The banking and finance industry is naturally paper intensive and involves the exchange of a large number of documents between multiple individuals, departments and organisations. One of the biggest challenges is maintaining productivity whilst managing costs and overcoming continual compliance changes.
Even the smallest investment firm with approximately 500 clients could be looking at generating 75,000 new sheets of paper every year. Increase this number significantly for a large bank and before you know it you have a huge archive – much of which you are legally bound not to destroy. As we all know, paper files are difficult to find, very easy to misplace and costly to replicate and distribute.
A study by BAE Systems estimated that 80% of employees waste on average half and hour a day retrieving information and 60% spend an hour or more duplicating the work of others.
A study by Coopers & Lybrand(now part of PWC) estimated the following figures:
- 90% of corporate memory exists on paper.
- 90% of paper is merely shuffled.
- The average document is copied 19 times.
- 7.5% of documents are lost daily.
- 4% of the remainder are misfiled.
- It costs $20 in labor to file a document
- $120 to find it if it has been misfiled
- $220 to reproduce it if it is lost.
- Filing volumes double every ten years.
At ORS Group we are committed to learning how your organisation works and how you currently store, retrieve and manage your documents. Critically we want to learn what rules and regulations you must adhere to. By gaining this knowledge we can work to develop a long term partnership which will in turn drive efficiency and profitability.