What your current paper filing system is costing you per year
Cost of storing such a filing cabinet
Assumptions
- 1 – 3 ft. filing cabinet drawer = 2,500 documents (double sided pages)
- 1 – 4 drawer filing cabinet = 10,000 documents (double sided pages)
- 1 – 4 drawer filing cabinet requires 10 sq. ft. of storage space
Example
15 filing cabinets
$30.00 per sq. ft. rent
15 x 10 = 150 total sq. ft.
150 x $30.00 = $4,500.00 annual cost
Cost of searching and pulling documents
One of the biggest hidden costs that paper-intensive businesses face is the time it takes to work with paper files.
Assumptions
- It takes 5 minutes to walk to a records room, locate a file, act on it, refile it, and return to his desk
- Employee is a cost of $20 per hour to the company
- Empoyeed pulls 4 files per day
eg.
4 Files per day = 86 Hours per year
86 Hours X $20 per hour = $1720 per year per employee
Note: A system that lets employees find and work with those documents without ever leaving their desks can instantly slash those costs.
Lost Document Cost
Assumptions
- Many businesses estimate the cost of replacing each lost document at $250.
Current Annual Cost of your paper system =
Calculated Field
Your Costs
The average employee spends $4800 worth of their time annually just searching for documents. - Gartner Research
Fortune 500 companies as a whole lose an average of $12 Billion per year to inefficiencies caused by the lack of a structure for managing their documents and digital assets - IDC
Data Loss
Data loss costs U.S. businesses more than $18 billion a year, according to the Pepperdine study
About 70% of business people have experienced data loss due to accidental deletion, disk or system failure, viruses, fire or some other disaster
The first reaction of employees who lose their data is to try to recover the lost document themselves by using recovery software or either restarting or unplugging their computer — steps that can make later data recovery impossible
The average life expectancy for a hard drive is three to five years
Lost Data Concerns
Nearly 90% of computer users who had their laptops stolen said the device contained company communications, as well as confidential business and personal information, according to a 2005 survey by Credant Technologies
Lost data due to accidental deletion, disk or system failure, viruses, fire or another disaster 69%
Lost data two or more times in the last year 40%
At least moderate concerns about data loss 62%
Lost data due to accidental deletion, disk or system failure, viruses, fire or another disaster 69%
Lost data two or more times in the last year 40%
At least moderate concerns about data loss 62%