According to Ricoh Europe’s latest research, the European financial services sector is leading the way when it comes to taking advantage of their big data opportunities. 49% of participants in the study stated that their organisation retains less than 10% of their business critical data in hard copy format, in comparison to the public sector (41%), healthcare (39%) and education (37%).
The drive to digitise business critical, hard copy documents by financial services organisations appears to have due to recognising the value of information that is dormant and untapped within non-digitised documents which could help organisations make better-informed decisions. 86% of financial service leaders said that access to historical data from an economic downturn in the past helps them to better manage the current financial situation.
The study also revealed that digitising hard copy documents also brought savings on operating costs, with 35% of organisations reporting reduced storage costs to below 5% of turnover. A further 48% of organisations are expecting to continue to reduce costs to around 5-10% of annual turnover.
Executive Vice President of Ricoh Europe, Carsten Bruhn, said: “The focus on optimising business critical document processes will unlock valuable business insight to support better financial and risk management. If integrated effectively with other data from across the business, the trends and insight that can be derived from business critical historical data can aid key decisions relating to such areas as forecasts and investments, helping to ensure that the financial services industry is well-prepared for the future.”
By Allie Philpin