Digitalization is happening all around us and more businesses are opting for paperless technology as a result. With research estimating that companies are spending around $8 billion annually managing their paper use, the switch to a digital solution is no surprise.

Here, Maplewave discusses some of the key benefits of when making the change to a paperless regime, including how it assists your operations and allows you to deliver exceptional results to your customers.

A reason to turn paperless

3% of businesses have already eliminated the use of paper in every process – and although this figure does seem small, it’s a big step in the right direction for businesses to become self-sufficient.

Understandably, turning paperless is a big change and can be daunting to begin with. However, 16% of businesses are actively looking at different methods that will help them remove paper from their procedures entirely.

Although 33% of businesses are ‘almost paperless’, there are some businesses that will continue to use paper solutions and adapt electronic alternatives at a slower rate – missing out on some of the key benefits that can be reaped. 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.

According to one study, 28% of businesses achieved a full return on investment (ROI) within the first six months of going paperless. A further 59% achieved a full ROI in less than 12 months and 84% within an 18-month period.

Evidently, going paperless is a lucrative option that has its own financial advantages, giving you more space and freedom to concentrate on other areas of your business – without having to worry about administration tasks associated with printing, storing, and shipping paper. Your consumer acquisition costs can decrease dramatically too.

Going paperless: key factors to consider

Countless business types can go paperless, whether it is to provide employees with online pay slips, or signing digital contracts on a tablet – there are many advantages of reducing the amount of paper you use across the business.

For example, when used for signing contracts, paperless can reduce your costs by 60-85%, allowing for substantial savings on administrative expenses.

Dependent on the organisation, going paperless can allow you to implement the strictest security requirements in-line with the new General Data Protection Regulation (GDPR) legislation that is being introduced by the European Parliament. 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.

Through going paperless, your business can identify the authenticity of documents and establish the precise time and location of signatures. Businesses are able to complete viable audits to conduct regular contract searches, reducing the risk of fraudulent activities.

As the world becomes more digital-enabled, you need to consider paperless alternatives to improve the customer experience. 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 be easily be resent from an administrative interface. If any issues were to occur, contracts can easily be retrieved and shown as evidence.

Additionally, going paperless can allow you to manage your storage better, allowing you to save room in the office. 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 within a business are making sure that digital transformation is a top priority – are you one of them?