If there’s anything the year 2020 has proved so far, it’s that change can occur at an unpredictable magnitude and frequency. It’s no longer a question of whether or not your business will be affected, but if your company is resilient enough to weather these changes and still continue to grow.
You can future-proof your business by investing in technologies that reduce the amount of resources you use and waste, bolster security, and improve outcomes. Among the technologies that offer these results are paperless solutions, such as document management systems (DMS) like PaperSave.
How do paperless solutions improve your business’s resilience?
The most apparent benefit of paperless solutions is a sharp reduction in your dependence on paper and paper-centric processes. A DMS, for instance, lets you do away with paper invoices in favor of electronic documents that are faster and easier to store, organize, and retrieve.
There are four ways in which a DMS can make your business more resilient to change.
1. It helps maintain your supply chain
COVID-19 dealt a severe blow to organizations that depended on paper-based transactions to keep their supply chain going. Suddenly, exchanging cash, checks, and paper documents between businesses and their vendors came with the risk of someone contracting or spreading the disease. Moreover, policies meant to control contagion — such as community-wide lockdowns — meant sending and receiving paper documents through courier services became impractical or downright impossible in some areas.
A DMS like PaperSave allows your accounts payable (AP) team to receive invoices through email and have payment approved and sent out without touching a single piece of paper. The process is therefore safe and works without the need for couriers and other third parties. With a DMS, you’d still keep up with your obligations, sustain your supply chain, and even maintain a good relationship with your vendors, even during a lockdown.
2. It supports flexible working arrangements
With technologies like the internet and the cloud, it’s become easier than ever for companies to break away from the four corners of the traditional workplace. And all for the better, too, as this means businesses can operate and earn revenue whether their employees are in or out of the office.
With PaperSave, your documents are stored in cloud servers, which makes them accessible via any internet-connected device. Even if your AP staff were to work from home or in another country, they’d be able to process invoices as efficiently as if they were working in the office. What’s more, the technology lets you use mobile devices to perform crucial tasks, such as approving invoices, on the go.
3. It saves you a lot of money
Cutting unnecessary costs is always a sound business move. After all, you never know what you’d need extra money for in the future. That said, shifting to a paperless office is one of the best ways to save money. To illustrate why, these figures pertain to how much paper-centric processes are costing you:
- $80 every year on paper per employee
- $20 in labor costs for each paper document filed
- $20 in labor costs to find misfiled paper documents
- $220 for each lost document that needs to be reproduced
These figures do not yet cover the cost of producing, maintaining, and disposing of paper documents, as well as the cost of paper wasted every year. Take these into account and you’re looking at thousands of dollars you can use for better equipment, more manpower, or as a buffer for sudden and unavoidable losses.
A paperless office uses very little paper, if at all. Crucial documents are stored in scalable servers for a flat, affordable monthly fee. Capturing and filing data are as quick as taking a picture with your phone and retrieval is as easy as doing a search on Google. These not only let you avoid exorbitant paper-related costs, but they also help your staff focus on their respective tasks and contribute more to your bottom line.
4. It boosts your security
Even the threat of COVID-19 did not hinder cybercriminals, so you can never play safe when it comes to the security of your transactions and crucial documents. Paperless solutions allow you to easily track your payables and transactions, giving you a clear picture of your cash flow and helping prevent fraud.
And because your files are stored in the cloud, they are accessible only to those who have the right login credentials. They are also encrypted to prevent unauthorized parties from snooping on their contents, and backed up to offset the risk of corruption and ensure easy retrieval following disasters.
Future-proofing your business means keeping your processes as efficient, cost-effective, and secure as possible. PaperSave offers these benefits, as well as advanced features that help ensure your company has the resources to overcome the challenges ahead. Schedule a free personalized demo today to learn more.