Efficiency is far from the only benefit that comes from using electronic record storage or document management platforms. Without the prohibitive costs associated with printing paper copies of your records, you’ll be able to do more while still having access to all your business’ important documents. Let’s consider how much money can be saved when you aren’t printing every document you want to file away.
- In terms of sheer costs: 5 million sheets of paper are used every year by businesses. This could be made up in a simple two terabyte hard drive. To give you an idea, that amount of data costs businesses a lot more in hardcopy form than it does in cloud storage space. The overall annual costs associated with printing and storing documents runs around $140,000+ annually, while the costs of maintaining a cloud archiving system are generally less than $1,000/year. Imagine what you could do with all this saved revenue.
- In terms of ease of access: A study of industry leaders found that it costs up to $20 in labor to file a paper document. Additionally, finding documents after they’ve been stored away costs organizations $120 in labor, while recreating misplaced documents can cost up to $220. Cloud archiving eliminates these costs by allowing users to easily search for documents. Moreover, most paper documents are filed onsite at a business. The costs per square foot of warehouse space is much lower. By digitizing files, you have access to these records 24x7, 365, without having to pay premium rates to keep your data safe.
- In terms of security: Only 45 percent of users feel that paper documents that are locked in filing cabinets are secure, while 65 percent are more comfortable with password-protected digital documents. Additionally, a disaster can easily wipe out physical copies of a file. A fire or flood could cause irreparable damage to paper documents, whereas a digital file storage system can be easily backed up and restored at a moment’s notice.
By using the flexibility afforded you by using cloud computing for your file storage needs, you can not only have access, but you can reduce your immense filing and storage costs. To learn more, contact us at (604) 513-9428 today.
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