costs after taking part in our Paperless Challenge. Duologi found that with no need for staff to return to the office and transcribe data from hand-written notes, huge cost savings could be made.
Increased productivity, increased efficiencies
This is one of the most compelling benefits of going paper-free in the workplace. In a fast-paced business environment, going paper-free decreases the likelihood of human error and minimizes inefficiencies. There’s no longer a need to trawl through a cumbersome paper trail to locate the correct document, for example.
It streamlines processes, enabling your business to become more agile and efficient as a result. This will impress customers and make them much more likely to keep their business with you.
Sharing knowledge amongst staff is a key step towards business success. Using digital collaboration tools makes it much easier to do this, with documents instantly shared amongst colleagues.
Employees can avoid doubling up on work and even edit documents in real-time. This makes it easy to see who’s working on a project, what’s been changed and what needs finalizing.
This allows for greater transparency and faster communication. The improved workflow and teamwork encourages innovation, helping your business to move forward.
The CIPD has identified flexible working as a tool to support individual performance and job satisfaction, and through our own research we’ve found that 72% of people are more productive when working mobile.
Going paper-free allows employees to access digital files at home or on the road, any time of day or night. This improves their work-life balance and decreases commute times, resulting in a happier, less-stressed employees.
A happier workforce makes the likelihood of retaining talent much more likely, saving significant costs in recruiting and hiring replacements.
Sustainability means sales
Research by Unilever has found that a third of consumers are choosing to buy from brands they believe are doing social or environmental good.
At a time when people are becoming increasingly environmentally aware, going paper-free can improve your brand’s eco-credentials and reputation at the same time. This undoubtedly makes your business more attractive to potential customers and improving your sales.