As Financial Sector organisations grapple with the manifold complex problems that Digital Transformation entails, many overlook the simple remedy presented by Next Generation Managed Print Services (MPS) and a transition to Managed Content Services.
The time has come for Managed Content Services
Managed Content Services (MCS) provide the foundation for improved operational efficiency and collaboration through increased business efficiency. Increasingly as teams attempt to unravel a spaghetti-like workflow legacy, they find MCS is indeed the surprise success factor in their quest for Digitalisation.
In 2015, the MCS sector has now matured enough for Gartner to examine it through its sophisticated Magic Quadrant methodology. Key factors in this analysis are Business Process Automation and Optimisation – both of which are critical tasks within a Digital Transformation exercise.
Admittedly, this all may seem counter-intuitive for a company that originated as a print and copying leader. However in reality, moving the same managed print services skill set, combined with classic Business Process Outsourcing (BPO) capabilities, to a digital world is totally logical. Ultimately, print is only an output of information. Now that that output is more commonly digital content, Fuji Xerox has been able to apply the same methodology to develop its Next Generation MPS offering. By leveraging this expertise, Banking and Insurance brands can shave months off – as well as remove hundreds of thousands of dollars from – what is already likely to be a lengthy change management undertaking.
Waging a War on Complexity
As discussed in the previous post, much of the attention and debate around Digital Transformation in the Banking and Financial Sector focuses on the customer-facing aspects of the Digital process. However, these change programs need to extend to all aspects of the business process “hinterland”. Next Generation MPS brings a deep view into document processing right across the board, looking to streamline and digitise wherever possible.
MPS eradicates a lot of the re-work, process duplication and workflow disconnects that drag on any wins achieved at the front end customer experience. An outside view overcomes the organisational inertia that restricts flexibility and agility.
Leave it to the Experts
Managed alone and executed internally, these challenging programs can soak up extensive IT resources. By outsourcing to an experienced managed services partner, those IT resources are released for the do-or-die core business projects at the front end. Xerox Research has revealed that 60 per cent of workers demand printing facilities from their mobiles, and 90 per cent of Financial Services organisations now supporting BYOD policies* (*source: Xerox research). Fuji Xerox is already adept at navigating multiple device and platform protocols to deliver a simplified and more agile workplace.
So rather than just a cost-cutting print-based procedure, Next Generation MPS can deliver a full-fledged transformation that adapts to the scope of an organisation’s specific processes and workflows, maximising return on investment while, importantly, optimising customer experience and time to revenue.