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In today's modern business landscape, paper-based documents are increasingly becoming a liability for financial institutions. They are cumbersome, hard to manage, and needlessly expensive in terms of storage and distribution. Fortunately, there is a solution: going paperless by scanning documents.
When financial institutions adopt paperless document management, they stand to reap significant benefits. In this post, we'll take a closer look at how scanning documents can save financial institutions time and money.
Free Up Physical Storage Space
One of the most significant benefits of going paperless is creating physical space. Financial institutions typically have large volumes of physical records that need to be stored. Over time, these records accumulate and occupy precious real estate within the organization. By scanning and digitizing paper records, financial institutions can free up physical storage spaces and repurpose them for more profitable usage.
According to one study, U.S. office workers spend an average of 6 hours a week searching for paper documents, with 15% of paper documents being misplaced and 7.5% getting lost altogether. By scanning documents and storing them digitally, staff can locate records more efficiently, freeing up time that would otherwise be wasted hunting for hard copies.
Reduce Printing and Mailing Costs
Printing and mailing hard copies of documents are costly endeavours that eat into a financial institution's bottom line. The printing and postage costs for statements, receipts, and other business documents can add up quickly. Moreover, the printing process can not only be expensive, but it also generates waste that can harm the environment. By going paperless and digitizing documents, financial institutions could save considerably on printing and mailing expenses.
According to the National Association of Professional Organizers, the average cost to file a paper document ranges from $20 to $120. Compare that to the cost of scanning and storing a digital document, which is only $0.0005-0.001 per page. It's clear to see how digitizing records can be a cost-effective solution.
Another significant advantage of going paperless is streamlining workflow processes. Paper-based records can create a bottleneck in any organization's workflow, leading to inefficiencies and delays. By transitioning to a digital document management system, financial institutions can streamline their document workflows, ensuring that records move fluidly between departments.
According to McKinsey, the average employee spends around two hours per day looking for documents, with up to 30% being spent just trying to find the right information. The right document management system can enable financial institutions to reduce time spent looking for documents, leading to a more productive and efficient workforce.
Tips for Transitioning to a Paperless System
Transitioning to a paperless system can seem like a daunting task. However, with the right approach, it can be a seamless and straightforward process. Here are a few tips for financial institutions looking to make the transition:
- Develop a clear process: Ensure that the transition process is well-planned, and everyone knows their roles and responsibilities.
- Choose the right technology: Choose a robust and reliable document management system that can handle all the documents your institution needs to store and manage.
- Train your staff: Ensure that staff are fully trained on how to use the new system and motivated to use it effectively. A lack of interest or understanding of the benefits of the system can lead to its failure.
- Set realistic goals: Set realistic goals for the transition process, ensure you monitor progress, and report on the achieved results.
In conclusion, transitioning to a paperless system is a significant move for financial institutions looking to save time and money while creating an efficient work environment. The benefits include freeing up office space, reducing printing and mailing costs, and streamlining workflows. Moreover, adopting a paperless system presents an opportunity for institutions to meet their sustainability goals by reducing paper consumption.
As the world continues moving towards digitization and globalization, it is essential for financial institutions to keep up with the times. Adopting a paperless document management system is a step in the right direction to make sure that businesses can stay competitive, save time, lower costs, and meet the evolving needs of today's customers.
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