Do you know how much it costs to keep paper records?
by Web Admin
Many organisations are unaware of the costs associated with the storage of paper records or grossly underestimate the amount of money which is spent on the creation, storage and retrieval of critical business information.
Recent research shows that the average labour cost for filing a document is about £18. It has also been reported that approximately 7.5 per cent of all documents are lost and 3 per cent misfiled. The average cost of locating a misfiled document is £105 and a cost of £190 is incurred when a lost document has to be reproduced. In addition to this, large fines can be charged to companies who fail to comply with regulations relating to the ability to present a requested document as evidence.
Keeping paper documents is also now regarded as environmentally unfriendly and the costs for destruction and disposal of waste paper is not inconsiderate. There is also the risk of paperwork being accidentally disposed of and the potential loss of office files should a fire break out.
All these factors point clearly to electronic storage as the most cost effective, secure and eco friendly solution. Paper archives should be scanned and an electronic document management system implemented to store all documentation either produced inhouse or received from external sources. This includes emails, faxes, spreadsheets, power point presentations, maps and plans.
For a free consultation on your electronic document managementrequirements please contact The IPC Group on 08081 45 46 47.