In this New World of Work, we hear a lot about reducing waste. Overusing resources – such as paper, toner and other physical items – can strain on your organization’s budget and reputation. But what about information waste? That can be a little harder to identify. Information waste can exist in both digital and physical documents, and it might be causing more harm than you think.
Information Waste is On the Rise
Companies are generating and collecting more and more data — but as much as 80% of it is unstructured.1 This can include reports, presentations, spreadsheets, emails, social content, machine-to-machine data via the Internet of Things, raw survey data and more. If you don’t have a way of tagging and sorting this digital information… it’s going to waste.
While physical waste can take many forms, paper is the most common. 55% of organizations say that the number of paper documents they deal with is stable, increasing, or increasing rapidly.2 Paper isn’t searchable, widely shareable or integrated with digital data, and employees can’t act on information they can’t access. This means they can’t get new products to market quickly or give your customers the service they expect.
Take Charge of Your Information
A strong information strategy is based on two key elements:
1. Optimized Business Processes
2. Managed Document Services
With optimized processes, businesses can speed product time-to-market by 68%3, save as much as $49,038 annually in cost-of-sale investments4 and increase new customer acquisition revenues by 42%.5
With document management, you can bridge the gap between paper and digital and make sure your employees always have access to the information they need. 60% of organizations have seen ROI on their paper-free projects within 12 months. 77% have seen ROI within 18 months.6
A Success Story
Westpac stopped information waste in its tracks with a mix of Multifunction devices (MFDs), on-site third-party support staff, fleet management and reporting software and a comprehensive project and change management approach. According to Gary Sim, General Manager of Westpac Service Delivery Infrastructure Group, the company achieved “huge savings,” and “Westpac is creating a more productive and sustainable place to work.”
From optimizing processes to cut down on unstructured data to managing documents to make information more accessible — solutions to your information waste problem are within reach.
Get the Whole Story
Highlights from the Full Paper:
- There are two kinds of information waste: Digital and Physical. Chances are your company is suffering from at least one of them
- Companies are generating and collecting more and more data — but as much as 80% of it is unstructured7
- Paper isn’t searchable, widely shareable or integrated with digital data – and employees can’t act on information they can’t access
- A joint strategy of Optimized Business Processes and Managed Document Services can help your company bridge the gap between paper and digital
- 60% of organizations have seen ROI on their paper-free projects within 12 months. 77% have seen ROI within 18 months8
Learn More About
- Controlling Costs
- Customer Acquisition & Retention
- Environmental Sustainability
- Information Security & Governance
- Infrastructure Agility
- iWorker Productivity
- Managing Change
- Optimizing Information
- Streamlining Processes
Visit the “Process Imperative” (Business Insights for better information processes)
1 Stewart, Darin, “Big Content: The Unstructured Side of Big Data,” Gartner blog, May 1, 2013.
2 AIIM , “Paper Wars: Update From the Battlefield”, November 4, 2014
3 IDC Research Sponsored by Ricoh, “Benefit Now from Greater Information Mobility”, March 2015
4 Source: Ricoh, “Transforming Information Management to Increase Revenue and Improve the Customer Relationship“, 2012
5 IDC Research Sponsored by Ricoh, “Benefit Now from Greater Information Mobility”, March 2015
6 AIIM , “Paper Wars: Update From the Battlefield”, November 4, 2014
7 Stewart, Darin, “Big Content: The Unstructured Side of Big Data,” Gartner blog, May 1, 2013.
8 AIIM , “Paper Wars: Update From the Battlefield”, November 4, 2014