Enabling digital transformation and reducing costs with Paper-lite

WHAT IS PAPER-LITE

Companies continuously face challenges to cut costs, adapt quickly, and lower environmental impact. Paper-lite is a solution to these challenges that can offer up to 75% reduction in cost, an improved user experience, and up to 40% reduction in carbon footprint¹. Recently, COVID-19 has required remote working. This change has expedited an already emerging shift away from processes that manage hard copy documents. Paper-lite provides a framework for this transition as a ‘digital first’ mindset that relies on reimagining current paper processes as digital. The technologies utilized not only help reduce costs but expedite overall digital transformation.

As some business operations will require printed documents, going paperless may be unrealistic. Importantly, Paper-lite does not mean ‘paperless’. Paper-lite instead facilitates reducing an organization’s need to print.

TANGIBLE BENEFITS

The primary driver of a Paper-lite initiative is to reduce costs.

Gartner estimates that a company can expect to spend 1-3% of its annual revenue on printing.

Direct printing costs only account for 75% of the total cost per printed page leading most organizations to underestimate printing’s true monetary impact. Paper-lite reduces the overall cost by up to 70%.

Paper-lite also provides the benefit of better user experience. This gain is realized through ‘design thinking’ by optimizing the presentation of information, removing impediments in real-time user collaboration, and creating user-focused process design.

The environmental impact of Paper-lite is important as well.

Firms are facing more pressure than ever to operate in socially conscientious ways.

Moving to a Paper-lite model will help in that endeavor with up to 40% reduction in the carbon footprint produced by printing.

HOW TO MOVE TO PAPER-LITE

Companies will need to follow an organizational change model to ensure Paper-lite is successful.

The most crucial element in moving to a Paper-lite model is changing user preferences as many may still prefer a physical medium.

The best tool available in making the transition is the incentive of an easier, user-focused process. Companies will need to evaluate the ‘as-Is’ state to make strategic decisions on the processes to convert. The chart below illustrates the technologies used to achieve specific business processes’ transition to Paper-lite. Our research shows these technologies will likely have the largest impact on printing behaviors in the future. The impact is dictated by the ease of implementation in Paper-lite environments and the maturity of the technology.

THE FUTURE OF PAPER-LITE

Total printing is estimated to be down 12-15% in 2020. Working environments affected by COVID-19 are likely a large factor, but in prior years printing was still falling at over 1% annually. This year alone will see a decline of 400 billion printed pages.¹ The transition to Paper-lite will most likely be expedited as organizations adapt to remote working environments forcing decisions on what must be printed to only the most critical of business processes. Paper-lite provides an organization with cost-effective flexibility in making these decisions while also adding value in digital transformation.

To learn how companies can take advantage of paperless digital trends to lower costs and improve processes, contact our experts.

References:

1- Infosys research