A survey carried out by YouGov recently found that the UK’s small and medium-sized enterprises could be throwing away as much as £42.2m every single day in revenues looking for paper documents. 82% of financial services are still printing documents just to get a signature, and 31% of respondents also said that if they weren’t looking for documents, they would be spending time on business development.

This overreliance on paper – an outdated method of communication by any standard – could be costing the UK’s SMEs big. Switching to paperless solutions might not simply be a great option to protect the environment – it could end up protecting businesses in the long-term. Here are just a few ways digitising documents could end up supporting and protecting a small business:

Time savings

In the world of business, time is money. Time spent searching for archived documents or files in storage is time that could have been used more productively for business development, as mentioned above. A study in Australia found that workers can spend as many as five hours per week looking for documents, with three and a half hours also dedicated to filing and organising – if we assume these stats are replicated in the UK, that’s a lot of valuable time that could be used to support and grow the business in other ways.

Security reasons

What’s more secure – a filing cabinet or a cloud server? A physical archive or a password-protected hard drive? The answer these days is almost always the digital solution. Physical files can be lost, stolen or damaged in fire or flood. Going paperless means these documents are protected more robustly, with excellent security solutions that are more reliable and permanent.

Audit trails

Many businesses have to adhere to very string compliance policies with regards to document management and storage. Digital document management systems can simplify this process, with every document having a unique number and creating its own audit trail that can be followed with ease. Paperless documents can also be duplicated and amended while still keeping the original, which is another bonus when it comes to audits and compliance.

Accessible archives

Digital archives are far more accessible and user-friendly than physical ones. Sorting files by name, date or size can be accomplished with just a few clicks or taps, and managers can also password-protect confidential or restricted files, so that only authorised users can access them. Going paperless is also ideal when staff at different sites need to access the same documents – rather than the lengthy and expensive duplication of physical files, digital documents can be brought up from any location if they’re stored within the cloud, for total ease of use across multiple sites.

The contemporary world of business relies largely on technology to streamline everyday internal operations. Digital mailrooms are at the forefront of this trend, with cutting edge technologies used to transform the traditional mail management into a fast and efficient process.

But what exactly are digital mailrooms and how can they help your business save both time and money? Read on as we define the concept, and explore the benefits a digital mailroom could have for your business.

The basics

As the name suggests, a digital mailroom is essentially an electronic version of your tangible postal correspondence. Using sophisticated document scanning and image capture technologies companies can digitalise incoming mail, automate the classification process and systematically deliver it to relevant recipients.

Modernising your business

Today, business growth and the rise of mobile workforces has led to the exponential growth of corporate mail. On average, a medium sized company processes around 100,000 pieces of mail a month, with documents distributed to over 200 different departments. Digital mailrooms bring an efficient electronic edge to managing the huge influx of mail that’s received on a daily basis.

Slash operational costs

Far too many businesses waste time and money on processing mail, filing documents and tracking down content. Digitalised mail rooms take the hassle out of post management by storing all content in electronic form. Staff can then use keywords to search for, locate and send digital mail, at their fingertips.

Backing up files

From unavoidable incidents such as file and theft to simple human errors that result in mail becoming lost or misplaced, traditional post handling services simply don’t offer businesses the total peace of mind that all documents will be 100% accessible on demand. As well as bringing a huge amount of convenience to the mail management process digital mailrooms also ensure that companies comply with legal obligations to retain certain documents. This includes legal obligations to archive documents such as accounting records, staff contracts and so on.

Save paper (and the environment!)

When all mail is digitalised it eliminates the need for staff to photocopy and reprint documents. Instead they can simply search the database to bring up the relevant document, then refer to it on a computer screen or email it to a recipient. This is guaranteed to save businesses money on paper spends, as well as boost eco-friendly credentials.

Think your business could benefit from a digital mailroom? Get in touch with the Pearl Scan team today to discuss the solutions on offer for businesses just like yours.

Whatever sector you operate in, the importance of market research is paramount. Whether you target fellow businesses or public consumers it’s hugely important to have a thorough understanding of your market and its needs. To do this, a hard hitting market research strategy is a must. Want to know more about why it should be an integral part of your business plan? Read on for our guide to why market research matters, and how you can implement strategies that are both time and cost effective.

Understand your market

Market research is underpinned by the goal of understanding niche markets and aligning business operations with the needs of customers. While internal politics, agendas, budgets, KPIs and branding are all key concerns, at the end of the day the customer is always king. As such, developing an understanding of your market from the customer’s perspective is critical.

Cater to needs

Giving customers what they want is a fundamental part of retaining new clients, and attracting new ones. Market research empowers businesses with the information they need to develop new ways to cater to changing customer demands. This will ultimately allow your business to pursue lucrative growth opportunities and prioritise the highest revenue streams.

Identify trends

Markets are continually evolving and it’s essential for businesses to stay on top of the latest trends. By reaching out to your target audience you can get up-to-the-minute information on the latest industry trends that your customers want to see. A current understanding of market trends is the key to keeping your business relevant and future oriented.

Scope out the competition

As well as determining the profiles, needs and wants of your customers, market research can also be an extremely valuable tool when it comes to scoping out the competition. This allows businesses to uncover what tactics competitors are implementing, and how effective they are.

Improves decision making capabilities

When it comes to making key business decisions market research is indispensable. It allows businesses to predict customer reactions and gain insight into what choices will be best for their bottom lines.

It’s clear that market research is an extremely useful arena, however far too many businesses shy away from the concept due to the perceived administrative burdens. It doesn’t have to be this way. Data extraction services such as Pearl Sca’s exist to help businesses slash the administrational responsibilities of market research and focus on data analysis.