However, the payoff of a transition to digitally signed documents would be huge. "We have the potential to make a quantum leap forward in terms of service-level turnaround. Clients could have their accounts open and ready for a transaction within minutes," says Harris.

Paper has also faded as a medium for archival storage. Bank of New York estimates it has imaged more than 290 million documents since it began scanning in 1997. Thanks to imaging and technologies such as the PDF, paper is rapidly disappearing as an archival medium, says Keith Kmetz, an analyst at IDC. "Printing is not necessarily a permanent record anymore. [It] has become a temporary repository of information," he says.

However, disposable printouts -- a temporary instantiation of electronic documents that are discarded after use -- are likely to continue because people like the contrast and feel of paper. Such printouts may actually be increasing in some areas, says Kmetz. To better manage that, companies are deploying document accounting systems that track who printed what when.

Battle at the edge

On the front lines in the battle to eradicate paper -- where the business touches customers and suppliers -- paper has remained stubbornly entrenched for many types of transactions. But that's also the area where businesses see the greatest opportunity for savings.