How much do you spend on Document Retention?

Do you know your costs? Have you ever thought about it?

According to PricewaterhouseCoopers, finding a lost document will cost a company $122 on average. It is also estimated that 7.5% of all company documents are lost completely.

How much do you spend keeping your key records safe and secure? Fire proof file cabinets can be thousands of dollars, perhaps $99 for a basic online service, or $10’s of thousands on an integrated IT system that requires consulting and staff to implement and maintain? You do not need to spend lots of money, but a small investment will pay off.

Here are some cost facts for documents:

  • $20: On average, the cost in labor to file one document
  • 400: hours per year the average employee spends searching for documents.
  • 10: minutes average per paper document to retrieve, copy, and re-file.
  • 2% – 5%: organization’s files are lost or misfiled on any given day.
  • $120: average spend in labor to find one misfiled document.
  • 25: hours are spent recreating each lost document.
  • 10-12%: average of documents not found on the first attempt.
  • $1500: cost per year for each four drawer file cabinet

-Sources: Gartner Group, AIIM, US Dept. of Labor, Imaging Magazine, Coopers & Lybrand

Whatever choice you make, make sure you check the following boxes:

  • Secure (fire, theft, loss)
  • Accessible (24/7, quick, easy)
  • Shareable (ability for multiple stakeholders to access)
  • Smart (key information at your fingertips)

Find out how DealSafe can safely secure your Key records saving you $$ and headaches.

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