The Paperless Office
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Every day we hear companies becoming paperless from paper-based systems and saving big bucks on time and storage space as well as seeing increased productivity.
Whether you have already become paperless or you are yet to make the move, take a look at the statistics below and make sure you are not missing out on saving more money in the long run.
What if you are storing your paper files offsite?
Inspite of reaching a point of "Enough is Enough" why are you still wavering on the decision to automate your document processes?
You feel:
- Other automation project initiatives appear more important and are easier to sponsor
- Having enough internal resources to effectively complete / co-ordinate the work is a concern
- Such a project requires too much detail and decision making to fiddle with at this time
- The costs / benefits of document process automation are not well understood
So, what can you do?
How much will you save?
To put in context, consider a small company or department with 10 people handling documents and a collection of some 25,000 documents in a year
Their savings could easily amount to $500,000 per year
Here's how ...
Employee's time - $41,600/year
5 minutes to walk to a file cabinet or records room (and back), locate the file, and act on it
10 files per day = 200 hrs per year (10 files x 5 minutes x 250 business days) per employee @ $20/hour = $4,160
10 employees = $41,600/year
Reduced printing costs - $225,000/year
Assuming that 50% of the documents are printed every year, the cost for 25,000 documents will be $225,000/year (25,000 documents x $18/document x 50% = $225,000)
Eliminate misfiled documents - $225,000/year
7.5% of all documents are misfiled or lost
25,000 x 7.5% = 1,875 @ $120 per document = $225,000
Hence, total savings per year = $491,600
Now, that's a lot of savings! Don't you think it's worth it?
Sign up for an Online Demo & Free Trial of LuitBiz DMS today
and take control of your documents
Manage compliances with LuitBiz DMS
In all business operations regulatory compliance has a huge impact. Companies spend a lot of time and money in meeting regulatory compliances but a single flaw in their systems can have huge repercussions and might call for huge fines. LuitBiz DMS helps organizations meet the following regulatory compliances:
FDA 21 CFR Part 11 Compliance
Required By: All drug makers, medical device manufacturers, biotech companies, biologics developers, and other FDA-regulated industries
Learn MoreFDA 21 CFR PART 510(k) & 820 Compliance
Required By: Domestic & foreign manufacturers and specification developers introducing a device to the U.S. market and repackers or relabelers of medical devices
Learn MoreFinancial Industry Regulatory Authority (FINRA) Compliance
Required By: Broker-Dealers, Capital Acquisition Brokers, and Funding Portals in USA
Learn MoreGDPR Compliance
Required By: All Companies that collect data from citizens in European Union (EU) countries will need to comply with GDPR rules for protecting customer data by May 25, 2018.
Learn MoreGMP Compliance
Required By: All manufacturers, processors, & packagers of drugs, medical devices, some food, & blood
Learn MoreGramm-Leach-Bliley Act (GLBA) Compliance
Required By: All financial institutions engaged in banking, insuring, stocks and bonds, financial advice & investing in USA
Learn MoreHIPAA Compliance
Required By: All health plans, health care clearing houses, and to any health care provider who transmits health information in electronic form
Learn MoreISO 9001 2015 Compliance
Required By: All organizations, regardless of size or industry, that want to show their ability to meet customer requirements and regulatory obligations
Learn MoreNIOSH 42 CFR Part 84 Compliance
Required By: Any company that designs, manufactures, assembles, or controls the assembly of a respirator & seeks NIOSH certification
Learn MoreOSHA Compliance
Required By: Private sector workers, workers in the state and local governments and federal government employees in USA
Learn MoreSarbanes-Oxley (SOX) Compliance
Required By: All publicly traded companies in the United States as well as wholly-owned subsidiaries and foreign companies that are publicly traded and do business in USA
Learn MoreSEC Compliance
Required By: All organizations that work or operate in the securities industry, including brokers, investment advisers and companies, municipal advisers, mutual funds, and the members or participants of Systems Compliance and Integrity entities
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