The True Cost of Keeping Paper Documents

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calculating the cost of paper document management

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Storing paper documents for your business can seem simple at first, but over time you will begin to see the overwhelming document overload as well as a drop in your business productivity. According to a Gartner study, one out of every 20 documents is lost or misplaced and companies spend approximately 25 hours recreating those lost documents. Think of all your team could accomplish with that extra time —and the money you could save in labor costs.

Exactly what is the true cost of keeping your paper documents? And how do you avoid it? These are questions that we hear a lot of from our customers. Keep reading to see exactly why keeping your paper documents can be incredibly costly for your business, and how implementing a digital document management system can greatly reduce those costs.

Overall Cost

On average it costs about $4.82 to handle a single paper document and It is estimated that US companies will waste about $8 billion every year on managing paper. If you think about all the paper documents you store within your business and need to retrieve on a daily basis, those numbers start to add up fast. If you keep your documents stored in an offsite storage facility, retrieval costs alone can be expensive. W