Examining Paperless Economy Benefits and Sustainability at Raqmiyat

This research project investigates the benefits and sustainability of a paperless economy within the financial department of Raqmiyat, a leading IT services company in the UAE. The study explores the advantages of a paperless system, such as cost reduction, improved efficiency, and environmental ...Read More

Research Project

TABLE OF CONTENTS
TOPIC: “To examine benefits and sustainability of paperless economy in financial department of
a company. A study on Raqmiyat.”.................................................................................................1
INTRODUCTION...........................................................................................................................1
Background of the study.............................................................................................................1
Aim and Objectives.....................................................................................................................1
LITERATURE REVIEW................................................................................................................2
RESEARCH METHODOLOGY.....................................................................................................3
DATA ANALYSIS AND REPORTS.............................................................................................5
STRATEGIC AND RECOMMENDATION................................................................................12
REFERENCES..............................................................................................................................14

TOPIC: “To examine benefits and sustainability of paperless economy in financial department
of a company. A study on Raqmiyat.”
INTRODUCTION
Background of the study
Paperless economy helps in eliminating the use of paper. It helps in reducing the cost
associated with copies, printers, paper, ink, fax machines, toner cartridges, etc. It also helps in
effectively communicating with the customers and reducing paperwork (Duval, Saggu and
Utoktham, 2015). This study will highlight the challenges and effective recommendation
strategies to promote paperless economy.
Raqmiyat company is one of the leading IT services in the UAE which was founded in
the year 1983. This company provides effective business solutions.
Aim and Objectives
Aim: “To examine benefits and sustainability of paperless economy in financial department of a
company. A study on Raqmiyat”.
Research Objectives
 To gain insight on the paperless economy.
 To assess benefits and sustainability of paperless economy in financial department of a
company.
 To evaluate the challenges faced by the company to adapt to paperless economy.
 To identify effective recommendation strategies to overcome challenges.
Research Questions
 What is known as paperless economy?
 What are the benefits and sustainability of paperless economy in financial department of
a company?
 What are the challenges faced by the company to adapt to paperless economy?
 What are effective recommendation strategies to promote paperless economy?
Rationale
The key reason of choosing this topic on examine benefits and sustainability of paperless
economy in financial department of a company because it is a current issue (Chew, Tan and
Hamid, 2016). This research is carried out for academic interest as it will help to bridge the gap
on the current knowledge and helps in attaining the objectives on the particular subject matter.
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LITERATURE REVIEW
Literature review helps in using current knowledge and also further examine the various
aspects of the research with the help of broad analysis. Literature review takes into consideration
various aspects of the study by critically taking viewpoints of various researcher.
To gain insight on the paperless economy.
(Anand and Devi, 2016) sought to establish the fact that, paperless economy helps in
eliminating the use of paper. Going paperless helps in saving cost, reducing paperwork and boost
up the productivity which results in higher operational standards. (Gujrati, 2017) argued that,
Paperless economy helps in trading information with the help of electronic devices. (Obeidat,
2015) carried out a study, paperless economy leads to digitalization of work and automation of
work with the help of integration of various effective strategies. (Bátiz-Lazo, Efthymiou and
Michael, 2016) strived to establish that, paperless economy has very significant impact on the
economy and leads to various environmental benefits. It helps in eliminating the use of paper
work to the great extent which results in higher operational standards and efficiency.
To assess benefits and sustainability of paperless economy in financial department of a company.
(Papachashvili, 2018) sought to establish the fact that, Paperless economy is very
beneficial as it helps in reducing the cost associated with fax machines, toner cartridges, copies,
printers, paper, ink, etc. (Raju, 2015) argued that, paperless economy helps in reducing work
load by automating the transactions and leads to higher operational performance. Electronic and
digital mode of transaction is more convenient and environmental friendly. Paperless economy is
beneficial in organizing the data systematically. (Xuan, 2018) carried out a study, going
paperless helps in exchanging information with the help of digital technology and it also leads to
faster transmit of information from one place to another. It helps in getting access to the
information with just few clicks. (Mitchell and Mishra, 2017) strived to establish that, paperless
economy is a very sustainable approach as it helps in reducing office space and protect the
natural resources off the economy by carrying out green sustainable practice. It is also very
beneficial in clearing up the clutter and saving copies of the important documents by backing up
the data.
To evaluate the challenges faced by the company to adapt to paperless economy.
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(Dubey and Srivastava, 2018) sought to establish the fact that, there is a potential risk to
