A study by Loffa Interactive Group™ shows that 2-7% of documents are misfiled at an average cost of $120 per document. Executives spend 150 hours per year looking for misplaced documents (Simply Orderly).
Storing documents themselves is costly. One article says that "A standard 4-drawer file cabinet can take up 17 square feet of office space, which includes the size of the unit plus the amount of space needed to access the files inside. If you’re paying $73 per square foot for office space—the average cost in Manhattan—a single file cabinet costs you $1,241 a year..." (Taube, 2018). How much do you spend for office space? How many file cabinets do you have? Off-site storage is not an option as it is not economical or convenient.
Paper-based processing leads to high costs associated with the postage, shipping, phone, fax, copying, and printing of documents to be distributed to all participants in the process. While these costs vary widely from customer to customer, “Industry studies show that it costs companies $20 on average to file a paper document (this includes labor and salary costs, storage, office supplies, and other factors)” (Scandoc Imaging, 2019). Considering the average worker consumes 10,000 sheets of paper per year, this can add up to a sizeable savings (O’Mara, 2020).
Capturing reports electronically rather than physically can save you thousands of dollars every year. Loffa figures they save an average of $800,000 per year by eliminating the unnecessary printing and microfilming of reports.
Many of our customers experience productivity gains as high as 81% by automating with our document management and workflow.
We presently provide this function for Pershing (DTC#443), National Financial (DTC#226), Citigroup (DTC#274, 418 & 505) and other firms with varying ranges of volume.
Loffa Interactive is committed to assisting our clients in going paperless, eliminating manual storage/retrieval, centralizing audit information, and drastically reducing the time/costs associated with performing this required regulatory process.
Taube, Mitch. “How Much Are Your File Cabinets Costing You?; Digiscribe.” Digiscribe, 13 Nov. 2018, www.digiscribe.info/blog/file-cabinets-don-t-make-companies-money/.
“Surprising Stats.” SimplyOrderly, simplyorderly.com/surprising-statistics/.
O'Mara, Morgan. “How Much Paper Is Used in One Day?” Record Nations, Record Nations, 12 Nov. 2020, www.recordnations.com/2016/02/how-much-paper-is-used-in-one-day/#:~:text=The%20average%20office%20worker%20uses,the%20end%20of%20the%20day
Imaging, Scandoc. “The Real Cost of Paper: 15 Facts That Show What Your Business Spends (and Where It Can Save).” Scandoc Imaging - Document Scanning in Southern CA, Scandoc Imaging - Document Scanning in Southern CA, 3 Feb. 2019, www.scandocimaging.com/blog/15-facts-real-cost-of-paper-business-yzy4b#:~:text=Industry%20studies%20show%20that%20it,supplies%2C%20and%20other%20factors.)&text=Gartner%20Research%20found%20that%20those,their%20time%20looking%20for%20information.