It’s safe to say that in business, when it comes to your bottom line, increasing cash flow is a top priority. Have you ever stopped to think about the impact of going digital and what it will mean to your bottom line? Emerging technology, such as cloud-based storage and document management can actually help you decrease your overhead costs and save your business money.
Maximize your ROI with third-party software
Consider your current office set-up. Are you investing in infrastructure that is quickly becoming outdated? Maintaining a server is expensive. First, you have the cost of the equipment itself. Then you need to factor in the cost of technicians to install and maintain the server. And don’t forget to include a contingency if the server crashes and you need someone to come fix it. Next, include the cost to have an office-based resource manage the server and ensure back-ups are properly completed.
When you switch your business to the cloud, you eliminate the majority of those costs. To set up a cloud-based document management service, there are no large capital expenditures upfront and billing is usually monthly or annually which is great for managing your cashflow. This will both reduce your business’s human capital requirements and also mitigate the risks of data loss. Your data will always be security backed up on cloud-based servers. Plus, these servers are located external to your office, which means a savings on your electricity bill too!
Think green, save green
While the environmental benefits of going digital are undisputed and hugely advantageous, it will also have a large financial impact on your business. By leveraging new and emerging technologies, you can and will decrease your business’s overhead costs and save money.
The 2014 AIIM Industry Watch report stated that, “60% of users have seen ROI on their paper-free projects within 12 months, an impressive 77% within 18 months. Faster response to customers and higher productivity are seen as the biggest benefits, along with improved remote and mobile availability.”
As noted in our last blog, the average office worker uses 10,000 sheets of paper per year at a cost of $1000 per employee. If you’re a small business of 25 employees, that’s a cost of $25,000 per year. Then add in the cost of the supplies such as paper, printer, photocopier, ink, and toner, which can run as much as $350 per employee annually. By shifting to cloud-based document management and storage and eliminating these unnecessary costs, the money previously spent on office supplies and time spent filing can be reinvested into your business.
Furthermore, the documents you are physically storing in your office won’t file themselves, so consider the time and money needed todedicate someone to filing. Not to mention the office space and equipment needed to house filing cabinets and boxes of files. By eliminating the physical space requirements in your office to house expensive serves and filling equipment, you are freeing up valuable space. Since cloud-based document storage means your employees can work from any location, any time, you business may consider moving to a smaller office space, resulting in a further reduction in overhead costs.
A minimal time investment goes a long way when it comes to making digital changes. Much like other technology you’ve adopted in recent years, in no time you’ll be wondering how you survived without digital document storage and management. A completely digital business also adds value for your clients and employees and sets you apart for being progressive and adaptive to dynamic changes.
As cloud-based storage and document management continues to gain prevalence, it is becoming a reality for many businesses. Having a secure, accessible cloud-based platform in place will enable your business to focus on its core competencies, positively affecting your bottom line and saving your business money.
Docmaster offers secure, cloud-based document management and storage for businesses in Canada. Docmaster makes working, storing and managing your business in the cloud safe, secure and easy. Your privacy guaranteed, so you can focus on what matters most – serving the needs of your clients. Interested in learning more? Email firstname.lastname@example.org to find a solution for your document management needs.