the loss of the data which results in threat to the important and crucial information of the
company. There are various software and hardware issues which makes it difficult for the
company to save the information in a prescribed format. (Avinash, 2017) argued that, paperless
economy leads to difficulties in maintenance of software. It is an expensive and crucial process
to install the new and advanced technologies and software into the company. (Peng and et.al.,
2017) strived to establish that, software maintenance and integration of new technology leads to
higher operational cost and complexity in training employees to use such technology. (Civelek
and Özalp, 2018) carried out a study, the major challenge faced by the company is to digitalize
the existing documents. There are various compliance and legal issues which the company face
which is very challenging for the business.
To identify effective recommendation strategies to overcome challenges.
(Duval, Saggu and Utoktham, 2015) sought to establish the fact that, an effective
recommendation strategies to promote digital technology which leads to higher operational
standards. Use of electronic and digital technology helps in saving cost and leads to higher
operational standards. (Chew, Tan and Hamid, 2016) argued that, integration of digital
technology like automated technology artificial intelligence helps in completion of task on a
timely and systematic manner. (Bátiz-Lazo, Efthymiou and Michael,2016) carried out a study,
maintenance of software and technology helps in saving the data which is very crucial for the
future growth and development. (Obeidat, 2015) strived to establish that, compliance with all
legal laws, regulations and standards helps in smooth functioning of the company.
RESEARCH METHODOLOGY
This is an impelling method as it helps in carrying out research in a systematic and
efficient manner. It helps in better clarity and helps in solving the research problem.
Research Methods: This is an effective method which helps in determining various
effective strategies in order to uncover new information in order to create better understanding
on the particular research topic (Kumar, 2019). This can be classified into qualitative and
quantitative research methods. Qualitative research method is based on behaviour, experience,
knowledge and logical reasoning of the individual. This includes interviews, focus groups,
history, document analysis, etc. Quantitative research method takes into consideration
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mathematical and statistical data. It includes surveys, questionnaire, observation,
experimentation, document screening, etc.
The researcher of this study has opted for Qualitative research method which helps in
analysing the benefits and sustainability of paperless economy in financial department of a
company.
Research Philosophy: It is a vast topic as it helps in evaluating the subject matter in
detail. This is a phenomenon as it helps in gathering, analysing and collecting the information in
an accurate and systematic manner (Kumar, 2019). It can be classified into positivism and
interpretivism approach. Interpretivism approach helps in interpreting various elements and also
integrate human interest into the particular subject matter.
The researcher of this study has opted for gaining insight on the paperless economy.
Research approach: It is a planned procedure which is based on broad set of assumptions
in order to gain detailed insight on the particular subject matter (Taylor, Bogdan and DeVault,
2015). It is an effective element of research methodology and it is classified into inductive and
deductive approach. Deductive approach focuses on developing a hypothesis and gives
particular reasoning and attain all set of objectives.
The researcher of this study has opted for deductive approach in order to assess benefits
and sustainability of paperless economy in financial department of a company.
Research design: The research design helps in effectively designing the plan in order to
attain desired goals and objectives. It can be classified into exploratory and descriptive
approach. Descriptive method helps in in- depth analysis on the particular subject matter to fill
the gaps on the current knowledge (Silverman, 2016).
The researcher of this study has opted for descriptive approach and it helps in evaluating
the challenges faced by the company to adapt to paperless economy.
Data collection: This method helps in collecting and analysing data in order to attain
desired objectives. It can be classified into primary and secondary research. Primary data is
collected for the first time and secondary data is the information which has already been
collected before and helps in further investigation.
The researcher of this study has opted for both primary data and secondary data in order
to assess benefits and sustainability of paperless economy in financial department of a company.
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Sampling: It is a statistical analysis where the sample is selected from large number of
population to carry out particular research (Silverman, 2016). It can be classified into random,
stratified, cluster sampling, etc. Random sampling is a process where each individual has equal
chance of getting selected in a sample.
The researcher of this study has opted for random sampling. The researcher of this study
will select 15 employees of the Raqmiyat company.
Data analysis: This tool helps in evaluation useful information and interpret the data
collected (Taylor, Bogdan and DeVault, 2015). The researcher of this study has opted for
qualitative method where thematic analysis will be used.
DATA ANALYSIS AND REPORTS
QUESTIONNAIRE
1. Do you have knowledge about paperless economy?
 Yes
 No
 Maybe
2. What according to you are the benefits of paperless economy?
 Reduction and saving in cost
 Easy access to the information
 Green sustainable practice
 Clearing up the clutter and saving copies
3. Do you think paperless economy is a sustainable approach?
 Agreed
 Highly Agreed
 Disagreed
 Highly Disagreed
 Neutral
4. Do you think paperless economy helps faster transmit of information and backing up the
data?
 Agreed
5

