The True Cost of Paper in Your Business Operations

The True Cost of Paper in Your Business Operations

Research firm Gartner estimates that as much as 3% of a company’s revenue is spent on business paper. Copy paper, note paper, invoices, letters, file folders…it all adds up, and it’s easy to quantify. But that’s just the hard costs. What is rarely calculated are the hidden costs all that paper generates.

A few statistics from a PriceWaterhouseCoopers study:

  • 8 hours– the amount of time an employee spends managing paper documents each week
  • $122– the cost of finding a single lost document
  • 750– the number of lost paper documents per year, per mid-size business

There’s a dollar figure attached to this kind of lost productivity. Even though the math may not show up on a spreadsheet, lost documents alone can be calculated to cost the average mid-size business $91,500 per year.

And that’s before calculating the cost of office space to store all those documents. Paper is undeniably bulky. Just 250 standard file cabinets take up 2,500 square feet. That adds up to a significant sum, too: $135,000 per year, on average.

Knowing those costs could make you think twice about using – and retaining – all that paper. But do you have a choice?

Imaging is the alternative. Converting paper documents to digital documents saves businesses the cost of all that storage space for physical documents. The contents of those 250 file cabinets, after conversion, will fit onto a single hard drive. With imaged documents safely stored on a drive, lost documents are a thing of the past, as is the cost of finding those lost documents.

Even better, businesses can take advantage of the cost savings of a remote workforce. Digital documents, unlike paper documents, can be shared readily with members of a distributed team. And remote teams require less office space, adding to the cost savings.

Of course paper still provides a valuable function even in the digital era. People have a positive response to information presented on paper, and they absorb and retain that information longer. Sales and marketing materials, for example, have a greater impact if they’re presented on paper.

But for many other areas of business operations, imaged documents present a significant value in the form of reduced real estate costs and improved productivity. Take a look at how your enterprise uses paper, uncover the hidden costs, and make a profitable move to imaging.

 

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There’s an App for That – If Your Business is Ready for It

There’s an App for That – If Your Business is Ready for It

Organizational apps have proliferated right along with apps of every other kind. If your business has started converting paper documents to digital documents, you can use a digital asset management (DAM) collaboration app to give your remote teams anywhere-anytime access to the documents they need. But if you still rely on paper documents alone, your remote workers are going to struggle to stay productive.

Remote work has grown over 91% in the past 10 years. Some companies have even gone entirely virtual. The staff of business-finance services company Guidant Financial, for example, works wherever they have a good internet connection. Guidant assists small-business owners with financing options, including retirement account franchise purchases, ROBS, and SBA loans. Business financing generates large volumes of loan and compliance documents for the SBA, the SEC, and the IRS.

Guidant uses a custom portal and app to electronically manage documents, including those which originate on paper.With all their clients’ documents accessible to Guidant’s finance teams, in servers that act as secure virtual “file cabinets,” Guidant’s staff can collaborate to complete and file all the documents their clients need for compliance or loan applications.

Employee satisfaction and retention are big benefits of Guidant’s virtual operations. An even bigger benefit is the company’s ultra-low real estate budget.With few documents to store, and most staffers working remotely, Guidant’s office space is far smaller than the average financial-services company.

Companies like Guidant commission custom software, but for many businesses, an off-the-shelf app provides all the digital asset management functionality their organizations need. Tadesite.com reviews 10 of the top rated off-the-shelf DAM apps with cataloging and search capabilities; some even have a search-within-document feature that is especially useful for collaborative teams.

But to get the best from your remote teams, you have to provide them with digital documents. And that requires converting your paper documents to digital format via a comprehensive imaging program. Imaging is a good bit more complex than simply scanning to a PDF. Properly executed, imaging creates “smart documents” that a DAM app can store, organize, and deliver to your remote workers with electronic speed. Paper documents are easily damaged, lost, or destroyed, but imaging adds a layer of security that controls accessibility and monitors usage.

Talk to an imaging expert and get your business ready for the latest productivity apps.

