Going Paperless. What does it really mean and
how can your business benefit?

Does your business want to take the paper out of your workplace? Maybe you want to convert your legacy records to electronic files as part of a disaster recovery plan. You might want to reclaim or repurpose valuable floor space; so the rows of file cabinets have to go. Or perhaps your vision is to go all digital to streamline processes, increase productivity and reduce cost. ICM Document Solutions can help your organization reach your paperless goals. Let’s look at several key benefits:

going paperless

Security

Securing confidential paper documents is difficult at best. The consequences of failure can be damaging to your business and clients. Creating secure, monitored areas to store physical records is costly and vulnerable to unauthorized viewing and duplication. And there is the ever-present threat of losing records to flood, fire, or deterioration.

Electronic documents stored in a document or content repository can be secured through granular controls so only authorized users have access. Through the use of audit trails and traceability, companies can now meet ever increasing regulatory requirements and ensure security.

going paperless

Compliance

Over the last several years there has been an increase in regulations such as HIPAA/HITECH (Health Insurance Portability and Accountability Act/Health Information Technology for Economic and Clinical Health), Sarbanes-Oxley, the Patriot Act, among others, dictating how organizations should protect their data. Certain regulations require that technical controls be in place to ensure that records are ALCOA (attributable, legible, contemporaneous, original and accurate), secure and retrievable.

going paperless

Reduced Storage Costs

Filing cabinets take up valuable square footage; archived documents need to be boxed and shipped offsite for long term storage. After salaries, office space is next in terms of cost. When space runs out, many companies also need to store documents offsite which leads to additional cost for storage and fees associated with document recall.

going paperless

Mobility

When the need to access a paper document from a remote office or in the field arises, it can commonly result in significant delays and decreased productivity. Many document\content management systems including ICM’s ViewCenter, provide controlled access to electronic documents from desktops, laptops, tablets and phones. Remote users can access documents from any device quickly and be ensured that they are looking at the latest version.

going paperless

Environmental

If the culture of your company promotes environmental awareness, going paperless can have a significant impact. An EPA study estimates the impact for 10 million pages to be 2,500 trees, 56,000 gallons of oil, 450 cubic yards of landfill space and consume 595,000 KW (kilowatts) of energy. Once digitized, your paper documents can be shredded and recycled further reducing your carbon footprint.

going paperless

Financial

There is a myriad of cost savings related to going paperless. Below is a look at a couple key areas:

Labor – This can include the cost to file documents, find misfiled documents, research and reproduce lost documents and retrieve documents from physical containers.

Printing\Photo Copy – This includes costs for copy machines, fax machines, printers, service contracts, ink, toner and obviously paper.

going paperless

Risk Mitigation

If your organization keeps most of it’s information on paper, the threat of fire or water damage should be a serious concern. Electronically stored documents can be hosted in redundant geographic locations and subject to periodic backups with backup copies being stored offsite.

Document retention policies are difficult to enforce and execute when storing paper documents. Documents that are not disposed of after the retention period has expired can leave your organization exposed to unforeseen liability.

going paperless

Customer Service

Searching for paper documents in response to a customer inquiry is not an efficient process and can cast a negative light on your organization. Electronic documents when stored in a document\content management system can be found instantaneously by querying based on document properties or by using full text search capabilities.

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