This is a post co-written by guest contributors Emma Morgan, Segment Marketing Manager and Jan Ergen, Presales Consultant at Fuji Xerox Australia.
Traditionally Managed Print Services (MPS) has been regarded in the Banking and Finance Sector largely as an avenue to reduce cost. With Xerox research in the US indicating that for most organisations their documents are split roughly fifty-fifty between paper and digital, it is not surprising that there is huge opportunity for driving efficiency in this area. MPS can indeed achieve significant savings, as much as 30 per cent in some cases, much of which can of course be done by increasing the proportion of digital documentation within a business.
However, many organisations fail to see the wider context into which MPS can contribute a more strategic role. “Digital Transformation” is high on most board room agendas across the Banking and Finance Sector. In fact, according to the Economist Intelligence Unit, implementing a digital strategy has climbed from fourth place last year, cited by 37 per cent of respondents, to top place, cited by 46 per cent. But the role that MPS can play in enabling that transformation is often overlooked.
A key impact of this transformation according to IDC is the process of IT evolving from a cost centre to become more of an enabler of business strategy. A core element of this is – along with business strategy alignment and migration to the cloud – was found to be “consolidation of IT”. Not only does the outsourced managed services aspect of MPS enable extensive cost cutting, but also significant consolidation on a path to digitisation.
MPS helps clients ