Businesses have been rapidly digitizing to keep up with the times. In fact, according to a study by the Boston Consulting Group, 73% of companies felt they needed to be more digitized to remain competitive. There are many reasons for this: digitalization makes processes more efficient, allows for more accessible communication and collaboration, and provides opportunities for innovation.
Below are some statistics that show the importance of digitalization for businesses today:
- An IDC study shows global spending on digital transformation will reach $1.3 trillion in 2019.
- By 2021, it is estimated that 50% of all global GDP will be digitized.
- As of 2019, 78% of businesses have a digital strategy.
- In 2016, 82% of companies reported increased profits due to digital transformations.
However, a few assets are yet to be digitized: physical assets. Many businesses have not yet begun digitizing their physical assets, which needs to change. Here are some you might be forgetting to convert to digital assets.
Physical Mail
The first asset on the list is physical mail. A study done in 2018 found that the average office worker spends 6.3 hours per week dealing with physical mail. The tasks include opening, reading, and sorting through the mail. That’s a lot of time that businesses could spend on other tasks!
Not only is sorting through physical mail time-consuming, but it’s also not very eco-friendly. The United States Postal Service (USPS) reports that they deliver nearly 493 million pieces of mail every day.
However, some companies are beginning to switch to digital mailboxes. However, only 10% of companies have made the switch.
One company that has switched to digital mail is Google. In 2017, they announced that their employees would no longer be receiving physical mail at work. Instead, they would use a “Google Inbox,” which automatically sorts and archives emails.
However, emails can also come from suppliers, customers, and others that still want to use physical mail. In this case, you can use a scanning app to convert the physical mail into a digital PDF. This way, you can still view it without keeping the physical copy. You can partner with mail casing services to make this happen.
There are many benefits of digitizing physical mail. It saves time, is more eco-friendly, and declutters your office space. If you’re looking for a way to digitize your business, start with your physical mail.
Invoices
Another asset that businesses often forget to digitize invoices. In 2017, American companies received 22 billion invoices and paid out $3 trillion in invoice-related payments. That’s a lot of paper used for something you could quickly do digitally!
Not only is it more efficient to switch to digital invoicing, but it’s also better for the environment. The average office worker uses 10,000 sheets of paper annually, which equals about four trees. So by switching to digital invoicing, businesses can save some trees!
There are many software options available that can help with digitalizing invoices. One popular option is FreshBooks, which helps businesses track expenses and manage their finances.
Another great thing about digitizing invoices is that it makes it easier to keep track of payments. You no longer have to search through physical copies of invoices to find the one you desire. This way, you can quickly and easily see which invoices got paid and which are still outstanding.
Overall, there are many benefits to switching to digital invoicing. It’s more efficient, eco-friendly, and keeps your business organized. If you haven’t already made the switch, now is the time!
Signatures
The following asset on the list is signatures. In 2017, it was estimated that 400 million signatures were needed every day. This number has likely only increased in recent years!
Like physical mail, signatures are time-consuming to handle. They also require physical copies of documents, which can be lost or misplaced easily.
There are many software options available that allow you to get digital signatures. One popular option is Adobe Sign, which integrates with many software programs. This way, you can get signatures without having to print out documents.
Another great thing about digital signatures is that they’re legally binding in most countries. This way, you don’t have to worry about the validity of a signature if ever questioned.
Overall, there are many benefits to using digital signatures. They’re more efficient, eco-friendly, and legally binding, making it an easy decision to switch to this method.
Final Thoughts
There you have it! These are three physical assets that businesses often forget to digitize. By making the switch, you can save time, money, and trees! If you’re looking for a way to digitize your business, start with these three assets.
