We know we don't have to convince you of the benefits of paperless records management. The statistics from a Coopers and Lybrand study speak for themselves:
· Office documents comprise greater than 80% of corporate memory.
· 90% of documents that are handled in an office are merely passed along or shuffled through.
· The average document gets copied 19 times.
· 50% of a professional’s time is spent looking for information. Only 5-15% is used in reading the information.
· $20 to file a document.
· $120 to find a misplaced document.
· $220 to replace a lost document.
· 7.5% of all documents get lost.
· 3% get misfiled.
In other words, If your company generates 200 documents a week, you will lose 15 of them (costing the company $3,300), and misfile 6 of them (costing $720).
Looking at the big picture, there are over 4,000,000,000,000 (4 trillion) paper documents in the U.S. alone. They are growing at the rate of 22% a year or roughly 880 billion a year.
What about you? How is your records management?