�395m per week wasted 'looking for documents'
Searching for documents is costing SMEs £42.2m per day in lost revenue, as managers and directors are wasting valuable time trying to locate documents that may have been misfiled, moved to another location, or simply lost, claims research from software firm Invu.
Despite this, according to the managers/directors questioned, less than 25 per cent of UK SMEs (small to medium-sized enterprises) have replaced their paper filing with digital document management, making it no surprise that only 7 per cent of companies operate "a predominantly paperless office".
The root cause of this inefficiency is paper, Invu says: just 7 per cent of SMEs have 91 per cent or more of their documents saved electronically, even though paper documents can easily be lost or misfiled due to human error; 6 per cent of survey respondents stated that their organisation does not have a digital document management system "because there's no point in creating a paperless office".
Spending time on business development was the top response (31 per cent) to the question of what managers and directors would do if they had additional time during their working day. This was followed by completing admin tasks (26 per cent) and going home on time (21 per cent).
Invo CEO David Morgan says he is “shocked” that managers and directors in SMEs are wasting valuable time that could be spent in business development.
Further information: www.invu.net