 

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3 Ways Office Design Can Make Room for Gen Z

3 Ways Office Design Can Make Room for Gen Z

You’ve worked hard to make your offices attractive to millennials – open sight lines, “water cooler” collaborative centers, glass-box conference rooms, and hot-desking. Now Gen Z is about to move into the business world in large numbers. Will the wide-open constant-collaboration millennial style help to recruit and retain the top Gen Z employees?

Gen Z-ers are accustomed to living online – learning, socializing, shopping, communicating with parents. They are team players, but their teams rarely have face-to-face conversations. In BizNow.com, HOK’s Director of Workplace Practice Kay Sargent states that these new workers are overloaded with information. To function at their best, their work environment should be visually uncluttered and should be structured for working individually as well as collaboratively.

The shift toward balancing collaborative spaces with individual workspaces has already begun in some offices where staff were frustrated with the distractions of their open office plans. That’s good news for Gen Z, but bad news for business owners and facilities managers. Open office plans require less square footage per employee compared to traditional office designs, and increasing the number of individual workspaces also increases real estate costs. That’s not a welcome prospect.

However, there are several steps office and facilities managers can take now to prepare their workplace designs for the coming influx of Gen Z workers, and simultaneously keep their real estate costs stable.

  1. Use modular casework to increase spatial flexibility. These “building blocks” of high-quality cabinetry can be re-configured and re-used when open spaces are changed to enclosed spaces, lowering build-out costs while increasing sustainability ratings – something Gen Z appreciates.
  2. Add high-density mobile shelving systems for files, media, and inventory. These space-saving storage systems reduce storage area by 50%, creating the extra room needed for individual workspaces without expanding the existing footprint.
  3. Plan and execute a comprehensive document conversion program. Although we live in a digital age, paper documents still seem to accumulate in the workplace and take up valuable (and expensive) space. Creating digital versions of documents preserves the information and makes it accessible to tech-savvy Gen Z staff while freeing up useful work space.

Age diversity is standard now in the 21stcentury, with Baby Boomers to Gen Z-ers each bringing their unique perspectives to the workplace. Organizations stand to gain greatly from the combination of wise experience and youthful new ways of thinking, and the cost savings of efficient storage systems make it possible and practical to accommodate everyone.

 

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Hand in Hand: 3 Ways Document Conversion Supports Telework

Hand in Hand: 3 Ways Document Conversion Supports Telework

Telework has multiple benefits for many organizations. It increases employee satisfaction and productivity, reduces office space requirements, and even improves sustainability by reducing automobile commuting – all good for the bottom line. But it has some drawbacks too, particularly for offices such as law practices, healthcare administration, and many governmental agencies, where the work involves paper documents. When workers need access to paper documents, they have to be physically present in the office, and all the benefits of telecommuting are lost.

The solution: Document conversion. Far more than a simple PDF scan, a well-designed document conversion plan:

  • creates “smart” documents with searchable contents, accessible from multiple points;
  • reduces loss or unauthorized use of documents;
  • sets guidelines for physical document retention and weeds out unnecessary papers.

The first two points above have a direct bearing on telework.

  1. Collaboration: Teams working collaboratively frequently need to review the same document, often at the same time. A digitally-converted document can be accessed remotely by multiple team members, allowing some or all of them to work from home or a remote office. The team stays productive even though they’re not co-located.
  2. Searchability: If a teleworker needs to refer to archived paper documents in multiple folders or file cabinets, the research requires a visit to the office and a labor-intensive and error-prone manual search. A searchable database of digitally-converted documents can deliver the answers to the remote workplace in a matter of seconds, enhancing productivity.
  3. Security: A database of digitally-converted documents allows different degrees of access for various personnel – something that can’t be done with a standard file cabinet – as well as a digital “trail” of usage. Teleworkers can be assigned the appropriate level of access for their tasks without concerns regarding unauthorized access.

Easy collaboration, fast searches, and solid security all add up to improved productivity, and in turn, they support the productivity gains of telecommuting. Planning and executing a document conversion and management plan is a complex undertaking, but an experienced document conversion provider will make the process easy. The benefits are well worth the effort.

