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Companies are investing in various digital software to reduce their documentation costs.
It can significantly bring down the documentation costs, and presently there is a growing demand for digital documentation in the corporate world. As it is clear that paperwork is a burden on companies' pockets, let us see what the solution for it is. Various studies have revealed that companies around the world spend a great deal of money in managing their documents if it is in the paper form. But have you ever wondered how much does this paperwork costs companies in terms of indirect expenditure? The costs include:Ĭost of buying paper and registers, Costs involved in creating, duplication and circulating of the paper documents, Time and employee cost spent in filing the documents and retrieving paper documents from a cluster of files, Printing costs including the repair and maintenance costs for fax machines, printers, and xerox machines, Storage costs for buying cabinets and shelves, Space costs as the paper documents occupy a significant portion of the office space, time and labor cost spent in search of the lost documents, Damages involved when the paper document that went missing and was never found, and Costs due to negligence in handling paper thereby causing its fraudulent misuse. 'Documentation is the key.’ You must have heard this many times before by managers emphasizing the power of documents in the organizations.
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