Are you still using paper documents, fax machines, and paper statements in the world of digitalization? Why so? There are some typical businesses, like law firms or finance, where most of the documents and paperwork are in hard copy. However, technology has revolutionized these business operations and forced us to shift to a paperless environment for the good. According to Businesses Go Green statistics, 90% of business owners today agree with the idea of going paperless, but only 60% implement it.
Now, almost every employee has access to computers, laptops, and mobile devices, so it makes sense to take a step ahead and go paperless. But what are the benefits of this? And how will technology enable it? To answer all these questions, we are here to help you with a guide that will show you how technology is eliminating paper waste. So, join the movement and save money and the environment!
How Going Paperless Will Benefit Businesses Financially?
What’s better than saving bulks for your business spending and taking part in the sustainability movement? 84% of businesses have achieved paybacks within 18 months after shifting to paperless offices. Let’s look at some of the financial benefits the paperless movement can provide you with:
Efficiently saving the Cost of Piles of Paper
If you have been running your business for more than 5 years, you must have calculated the expenses for traditional documentation. From 2010 to 2060, there will be a rise of 2x in the usage of paper just for businesses and their documentation. Moreover, manual documentation requires printers and ink, too, which is another cost to your business. To run these printers, you must require electricity as well which adds up to overall expense. These expenses can easily be avoided with the usage of digital solutions, including online documentation, data sheets, an electronic signature generator, digital reports, and whatnot.
Increase your Business’s Efficiency and Avoid Storage Issues
Looking at the bigger picture, businesses that buy extra storage to store their paper waste are another glitch for not going paperless. You can easily maximize your office’s storage and make it more efficient. Paper sheets take up a lot of your storage, leaving less space for important setups. By using computer software to save your documents, you can eliminate the storage issue and let the space be used for more important needs. Your workplace will look less cluttered and messy, creating a safe and secure space for workers to enhance their productivity. No more filing cabinets stuffed with paper—just secure, organized digital files that are easy to access.
Research shows that a well-organized workspace allows workers to enhance their productivity by up to 20%. In this way, they will speed up work, meet more deadlines, and deliver efficient work which ultimately will add up to your overall profits.
How Going Paperless Will Benefit the Environment?
Paper production is directly tied to deforestation—every year, around 10 million hectares of forest are cut down globally to meet the demand for paper. If businesses across the world embraced the paperless movement, we could drastically reduce this deforestation, leading to greater forest preservation and a smaller environmental footprint.
Additionally, paper waste accounts for about 26% of the material in landfills each year, contributing significantly to environmental degradation. By shifting to digital solutions, businesses can reduce paper waste, conserve resources, and play an active role in protecting the planet.
Reduction of Deforestation
Our world is left with very less forests as compared to the previous year. A lot of companies that previously used traditional paper are shifting to sustainable movement and the utilization of digitalization. One of the global leaders in metal recycling, Sims Limited, ranked first among all the international companies to shift towards sustainability. Companies shifting to digital billing and digital documentation are tremendously contributing to the environment and climatic effects.
Lower Levels of Carbon Footprint
Did you know there is a high impact on carbon footprints during the paper production cycle? The production of paper accounts for almost 7% of greenhouse gas emissions, which directly affects the climate. If your company is heavily dependent on paper documentation and traditional hardcopies, you must know you are contributing to increasing your company’s carbon footprint.
What is the Role of Technology in Going Paperless?
Technology is the mastermind behind helping businesses transition from a paper-reliant back office to a completely paperless environment where all documents are managed digitally. There are a plethora of digital tools and software that make it easier than ever to store, manage, share information and edit files without the need to find a physical document. From cloud storage solutions that allow you to access files from anywhere to digital signature platforms that eliminate the need for a printed contract, we owe technology to reducing our reliance on paper.
Automation tools also streamline processes like invoicing, reporting, and customer communication, making everyday tasks more efficient while cutting down on paper waste. In essence, technology not only enables businesses to go paperless but also improves overall efficiency, collaboration, and sustainability. By embracing these advancements, companies can significantly reduce their environmental impact while modernizing their operations.
Conclusion
What’s stopping you from shifting towards paperless movement now? As you have already seen, you can save a lot of your business spending if you adopt this movement and contribute to sustainability. You just have to use accurate service providers, properly organize files, and emphasize security measures. There are a few disadvantages, including dependence on technology, troubles with internet connectivity, issues with the power supply, and lack of socialization. Choose your options cleverly, and implement them wisely.
