New research recently conducted by Ricoh Europe has demonstrated that European businesses could save as much as 20% of annual turnover by dealing with their ‘bigger data’, i.e. by turning their hard copy, business critical documents into digital formats for better decision-making.
According to the report, 88% of business leaders agreed that unlocking data from hard copy documents and digitising would help improve their decision-making process, whilst a 70% believed that this process could save them 5-20% of their annual turnover. The research also highlighted that more than 50% of organisations still retain 5-10 years of information within non-digitised documents, which also has an impact on their bottom line and productivity. A massive 63% of business leaders agreed that finding information from hard copy files takes too long, is often spread over several locations, i.e. warehouses, basements and filing cabinets, and that they are paying high prices for rental space.
Many agreed (76%) that the recent financial recession has forced them to investigate measures in solutions to digitise ‘big data’, not only to reduce costs but also to access information more quickly and efficiently to improve business processes and decision-making, with 6 out of 10 respondents (57%) predicting that they will have digitised all their document assets within the next 3 years.
David Mills, COO at Ricoh Europe, said: “Leaders are aware that the business opportunities of big data go beyond the digital and must address the physical documents that also hold critical business insights. We found overwhelming agreement that digitising and unlocking data from physical documents would improve business decision-making.” He further added: “The first step to managing bigger data is to eliminate the mystery surrounding it. The economic crisis has underlined the importance to the organisation of gaining a 360-degree view into the environment around them. It’s therefore vital that businesses harvest all of their critical information to gain competitive edge, and enhance business decision-making in the future.”
By Allie Philpin