A backfile conversion provides fast and easy access to documents that may be sitting in your office in filing cabinets, boxes or in a storage facility. Converting them to an electronic format saves time (hours, even days) when you are looking for something specific and wouldn’t know where to start.
Advantages to Backfile Conversion
In addition to the ease of document access, document archiving electronically will save money and provide peace of mind. Regulations, compliance and even company policies can dictate storing records for a specific period of time, but storing paper is expensive and can be risky. Unfortunately, floods, fires and other disasters do happen, and record management facilities are not immune. In 1998, a fire at Richards and Richards Records Management in Nashville destroyed more than 10,000 cubic feet of records. According to the Institute for Business and Home Safety, an estimated 25% of businesses never reopen following a major disaster. Are you rolling the dice?
The True Cost of Managing Paper
Take the cost of purchasing paper itself then add the cost of printing, including copiers and supplies. Include other variables like distribution, mailing, courier services and filing cabinets (which can cost more than $500 each and take up anywhere from 10 to 20 sq. ft. of expensive office space). And consider outside storage fees with file delivery/retrieval fees, as well as the obvious labor costs involved with your staff physically filing, retrieving and searching for missing or lost documents. The true cost of managing paper is very expensive!
An independent government study by California’s Alameda County showed the cost of paper itself was a mere 10-11% of the actual lifecycle costs of the paper. And a PriceWaterhouse Coopers study suggests that the average organization spends $20 in labor to file a single paper document, approximately $120 in retrieving and searching for misplaced/lost documents, and an incredible $220 to recreate a single lost document!