 

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One Way to Fix Your Open Office Plan

One Way to Fix Your Open Office Plan

The open office plan isn’t everything we’d hoped it would be. Once touted as the magic bullet for productivity, creativity, and collaboration, the open office plan in reality is too noisy, too public, and too distracting for heads-down workers. Rather than collaborating, employees use every tool at their disposal to claw back a tiny bit of personal space, isolating themselves with headphones and using email and texts to communicate with co-workers who are mere feet away, often at the same workbench.

Like business owners, facilities managers were initially enamored of the open office plan. Requiring fewer square feet per employee, the open office plan kept the cost of rent low, and the lack of interior walls reduced the build-out costs.

Facilities managers were among the first to hear the negative feedback around the open office concept, as staffers began requesting enclosed meeting rooms and sound-reducing measures. In an effort to achieve a balance between open areas and enclosed areas, facilities managers and designers have begun turning to a ready-made solution: the “phone booth” office pod. As reported in Fast Company, these micro-offices are fully enclosed, sound-proof, ventilated, and come complete with plug-and-play power for electronic devices. Businesses can add a string of these prefabricated offices within their existing open office space at a cost of a few thousand dollars each, without the disruption of construction.

There’s a downside, however. Although they’re small, micro-offices take up a certain amount of floor space, putting the squeeze on work space and storage space alike. Employees who are already feeling crowded are not likely to react positively to more encroachment on their work areas.

Files and supplies, on the other hand, never complain about having their storage space reduced. High density mobile shelving, rotary file cabinets, and lateral sliding files condense storage space into half the space of traditional shelves and cabinets. Moreover, these compact storage systems offer greater accessibility than old-school storage systems; search-and-retrieval times are reduced and productivity is improved.

Space-efficient storage systems provide the floor space needed to achieve the balance of open work spaces and enclosed, heads-down work spaces, preserving the overall office footprint while making room for everyone to do their best work. Businesses are learning that this balance will deliver the improvements in creativity and productivity originally promised by the open office concept.

 

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Where’s My Stuff? The Hoteling Conundrum

Where’s My Stuff? The Hoteling Conundrum

Like it or not, office hoteling is a reality for many workers today. For those whose work is self-contained, and who enjoy choosing where to do their work on any given day, the flexibility of hoteling is highly desirable. For those whose work requires access to physical elements (books, files, tools, electronic gadgetry, etc.), hoteling poses a productivity problem: Where do they keep all that stuff during off-hours if they don’t have an assigned desk where they can store it?

This has been a vexatious problem for facilities managers, office managers, and practice managers whose enterprises have embraced the concept of office hoteling. Hoteling has the undeniable advantage of reducing real estate costs through reduced office space. If only 50% of your employees are in the office most days, why are you paying for unused space?

But many types of businesses require quite a lot of “stuff” on the desk to get the job done. Maybe it’s a small-scale scanner for receipts, or a stack of documents that aren’t available online, or research materials for an ongoing project. Add to this the quantity of stuff many of us carry around through the day: workout clothes, commuting shoes, a heavy winter coat, the dry cleaning we picked up on the way to work. Without a fixed work area, all these personal and work-related items end up spread over the open workspace – not at all practical or aesthetically pleasing.

Managers are realizing that hoteling requires a type of storage solution they may not have needed in the past. Just as a hotel room contains a closet, a hoteling office needs lockers for all those personal things that shouldn’t be cluttering up the workspace.

But these aren’t the clunky hall lockers of our high school days. Today’s office lockers can be outfitted with smart digital locks linked to mobile phones for easy access. They can be sized to fit the needs of the workforce – full length or compact – and the exteriors can be customized to complement the office aesthetic. They can be an asset to the interior design rather than just an annoying necessity.

A conversation with a designer or storage consultant can point you in the direction of a solution that fits your office hoteling needs. Hoteling doesn’t have to make employees’ stuff a productivity burden, as long as a place is provided for all that stuff.

 

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