These industries are proving that it’s time to ditch physical files and move into the paperless era
Think about how long it takes to find a physical file. You have to locate where it’s stored and shuffle through numerous other files before finding the one you’re looking for. Once you find it, there’s no way to tell when it was last updated or who was the last person to look at it. And when you’re done, you need to do the process again, this time in reverse.
This is a key reason many businesses are switching to a paperless model. Digitizing files removes these roadblocks. Instead of manual searches, employees can simply type the right term into the search field and have what they’re looking for in seconds. Given those two options, which one would you choose? If you answered “the second one,” you’re aligned with the many paperless businesses that already exist. The thought of transitioning from physical to paperless may be intimidating. However, the benefits can far outweigh the initial investment. To see what those benefits might be, one only has to look at the industries leading the world to a paperless future: finance, law, and manufacturing.
Adopting a paperless approach is an excellent way to futureproof your business. Read our complete guide to find out what you need to know before you get started.
Why businesses are going paperless
Companies that switch from physical files to digital systems often do so for two core reasons: to save time and money. Maintaining paper file systems takes an enormous amount of resources. The smallest mistake — like a misfiled invoice or unreturned form — can unravel the entire process. Digital systems make saving, transferring, uploading, and sending documents far more simple. Going paperless can also cut down on the need for tedious data entry and other administrative duties. The streamlining of these workflows can free up your employees to focus on more productive tasks, allowing you to get more out of your budget. Additionally, not having to maintain storage and upkeep of physical files can further help reduce costs.
That’s not where the benefits of going paperless end. Enhanced security measures, better collaboration, and sustainability are also frequently cited reasons for converting to digital files. According to Gartner, 89% of board directors say that going digital is a significant part of their growth strategies due to its “strategic business benefits.” Many industries have already discovered those benefits, clearing the way for others to follow.
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The paperless business verticals leading the way
Finance
Due to the sensitive nature of financial records, the finance sector is a natural candidate for going paperless. Keeping physical records of monetary transactions can open businesses up to a number of liabilities. Paper statements like loan documents or credit reports could get lost or misplaced. A simple mistake can result in hefty fines, tax audits, or legal consequences. Converting physical finance records to digital versions helps reduce these vulnerabilities.
There are numerous software solutions available to aid the transition to paperless statements. For example, CPAs often use document management software for paperless accounting and paperless tax preparation. This often makes their workflows more efficient and can improve security and compliance. Another benefit of paperless solutions is that they can make it easier to onboard both new employees and new clients, allowing your team to hit the ground running. Your clients will be especially appreciative during the hectic tax season.
Law
Legal professionals are transitioning to paperless law offices to stay competitive and better serve clients. According to employee rights law firm Pederson Law, moving files to a digital system allows smaller practitioners to “find ways to compete on both a financial and practical level” when going up against large firms. Legal processes come with considerable paperwork, from written statements to evidence records to written discovery. Lawyers need to be able to find this information quickly and easily in order to fight for positive outcomes for their clients.
The demand for paperless law offices is so high that legal-specific software solutions are plentiful. Many legal professionals now use case management software to keep track of files related to active cases. This also makes it easier for lawyers to transfer documents and relevant information with other parties, like opposing counsel or law enforcement officials.
Manufacturing
Paperless manufacturing is transforming how plants and factories operate. There are many reasons to move to paperless manufacturing; for example, it’s easier to manage incoming shipments when deliveries are tracked digitally and you don’t have to waste time tracking down invoices. To further streamline the invoice process, factories are moving their accounts payable and receivable processes to the digital realm as well. These efforts can improve efficiency and productivity while reducing operating costs. In manufacturing environments, time is short and budgets are tight. A digital environment allows manufacturers to stay agile and quickly adapt.
Switching to paperless manufacturing also allows manufacturers to automate more processes. This is essential for staying competitive and delivering results to clients and customers as quickly as possible while ensuring quality control. The right production management software can make the transition go more smoothly.
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Our recommendation: Ricoh fi Series scanners
To make a successful transition from physical to digital, paperless businesses need equipment that can keep up with their demanding workloads. Those in the market for a high-speed document scanner have no shortage of options. We take great pride in having spent the last 50+ years researching, designing, and developing some of the most advanced and powerful electronics in the world, including our professional grade fi Series scanners.
Built to purpose for the most demanding document handling jobs, the high-performance fi-7480, flatbed fi-8270, and next-generation fi-8190 models are capable of processing tens of thousands of pages per day at the highest levels of accuracy. Their intuitive integration capabilities with all existing work suites minimize time-to-value for businesses looking to invest in tools that will pay dividends for years to come. Click here to learn more or shop the rest of our production scanner line.
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