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What is the Cost of Paper in Any Business?

What is the Cost of Paper in Any Business

It is no secret that paper is expensive. In fact, paper can be one of the most costly items for any business. This is especially true if your company relies on paper documents and forms. The reason is that paper takes up space, creates clutter, and poses a significant environmental impact. This article will explore the paper cost in businesses and how going paperless can save you money. We will also look at the benefits of going paperless for the environment and your bottom line!

 

How Much Does a Paper Cost Your Business?

A single sheet of paper may not look like much, but compile all the paper your business uses in a year, and you’ll soon realize that the costs add up to a pretty hefty sum—not to mention the associated costs.

A typical mid-level office worker in America goes through an average of 10,000 sheets of paper per year. That number is already astounding in itself. Add all of the workers you employ at your business, and you’ll see how paper is weighing you down. 

If that’s not enough to convince you that paper is expensive, consider the following estimates from ‘Record Nations,’ a document scanning storage services company. According to their findings, an average American business can spend as much as the following per year:

  • $8,000 on rims of paper.
  • $8,500 on storage and filing.
  • $30,000 on labor costs with an in-house file manager

 

These are just a few paper-related expenditures that can significantly hinder any business—especially the small ones.

These outrageous numbers are just some of the reasons why 53% of the current number of businesses across the United States are looking to go paperless. Xerox claims that this cost-cutting measure will help save money on paper and paper-related products, as well as reduce their paper waste. 

 

Drawbacks of Relying on Paper

High costs are just the tip of the iceberg for using paper. There are plenty of other reasons why the paper should not be the foundation of your business. Let’s take a look at some of the other paper-related problems you may encounter: 

Paper is a Resource Shark

Apart from money, the paper also requires a significant investment of time and labor to process. Collecting, analyzing, and storing paper tends to be time-consuming for employees and can create several inefficiencies in the workplace. 

In fact, a study by Nintex claims that 39% of employees think that their company’s document management system is broken. Among these respondents:

  • 49% claim to have trouble finding the relevant document.
  • 43% claim to have difficulties sharing documents.
  • 34% claim that completing new client paperwork is a challenging task.

 

With paper taking up all the resources of your employees, it’s no wonder why companies that still utilize traditional paperwork are seeing a significant drop in ROI. 

Paper Compromises Your Security

If it contains confidential information, what would otherwise be a harmless piece of paper can potentially disrupt the security of your data and the overall wellbeing of your business.

No matter how much you try to secure all of your paperwork, it’s impossible to eliminate human error by making timely mistakes. In addition, mishandling important paper documents can potentially result in a security breach, exposing vital information about your business to your competitors or criminals.

Paper Takes up a Lot of Space

This factor is often underestimated, but it is still an important drawback to using paper. Businesses that still use paper for their documentation needs tend to have a lot of files and cabinets taking up space in their office. 

These paper documents need to be properly stored in a dry and safe place to prevent them from being damaged or lost. Unfortunately, this paper storage takes up a lot of space and cost that can be used for other purposes, such as additional office equipment or even more employees.

Paper is Environmentally Unfriendly

As ironic as it may sound, using paper is bad for the environment. In fact, paper production is actually one of the leading causes of deforestation. Paper products and pulp make up the third largest industrial polluter of air, water, and land. 

The paper industry is also responsible for a huge amount of water pollution. Each year, they pollute over 250 billion gallons of water—enough to supply the needs of over two million homes!

 

Environmental Effects of Paper

The heavy use of paper will have environmental ramifications that future generations will feel. Here are some of the paper production-related environmental problems we currently face: 

Deforestation

Every year, four billion trees are cut down to make paper products. This contributes to the loss of habitat for many animals and the release of greenhouse gasses that contribute to climate change.

Water Pollution

The paper industry is one of the leading polluters of water. They discharge over 250 billion gallons of wastewater every year—enough to supply the needs of over two million homes!

Climate Change

The paper industry is a major contributor to climate change. This is because paper production emits greenhouse gasses, the main driver of climate change. In fact, the paper industry is responsible for approximately one-third of all industrial wood harvesting globally.

 

Benefits of Going Paperless

The solution to your paper problem is simple: go paperless. It’s a cost-effective option that will benefit your business in the present and have ripple effects in the future. Going paperless provides your business with the following benefits:

Improved Security

Going paperless means relying heavily on cloud infrastructure to store and share your documents. This paperless transition automatically improves the security of your data, as it is much more difficult to lose or damage digital files.

Increased Productivity

The paperless office is a more productive environment. With paper no longer taking up space and resources, your employees will be able to work more efficiently and effectively.

Improved Sustainability

 A paperless business is a sustainable business. You will be reducing your paper consumption, but you’ll also be using less energy and water in the office. This paperless transition will also help you save money in the long run.

Lesser Environmental Impact

The paperless office has a lesser environmental impact. By transitioning to digital, you’ll be reducing your paper consumption and then saving trees. In addition, you’ll be using less energy and water in the office, which will help reduce your carbon footprint.

 

Go Paperless with DataMyte!

If you want to say goodbye to traditional paperwork and embrace the innovative concept of going paperless, then you’ll need to rely on a platform that can help you make that transition. DATAMYTE is an online data and quality management solution that can help you upgrade your processes into a paperless approach. 

The DataMyte Digital Clipboard offers a variety of applications and tools, including:

  • Workflow builder: instead of writing a workflow on paper, you can digitize this process by using the DataMyte Digital Clipboard workflow builder.
  • Digital forms: use digital forms to paperlessly collect data and information from your employees.
  • Smart checklists: say goodbye to paper-based checklists and hello to paperless smart checklists.
  • Data collection: with the DataMyte Digital Clipboard, you can collect data using various devices, including smartphones, tablets, and laptops—no paper needed!

 

To learn more about how DATAMYTE can help your business go paperless, contact us today! We’ll be happy to assist you in transitioning to a paperless business.

 

Conclusion

Digital documentation is not only a more efficient way of handling your business needs, but it is also more secure and sustainable. So if you’re looking to reduce the paper in your office, consider making the paperless transition today. It’s a decision you won’t regret.

 

 

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