As businesses look to realize a leaner, more effective business model, electronic document management solutions can provide a reduced dependency on storage and resources for cost savings.
CoStar News reported that companies are increasingly downsizing their offices for significant savings. According to the source, Norm Miller, a professor at the University of San Diego, recently determined that if office tenants used 20 percent less of the nation's current office space, that decrease would result in a $250 billion reduction in excess real estate costs. He asserted that by using less office space, businesses, building owners and investors could reap considerable benefits long-term. Tim Wang, director and head of investment research for Clarion Partners in New York, told CoStar News that the average amount of leased space per employee has been gradually shrinking. He reported that while 10 years ago the standard space per office per employee was 250 square feet, the average has dropped to approximately 195 square feet today.
"The long-term trend is clearly shifting towards efficient space usage," Wang told the source.
Jason Lewis, president and managing broker of the brokerage firm EcoSpace, explained to CoStar News that new electronic solutions have been a key driver in allowing businesses to benefit from reduced real estate spending.
"Technology is allowing companies to be more paperless and work from a single laptop or device," he said. "Culturally the new generation of employees is requiring a more flexible and open environment. And in regards to the economics, there is the need for both startups and corporations to lower their burn rate and conserve cash, something that can easily be done by restructuring the way they view their office space."
Integrating systems for expanded benefits
Dynamic Business contributor Gina Rushton agreed that paperless technology is at the core of this transformation. She explained that because these solutions streamline administrative processes, businesses are able to minimize resource expenditures. Additionally, she asserted that paperless companies can develop a more sustainable, green image from these initiatives by reducing waste. Many advanced solutions are able to integrate accounting and billing processes for accelerated invoicing and payments. Further, she explained that customer relationship management (CRM) software can be implemented into the system to better manage sales and lead tracking.
By storing and managing files electronically, businesses can become more efficient and productive for long-term growth and profit.
Brought to you by Image One Corporation providing complete information governance since 1994.