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The Cost of the Penny

May 15, 2019

Andrew Yang, Democratic primary candidate, wants to abolish the penny. Yes, this is really a thing. Not a new policy proposal either. The reason? It costs more than .01 to make. Depending on the costs of metal the penny can cost up to .03 to make. Oh, and where do pennies usually end up? Out of circulation and in a car cup holder.

So, what does this have to do with Business Services?

The cost of the scan. Yes, those hundreds of boxes that you got a scanning quote on sounds high but let’s look a little deeper. In opposition to the cost of the penny the scanned document not only jumps into circulation due to DMS, customer communication, digital editing, signatures, etc. but it also reduces the cost of its former paper version self. Yes, there certain document retention guidelines but that doesn’t explain the boxes you have from 1981. Add up the time for searching, storing and reprinting because you spent too much time searching and then decided to store this newest version so double the storage costs. My head hurts. The cost of the scan should always carry the other side of the coin with it. (Ok, so I reached for that one). It’s less than the paper alternative, it makes your staff more efficient and you can stop ordering bankers boxes. That’s my two cents. Ha!