Almost every business aspires to reduce costs and achieve the maximum profits possible. However, the key to cost reduction for a business lies in cutting down on resources. Some of the common cost-cutting methods include expulsion of employees or shifting to telecommuting work routines. However, there is one simple solution that can easily top other methods of cost reduction – go paperless!
Have you been making frequent visits to the bank as you did before every time you needed cash? Most probably, No! You visit the ATM if you want to withdraw cash from your account, thereby saving a lot of paperwork that would normally go in for the same transaction at the bank. So, when you prefer to go with the paperless route, you can find that you save time and it’s convenient too.
Also Read: What is an Electronic Signature?
The following discussion would show you the important benefits that you can get by adopting electronic signatures and following the slogan “go green, go paperless.” Most importantly, small and medium businesses can find helpful insights into reasons for realigning the allocation of their capital expenditures with e-signature solutions.
What does the Slogan “Go Green, Go Paperless” Signify?
“Go Green, Go Paperless” is an old slogan, we all have been listening since our childhood. But what does it signify? There is a simple and straight significance of this quote. As papers are made by cutting trees, and if we stop using papers or limit their usage, it will save trees. Thus, the slogan signifies that if we go paperless, we can save trees, and thus the greenery.
According to a survey, 4 billion trees are cut down each year to make paper.
Setbacks of Using Paper by Businesses
Businesses are the most significant consumers of papers. So, if businesses cut down the usage of papers, more trees can be saved. Even there are several reasons to go paperless that are evident from the setbacks of using paper. Let’s start by having a look at the setbacks that may occur while dealing with papers.
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Problems with Paper
Even though businesses know that they can save many costs by shifting to paperless solutions, why can’t they do it? Because the paper provides an assurance of familiarity, security, accessibility, convenience, and speed for many people.
However, these positive aspects perceived with paper can turn out to have underlying implications with negative consequences. For example, misplacement of physical documents or misfiling them can result in loss of additional hours for a business.
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Threats to Document Security
Many people vouch for the security associated with paper as a reason to refrain from a paperless business. On the contrary, the paper is highly vulnerable to physical damages and loss. In addition, filed documents don’t provide the expected level of security because people without authorization could also access the documents.
Even if secure filing cabinets are put in place, human errors such as losing the keys or leaving the cabinet unlocked can result in the loss of valuable data of the organization.
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Slow Transactions
Another prominent setback that businesses can identify with paper is the slow rate of transactions. In comparison to automated digital systems, paper-based businesses tend to face frequent concerns of inefficiency. Furthermore, it is difficult to capture data from multiple paper-based reports and documents.
In addition, the creation of paper-based reports and documents by leveraging data from different sources involves considerable manual efforts and is extremely slow.
Also Read: Why Your Organization Needs an Electronic Signature?
Reasons to Go Green, Go Paperless
Therefore, businesses should focus on the opportunities to go paperless rather than being held back by the concerns about migrating to paperless solutions. Here are some of the notable reasons that can drive your interest in going paperless for your business.
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Paperless Improves Productivity
One of the leading reasons to go paperless is the opportunity to improve your productivity. Almost two-thirds of office workers invest an hour every day in search of documents. Therefore, employees tend to waste time as well as money for a business. As a result, you can find a subsequent decline in the productivity of the employees.
Furthermore, the amount of wasted time does not take the amount of time taken for printing and filing the paperwork into consideration. On the other hand, electronic signature solutions or automated document management systems can help in searching for and finding a document quickly.
Therefore, removing paper from the equation directly translates into the exclusion of labor-intensive tasks such as locating misplaced documents. Subsequently, employees can manage their tasks with limited complexities, thereby increasing their satisfaction and allowing them some additional time to focus on their work.
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Economic Benefits of Paperless Solutions
The economic benefits of going paperless are also crucial pointers that can motivate businesses to adopt paperless solutions. As discussed already, paperless solutions improve employee productivity, thereby translating directly into economic benefits for the business. On the other hand, going paperless could also help a business reduce costs in various areas.
One of the helpful outcomes of paperless solutions is the reduction in staff costs. Employees find additional time to focus on their work with paperless solutions. In addition, the facility of automation helps employees in completing tasks quickly. Furthermore, automated systems also take away the need for additional human resources to respond effectively in the event of increased workloads.
Paperless solutions such as automated document management systems and e-signature software also help in the reduction of errors and bottlenecks in business processes. As a result, employees can improve their productivity alongside gaining abilities for completing more tasks on time. Subsequently, the business will have more time to take on new projects while avoiding unwanted costs of overtime.
The economic benefits of paperless solutions are also evident in the reduction of basic costs for paper, copiers, and printing costs. Most importantly, your business would not have to deal with downtime if the supply of paper has run out or the copier machine is down. When you go paperless, it is easy to duplicate and share important documents through electronic media along with proper security credentials.
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Limitation on Errors
Another promising reason to go paperless with electronic signature software is the substantial reduction in errors. Automated systems take away the issues that come along with human error. Without any manual input, the risk of errors reduces considerably. In addition, the proper filing of documents in electronic signature solutions also takes away the concerns of misplaced files.
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Security of Documents
One of the promising benefits of paperless solutions is the assurance of additional security. Electronic signature solutions offer exceptional safeguards for private and legal documents. The e-signature solutions used commonly by enterprises don’t provide random unauthorized access to personal records.
Therefore, paperless solutions are a great initiative for the security of legal and private documents. In addition, users can be sure of the fact that anyone else cannot alter or copy your signature. Interestingly, some signature solutions offer the facility of instant alerts if any individual breaks in the security system or check your documents without permission.
Above all, you can always rely on the audit trail of e-signature solutions to see what changes have been made in your documents and the individuals responsible for the changes.
Also Read: E-Signature Security Checklist and Rules
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E-Signatures are Legal
Many businesses hesitate to go paperless due to doubts regarding the legal value of paperless solutions. Most importantly, the concern of the legal validity of e-signature is a formidable pain point for many enterprises that want to shift to paperless solutions.
However, electronic signature has received legal recognition through various legal precedents in different countries such as the UETA and ESIGN act. Furthermore, the use of e-signature solutions in government offices takes away major apprehensions of enterprises regarding the shift to paperless.
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The Satisfaction of End Users
When you look closely, all the above benefits of going paperless translate directly into customer satisfaction for your business. If your employees are completing tasks on time, then you are taking over new projects. Subsequently, if your employees face limited issues in carrying out their work, their productivity improves.
Therefore, the customer gets what they want exactly on time. What could be better for a business than a happy customer? The satisfaction of end-users is definitely a reason to start considering about the prospects of going paperless.
Still confused about adopting electronic signatures? Check out these top reasons to adopt electronic signature for your business.
Final Words
In the end, the decision is up to you! When you go paperless, you not only open the gates of promising returns for your business but also for the environment. The saving paper has a substantial impact on the environment, especially in terms of reducing the number of trees felled every year for making paper. In addition, going paperless also takes away the need for investing resources in waste management.
With lesser clutter, the environment can definitely get better, wouldn’t it? However, choosing an e-signature vendor for your business is a very complicated task without the right guidance. The best practice for finding the ideal e-signature solution would be to plan out your requirements and then look for the solution that fits well.
Adopt the electronic signature for your business and start getting benefits of electronic signatures for your business. Get ready to make a difference for your business and the environment!
