Filling out paper forms for business might be described in the kindest of terms as a necessary evil. This includes labor and materials for printing, storing, filling out, receiving approval, and entering the information into the business system. And with increasing regulatory controls, especially in government, insurance and financial industries, it will only get worse, as increasing amounts of information must be extracted and processed from increasingly varied sources.
People are comfortable filling out and submitting paper forms, but processing all this paper is very expensive. Streamlining and automating processes to capture e-form information electronically, however, is not enough to make the supply chain more efficient and cut operational costs. A complete solution must automate, streamline, communicate, secure and track workflow processes throughout an enterprise for multiple users while reducing overall costs.
Every dollar spent on producing paper forms, between $30 and $60 is spent in processing those forms, and estimates that $360 billion is spent annually on processing data from forms.