Relying only on paper documentation meant losing thousands of employee hours annually in an effort to locate and update our files. Another major concern was, not being able to trace specific files or documents.
Efficiency: Paper-based files were only accessible to a few individuals at any point in time from a specific location. Servicing clients through various branches was challenging especially if the client-facing employee was not able to access the required files.
Compliance: Compliance issues and audit visits required the tracing of long lists of files and possibly, the transfer of these same files between several other locations.
Coping with emergencies: Dealing with a worldwide pandemic was always seen as a distant and unfathomable scenario before it really happened. Asking employees to work from home in a paper-based office would have proved to be a major stumbling block for our operation.
Cost and Archiving space: Cost of paper, transportation and archiving of files are all costs that add up to the company’s profit and loss accounts at the end of the day.