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Home » Blogs » Think Tank » Five Ways to Profit by Going Paperless

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Five Ways to Profit by Going Paperless

Five Ways to Profit by Going Paperless
May 8, 2019
Scott Burday, SCB Contributor

Deciding to go paperless can seem overwhelming. However, refusing to do it will eventually cause your business to fall behind.

Converting to a paperless office offers a number of benefits that bolster the bottom line. From cloud storage to digital signatures, there are a number of solutions to pursue.

Ready to eliminate the stacks of paper from your office? Here are five reasons that you should get started today.

Improve your office organization. Digitizing files and other information enhances your company’s organization. Your team no longer has to scour the entire office to find the missing link of a paper trail. Not only will this enhance organization, it will have positive impacts on employee productivity. All the information you need to operate an efficient business will sit in digital documents stored safely in a cloud storage space, instantly accessible to those who have permission to access it.

Improve the efficiency of communication with customers. Sending customers electronic invoices and utilizing digital signatures improves efficiency. You no longer have to deal with the excuse that “it must have gotten lost in the mail,” or wait on snail mail lag times.

Within a cloud storage system, you can store a seemingly infinite amount of customer information using database software, often referred to as a customer relationship management (CRM) system. As a result, you will improve customer engagement and ultimately boost the bottom line.

Protect sensitive data. Despite concerns you might have about database software breaches, it’s actually much safer to store and send digitized files to vendors and customers. Many software programs not only save companies time and money, but also improve the security of digital files with encryption.

By placing sensitive information behind a wall of encrypted protection, you can have peace of mind. Physical files can’t promise the same, and if something happens to them, you might not even notice.

Do your part to be sustainable for the environment. One paperless office alone does not have a significant impact on the environment, but thousands of small, medium, and large organizations will. Discovering how to how to go paperless will dramatically reduce the amount of pollution that’s continuing to degrade the planet. And while you can’t put a dollar amount on converting to an eco-friendly paperless office, you can boost the accounting column on your balance sheet called “Goodwill.”

Save money by cutting the hidden costs of paper. There are many hidden costs to procrastinating in taking your business paperless. Lost documents can waste incredible amounts of time, and give your company a poor reputation.

Going paperless reduces the drudgery associated with paperwork, freeing up your employees to do more valuable tasks. Moreover, paperless offices allow for easier remote work and free up expensive square footage being used for storage. And if you’re still not convinced, there are tax credits available for offices that show they are undertaking sustainability measures.

Going paperless does present certain obstacles. For example, upfront costs might deter you from undertaking the conversion. However, you should consider integrated digital solutions as an investment, resulting in cost savings through improved efficiency and productivity.

In making the transition to a paperless office, here are some quick action steps you can follow:

  • Use scanning apps accessed by your smartphone for bills and invoices,
  • Request that your bank send paperless electronic statements,
  • Ask vendors to send information via e-mail,
  • Download a scanning app for business cards,
  • Send internal documents electronically,
  • Use a sharable, electronic calendaring system, and
  • Use a digital signature system.

Scott Burday is president of Trinity Integrated Solutions.

Supply Chain Finance & Revenue Management Supply Chain Planning & Optimization Sustainability & Corporate Social Responsibility

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