If you’re using paper documents in your business, it’s inevitable that one day, a vital document will go missing. Maybe you’ve already discovered just how much it costs when you misplace or lose a paper document. The well-known Pricewaterhouse Coopers study on paper in the workplace showed some expensive consequences:
- The average labor cost to find a missing document is $120.
- The average cost of reproducing a single lost or destroyed document is $220.
- The average professional spends 5-15% of their time reading documents, but up to 50% of their time looking for documents. (What’s your time worth?)
Those costs are just the tip of the paper-document iceberg. Consider the cost of space to file paper documents, the security issues that come with the loss of confidential documents, the less tangible but very real cost of lost brand trust when you can’t find documents a client has entrusted to you.
Here are two proven technologies that change the negative math associated with paper documents.
- Document Digitization
Converting paper documents via digitization (scanning) creates digital files from physical documents. The files are secure, remotely accessible, and searchable. No longer are documents accidentally destroyed or thrown out. They don’t get misfiled, or fall into the wrong hands. They are “findable” – specific documents or content can be located, accessed, and used with electronic speed.
And once your business converts its paper documents, it can convert the former storage space into more productive space.
- RFID Document Tagging
RFID is best known as an inventory tool for warehousing and retail. Now it is used to keep track of everything from artworks to medications, from books to personnel. Doorway readers register the movement of RFID-tagged items in and out of rooms, showing their whereabouts in real time. Paper manufacturers have started producing printer paper with embedded RFID tags, allowing original paper documents to be tracked from office to office, from desk to file cabinet, or from an office into a client’s hands.
Very few businesses can operate without some paper documents. With RFID-embedded paper, keeping track of a document is simple, secure, and accurate.
Add these two technologies – digitization and RFID – to your business operations, and save the high cost of lost paper documents.
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