Will digitizing cost a business a sizeable amount of revenue? It might surprise you to hear, the answer is generally no.
When company owners and decision makers talk about the relationship between embracing electronic workflow and financial benefits, the dialog tends to concern some similar aspects. For instance, many entrepreneurs are concerned with the fact that they will no longer have to buy ream after ream of paper or printer ink in vast quantities.
While these are some crucial benefits provided by digitizing, there are some upfront costs that will come from the pockets of business owners in order to make digitizing a possibility in the first place. When leveraging document management software, administrators have to invest in the programs, scanners and dedicate a number of man hours that might have been spent tackling other critical projects.
Sounds like this will cost a business a sizeable amount of money, right? Interestingly, the answer is no in most cases.
According to VTDigger.org, when Vermont’s Department of Environmental Conservation experienced flooding after Tropical Storm Irene, 500 boxes of documents were ruined and the agency decided to go paperless to prevent that from happening again. The news source said that digitizing cost about $1,000 per box, meaning $500,000 in all. While this might seem sizeable, that’s not the case when you break it down to the fact that it costs less than $0.05 per page.
These expenses seem relatively more palatable with in those terms. After all, it would likely cost a business much more if sensitive documents are lost in their entirety after a storm.
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