The technological developments over the past century have been immense and is far beyond what anyone could have anticipated. Its not just self-driving cars that have got people exited, there are many businesses and offices that are jumping at these new developments. These businesses have placed a large focus on improving their facilities and activities to be both eco-friendly and cost-effective. Research into the subject has suggested that annually businesses ae spending $8 billion on their paper usage, in response to these large figures, many have taken the initiative to go digital.
Maplewave specialists in telco retail are here to share why and how businesses should transition from paper to digital.
Is paper a thing of the past?
Although the swap can be a challenging process, the rewards of doing so will certainly make it worth it. Why not join the 3% of offices that have already began reaping the rewards of the swap?
With the ability to turn paperless only being feasible for the past couple of years, many businesses still feel unnerved by the process. However, 16% of businesses are actively looking at different methods that will help them remove paper from their procedures entirely.
Naturally, companies will find comfort in sticking with their ‘proven’ methods and operations so making a change as big as this could be perceived as risky and frightening and instead many decide to run both paper and digital processes in parallel. In contrast, these businesses surprisingly 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. However, studies have found that 33% of businesses are almost paperless.
The rewards of going paperless are clear and the swap has never been easier. One study suggests that in the first six months of going paperless, 28% of businesses gained a full return on investment. A further 59% achieved a full ROI in less than 12 months and 84% within an 18-month period.
By looking solely at the financial implications, it is very much a viable and beneficial change. Not only will this offer a return on investment, but it will also allow companies to focus on other areas of their business and not have to think about any administrative tasks that occur when handling paper. Your consumer acquisition costs can decrease dramatically, too.
What considerations have to be made?
There are many digital tools that can be utilized when going paperless. online pay slips, data forms and even customer signatures can all be done online or on a tablet.
Using a tablet or another device for recording customer signatures actually leads to sizable savings of up to 85% that of a paper-based system.
GDPR is in full force and online security has never been greater, by going paperless, security is improved, and the new legislations are likely to be met. 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.
digital submission of tasks and updates not only happens quicker but the location and time of submission is also recorded simultaneously. Businesses are able to complete viable audits to conduct regular contract searches, reducing the risk of fraudulent activities.
Paperless operations are beneficial for 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 easily be resent from an administrative interface. If any issues were to occur, contracts can simply be retrieved and shown as evidence.
Storing thousands of sheets of paper in an organizes and intuitive way is both challenging and takes up a lot of unnecessary space — digital technology resolves this. If you’re looking to adopt more advanced features for your paperless installations, biometrics can be utilized to create an easier flow of signing, which can again enhance the customer experience and increase satisfaction. The takeover of digital solutions for common problems is prevalent in every aspect of our lives. As a business, do your really want to remain behind the competition who are looking to make this digital swap. After all, 87% of all senior business decision-makers have noted the transformation to digital to be top of their priorities.