Is paperless technology the future of retail?

Paperless technology will completely transform office spaces in 2020. Not only are paperless solutions environmentally friendly, they’re also extremely cost-effective. Switching to a digital solution makes sense when you consider that businesses spend over $8 million per year on paper.

Maplewave, a retail inventory management software company, explore the benefits of paperless and how it can benefit retail companies across a range of different sectors.

Why go paperless?

Turning paperless is a big decision for any business to make, and 3% of them have already eradicated its use in every process which has allowed them to witness incredible results across their organisation. With paperless only recently becoming a viable option for businesses to implement, it can be an unnerving installation to begin with. However, 16% of businesses are actively looking at different methods that will help them remove paper from their procedures entirely.

Understandably, businesses will adopt electronic alternatives, like paperless technology, at a much slower rate — as many organisations find comfort in their current operations. In contrast, these businesses actually increased their paper consumption by around 20%. This is due to three key factors; a lack of confidence in digital solutions, the need for regulations and quite simply, humans being content with paper. However, studies have found that 33% of businesses are almost paperless.

Research has proven the capabilities of paperless technology. One study suggests that in the first six months of going paperless, 28% of businesses gained a full return on investment. A further 59% achieved a full ROI in less than 12 months and 84% within an 18-month period. After looking at the financial implications paperless technology can have on your business, you’d be a fool not to make the switch. Not only will this offer a return on investment, but it will also allow companies to focus on other areas of their business and not have to think about any administrative tasks that occur when handling paper. Your consumer acquisition costs can decrease dramatically, too.

Important considerations

There’s an opportunity for all businesses to turn paperless, and the technology can be used for a range of requirements that include offering employees their payslips online or even allowing customers to sign for their products on a tablet which all help reduce the amount of paper present in an office. Looking at paperless technology that allows people to sign contracts solely, businesses can see reduced costs of 60-85% which enables greater savings and reduced budgets on administration expenses.

With the General Data Protection Regulation (GDPR) set in stone, going paperless actually allows you to have greater security requirements and allows you to remain compliant with the legislation. Although this is set to strengthen and unify consumer data in Europe, it will also apply to non-EU businesses that are trading with EU consumers.

Not only that, but you will also be able to identify the authenticity of documents, as well as the time and location of signatures when using paperless. Businesses are able to complete viable audits to conduct regular contract searches, reducing the risk of fraudulent activities.

Going paperless does not only help your business financially but will also enhance the customer experience. The beauty of a paperless contract is that it ensures that all fields that are required are filled out by the consumer and can easily be sent to the customer through email. Should it be misplaced, it can easily be resent from an administrative interface. If any issues were to occur, contracts can simply be retrieved and shown as evidence. Having physical pieces of paper can eventually become a storage problem, with not enough room to file documents away — paperless technology combats this. If you’re looking to adopt more advanced features for your paperless installations, biometrics can be utilised to create an easier flow of signing, which can again enhance the customer experience and increase satisfaction. Try purchasing a contract management software that will store all your contract-related documents.

With the world turning digital, there’s no time to stay behind on the excellent developments that have aims to improve our businesses. 87% of senior decision-makers are ensuring that digital transformation is at the top of their priorities this year — are you?

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