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How Much Are Lost Documents Costing You?

cost of lost documents

When an important document goes missing, you have to spend valuable time sorting through stacks of paper and bottomless filing cabinets—tasks that quickly become frustrating for busy professionals.

According to recent studies from PricewaterhouseCoopers, 7.5% of all business documents get lost and 3% get misfiled. Lost documents not only cost you time and energy, but can also lead to poor customer service, decreased productivity and legal consequences.

According to PricewaterhouseCoopers, the average organization:

• Makes 19 copies of each paper document
• Spends $20 to file each document
• Loses one out of every 20 documents
• Spends $120 searching for a lost document
• Wastes 25 hours recreating each lost document

So, what can you do to avoid disorganization and increase efficiency at your company?

Implement a Document-storage Policy: Simplify the filing process by creating a document policy for your company. This should include standardizing your file-naming and indexing procedures to reduce confusion.

Consider Scanning: You don’t have to go paperless to implement file scanning into your document-storage system. Scanning can reduce filing costs, improve organization and simplify the entire search process.

Partner with a Document Management Provider: By hiring a reputable document management service provider your company can save time and money in the long run. These companies can also streamline your print and electronic files and also provide ongoing support.

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