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If your business still relies on paper-based foundations, it's crucial to recognise that this could potentially expose your firm to various risks. Here's a quick overview to give you some insights into the potential vulnerabilities.
| Paper based | Software based | |
| Time | Requires manual handling and organisation of paperwork which can lead to delays. | Automates administration tasks, saving time and improving efficiency. |
| Errors | Prone to human error like the misplacement or misfiling of client documents. | Reduces manual errors through automated data entry and document organisation. |
| Accessibility | Documents stored in physical files may not be easily accessible outside of the office. | Provides remote access to documents, enabling collaboration and flexibility 24/7. |
| Compliance | Paper based processes may lack proper documentation and audit trials which poses a compliance risk. | Enforces compliance through built in features like document versioning, audit trials and regulatory adherence. |
| Storage and Security | Physical storage of paper documents is vulnerable to loss, damage and unauthorised access. | Offers secure cloud based storage with data encryption, access controls and robust security measures. |
| Scalability | Paper based administration may struggle to handle increased volumes of documents as firms grow. | Scales easily to accommodate growing document volumes and expanded operations. |
| Analytics and reporting | Paper based processes makes it difficult and time consuming to generate comprehensive reports and derive insights. | Provides real-time reporting and analytics capabilities, offering valuable insights and decision making. |
If the use of paper based manual processes has you worried about falling behind, and you're uncertain about the best course of action, consider scheduling an introductory call with our team. During this call, we'll ask you about your existing challenges, enabling us to explore how our solutions could potentially assist you in overcoming these obstacles.
About the Author
Gemma Beard
Growth Marketing Manager