Approximately 81 per cent of small and mid-sized businesses say they are planning to improve their current paper processes in the next 12 months, by cutting paper out of the picture when involving invoice, report financials, legal and human resource forms, and other document processes, according to a Xerox study.
In order to combat this issue, many SMBs will turn to experts for help, as the survey reports that only 20 per cent of respondents are aware of existing paper-free solutions. 47 per cent will go to an office equipment dealer, 20 per cent will look to their IT reseller, and 37 per cent will turn to the product manufacturer.
Over 1,000 companies in the United States, United Kingdom, France, and Germany responded to the survey, with 46 per cent agreeing that a significant portion of time is wasted on paper-intensive processes, with 60 per cent viewing this as one of the major impacts on their bottom line. France SMBs report wasting the least amount of time at 37 per cent, with Germany and the United States reporting 51 percent and 50 percent respectively. The United Kingdom fell in between at 43 per cent.
Only 28 per cent of respondents reported that they are already implementing their plans to digitize paper processes. French companies lead the pack with 33 per cent implementing these processes. United States companies lag furthest behind at 41 per cent stating they have just started, compared to the average 37 per cent.
Additionally, 42 percent of SMBs report having a MPS contract, with 40 per cent indicating they plan to put one in place in the next year.
The Xerox Survey consists of 1,021 SMBs with revenue ranging from less than $6 million to more than $305 million who participated in an online survey from July to September 2016. Respondents positions ranged from senior business managers in operations, finance, and IT, to owners and C-suite executive levels. The survey was run by independent research company, Coleman Parkes Research.
You can take a look at the Xerox Survey here.