 Highly Agreed
 Disagreed
 Highly Disagreed
 Neutral
5. What are the challenges faced by the company to adapt to paperless economy?
 Software and hardware issues
 Software maintenance
 High integration cost
 Loss of the data
 Legal and compliance issues
6. What are an effective recommendation strategies to promote paperless economy?
 Adaption of electronic and digital technology
 Maintenance of software
 Compliance with legal laws, regulations and standard
7. Paperless economy leads organization to higher productivity and growth? (Rate this factor
from 1 to 10)
Theme 1: Maximum number of customers have knowledge about paperless economy.
PARTICULARS FREQUENCY
Yes 9
No 2
Maybe 4
6

Interpretation: From the above conducted research from 15 employees of the Raqmiyat
company establish the fact that, 9 employees said that, paperless economy helps in eliminating
the use of paper work to the great extent. As supported by literature review, Paperless economy
helps in trading information with the help of electronic devices. Other remaining 4 respondents
didn't show any judgement on a particular theme.
Theme 2: Reduction and saving in cost and Green sustainable practice are the benefits of
paperless economy.
PARTICULARS FREQUENCY
Reduction and saving in cost 5
Easy access to the information 3
Green sustainable practice 4
Clearing up the clutter and saving copies 3
7
Yes No Maybe
0
1
2
3
4
5
6
7
8
9
FREQUENCY

Interpretation: From the above conducted research from 15 employees of the Raqmiyat
company establish the fact that, 9 employees said that, paperless economy helps in reducing the
cost associated with paper, copies, printers, etc. As supported by literature review, paperless
economy helps in carrying out green sustainable practice. Other remaining 6 respondents said
that, paperless economy helps in easy access and transmission of information and helps in
reducing clutter and backing up the data.
Theme 3: Highly Agreed, paperless economy is a sustainable approach.
PARTICULARS FREQUENCY
Agreed 4
Highly Agreed 5
Disagreed 2
Highly Disagreed 1
Neutral 3
8
Reduction and saving in cost
Easy access to the information
Green sustainable practice
Clearing up the clutter and
saving copies

Interpretation: From the above conducted research from 15 employees of the Raqmiyat
company establish the fact that, 9 employees said that, paperless economy is a sustainable
approach as it is useful in reducing office space and protect the natural resources. It also helps in
organizing the data, saving time and reducing cost. Other remaining 3 respondents didn't show
any judgement on a particular theme.
Theme 4: Highly Agreed, paperless economy helps faster transmit of information and backing
up the data.
PARTICULARS FREQUENCY
Agreed 3
Highly Agreed 4
Disagreed 3
Highly Disagreed 2
Neutral 3
9
Agreed
Highly Agreed
Disagreed
Highly Disagreed
Neutral

Interpretation: From the above conducted research from 15 employees of the Raqmiyat
company establish the fact that, 7 employees said that, paperless economy helps in faster
transmit of information and backing up the data. It can be done using advanced technology and
software by efficiently protecting the crucial information.
Theme 5: High integration cost and Software maintenance are the challenges faced by the
company to adapt to paperless economy.
PARTICULARS FREQUENCY
Software and hardware issues 2
Software maintenance 4
High integration cost 4
Loss of the data 3
10
Agreed Highly Agreed DisagreedHighly Disagreed Neutral
0
0.5
1
1.5
2
2.5
3
3.5
4
FREQUENCY

Legal and compliance issues 2
Interpretation: From the above conducted research from 15 employees of the Raqmiyat
company establish the fact that, 8 employees said that, paperless economy leads to integration of
advanced technology and software into the economy leads to higher operational and integration
cost for the company. As supported by literature review, paperless economy also leads to high
Software maintenance and training to the employees. Other remaining 7 respondents said that,
paperless economy also lead to loss or hack of the data and compliance with the laws is also a
challenging task.
Theme 6: Adaption of electronic and digital technology, is an effective recommendation
strategies to promote paperless economy.
PARTICULARS FREQUENCY
Adaption of electronic and digital technology 6
Maintenance of software 5
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Software and hardware issues
Software maintenance
High integration cost
Loss of the data
Legal and compliance issues

