Earlier today, IBM unveiled the IBM Rational Requirements Composer, a piece of software that will help businesses lower operating costs and reduce paper consumption.

The Jazz-based program works by digitizing lines of text into diagrams and turning paper requirements into storyboards. The storyboards can easily be shared on the Internet so organizations can eliminate paper use.

IBM's program also makes collaboration easier by using Web 2.0-style tagging, linking, and conversations. And since projects are saved on the Internet, there's no need to worry about data loss.

By bypassing paper in the project collaboration process, IBM's software can save hundreds of pounds of paper each year— and in a time when businesses need to scrimp in any way possible, that's a big deal.