There was no official memo that went out, but the facts are clear: paper document storage is a thing of the past. More businesses and organizations are transitioning to digital storage solutions because of their security and reliability. Storing documents electronically also helps businesses comply with FATCA and HIPAA laws.
Some businesses are still on the fence about switching to digital document storage. Though this can be a big change, it’s important to realize that paper-based document storage is growing extinct. Let’s discuss the reasons why it falls short and the impact this can have on your business.
Competing for Storage Space
Paper documents require ample storage space. This space comes at a price. Consider that commercial lease rates have increased 70 percent since 2009 – that’s eight percent a year! Many businesses have no choice but to downsize their locations to reduce the cost of rent. The best way to streamline your work space is to remove unnecessary file cabinets, desk drawers and boxes and containers.
Printing and maintaining physical documents also comes at a cost. You need printers, printer ink, scanners, fax machines, stationery and other office supplies to keep this going. By filing documents away electronically, you eliminate the need for these materials, saving company resources.
Limited Collaboration
The best businesses thrive on collaboration and teamwork. Unfortunately, it’s hard to have this camaraderie over a single piece of paper. Not to mention, physical documents are at a greater risk for damage. When multiple people handle an item, it could be ripped, lost, spilled on, etc. It’s also difficult to apply changes, and when the changes are made, they’re not in real time.
Moving documents to the cloud allows them to be shared with multiple people at the same time. Permission settings are allowed so that documents are protected, and you can see who is making the changes. Back-and-forth interactions are dramatically reduced, allowing employees to be more productive in their days.
Decreased Portability
The world is increasingly fast, mobile and connected. As you deliver presentations, exchange information, share proposals, etc., it makes sense to have everything in one central location. Waiting on papers to arrive, be sent or be signed is a long and tedious process that can kill your productivity. And, if you need to archive or retrieve files, paper documents force you to depend on trucks and storage facilities. Plus, imagine having to sort through boxes of old papers just to find one small detail! Electronic storage allows you to search for the information you need.
The corporate world is no longer served by paper document storage. To be efficient, productive and competitive, businesses and organizations of all sizes are switching to electronic storage solutions. The best way to ease your fears is to get the facts, so call Global Document Services today and see how easy and affordable digital document storage is.