Compliance with legal laws, regulations and
standard
4
Interpretation: From the above conducted research from 15 employees of the Raqmiyat
company establish the fact that, 6 employees said that, paperless economy also leads to adaption
of electronic and digital technology which helps in easy access and protection of information.
Other 5 participants said that, proper up-gradation and maintenance of software helps in
promoting paperless economy. Other remaining 4 respondents said that, Compliance with legal
laws, regulations and standard helps in smooth functioning and protecting important information.
Theme 7: Paperless economy leads organization to higher productivity and growth.
Interpretation: From the above conducted research from 15 employees of the Raqmiyat
company establish the fact that, maximum number of employees rate 8 out of 10 and established
that, Paperless economy leads organization to higher productivity and growth. It helps better
sustainable operations and also helps in saving of cost time and resources.
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Adaption of electronic and
digital technology
Maintenance of software
Compliance with legal laws,
regulations and standard

STRATEGIC AND RECOMMENDATION
From the above conducted research it has been recommended that, adaption of effective
digital technology leads to paperless economy and reduction in the use of paper. It is also
beneficial as it helps in saving various resources of the economy and leads to green sustainable
function. It has been recommended that, company must maintain all the important information in
the devices and protect the data by backing up. This eventually reduces the risk of loss of data in
a financial department of the company (Go Green And Save Green: Economic & Ecologic
Benefits of Going Paperless, 2013). Organization must also comply with various legal
compliance, rules and regulation for smooth functioning of the business. proper maintenance
and up- gradation of system and software helps in promoting paperless economy.
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REFERENCES
Books and Journals
Anand, J. and Devi, C., 2016. Literature review on e-recruitment and its perceived benefits: A
walk towards paperless HR. IJAR. 2(11). pp.528-531.
Avinash, T., 2017. Transaction in cashless economy: Issues and challenges. International
Journal of Research in Social Sciences. 7(12). pp.684-695.
Bátiz-Lazo, B., Efthymiou, L. and Michael, S., 2016. Milestones for a Global Cashless
Economy. In The Book of Payments (pp. 391-401). Palgrave Macmillan, London.
Chew, B.C., Tan, L.H. and Hamid, S.R., 2016. Ethical banking in practice: a closer look at the
Co-operative Bank UK PLC. Qualitative Research in Financial Markets. 8(1). pp.70-91.
Civelek, M.E. and Özalp, A., 2018. Blockchain technology and final challenge for paperless
foreign trade. Eurasian Academy of Sciences Eurasian Business & Economics Journal. 15.
pp.1-8.
Dubey, B. and Srivastava, S.K., 2018. Attitude of Bank Customer’s Towards Cashless
Transaction. ANVESHAK-International Journal of Management. 7(2). pp.123-133.
Duval, Y., Saggu, A. and Utoktham, C., 2015. Impact of Trade Facilitation and Paperless Trade
on Trade Costs. United Nations ESCAP, Studies in Trade and Investment. (85).
Gujrati, R., 2017. India’s march towards faceless, paperless, cashless economy. International
Journal of Commerce and Management Research. 3(06). pp.73-77.
Kaur, R., 2017. India’s Progressive Transition Towards Cashless Economy. Global Journal of
Commerce & Management Perspective, 6(6), pp.30-35.
Kumar, R., 2019. Research methodology: A step-by-step guide for beginners. Sage Publications
Limited.
Mitchell, A.D. and Mishra, N., 2017. International trade law perspectives on paperless trade
and inclusive digital trade (No. 170). ARTNeT Working Paper Series.
Obeidat, M.A., 2015. Empirical analysis for the factors affecting realization of paperless
office. International Journal of Economics, Commerce and Management, 3(6), pp.773-792.
Papachashvili, N., 2018. Industry 4.0 and Its Impact on the International Trade.
Peng and et.al., 2017 "Research and design of the paperless electronic business card."
In Electromechanical Control Technology and Transportation: Proceedings of the 2nd
International Conference on Electromechanical Control Technology and Transportation
(ICECTT 2017), January 14-15, 2017, Zhuhai, China, p. 431. CRC Press, 2017.
Raju, R.J., 2015. CASH LESS or PAPERLESS INDIAN ECONOMY–The road ahead. Global
Journal of Multidisciplinary Studies. 4(12).
Silverman, D. ed., 2016. Qualitative research. Sage.
Taylor, S.J., Bogdan, R. and DeVault, M., 2015. Introduction to qualitative research methods: A
guidebook and resource. John Wiley & Sons.
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Xuan, C.A.O., 2018. Research on the Development of Financial Accounting under the
Environment of Network Economy. DEStech Transactions on Economics, Business and
Management, (eced).
Online
Go Green And Save Green: Economic & Ecologic Benefits of Going Paperless. 2013.
[ONLINE]. Available through:<http://biels.com/go-green-save-green-economic-ecologic-
benefits-going-paperless/>
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