Surprisingly, many organizations don’t have a clear picture of what they are spending annually on document management. For this reason, we wanted to highlight some of the most common costs associated with creating, filing and storing paper files in the workplace.
The Cost of Paper
Did you know that the average employee in your office will use 10,000 sheets of paper on an annual basis? That amounts to about two cases of paper per employee, or an average annual cost of $80 per worker in your office.
Considering that the majority of paper use is due to copying, delivering, handling, storage, and retrieval this cost can be virtually eliminated by transitioning to a paperless office. With a digital document management system these tasks can be securely handled online without the involvement of paper.
The Cost of Retrieving Paper
You’ve probably heard that the average company spends $20 in labour costs to file each paper document. However, when you’re dealing with the physical act of filing paper, you’re also dealing with the potential for human error.
That being said, the average cost of labour for searching for a misfiled paper document is $120, and the average cost to re-create that misfiled paper document is $220. This high cost of labour equates to all of the time your employees are wasting by having to search through inefficiently-stored documents.
When documents are stored digitally, it can be very easy for your employees to track down the documents that they need, helping them to be more productive and focus on revenue-generating activities.
The Cost of Storing Paper
Shockingly, the average office allocates over 50 percent of its space to the storage of paper documents. What’s even more surprising is that 45 percent of those paper files include duplicate information, and as much as 80 percent of the filed paperwork will never be needed again. By going paperless, you can reclaim your office space and function in a more cost-efficient environment.
Please contact us to learn more about the costs associated with handling paper and how you can transition your own office to a paperless workplace.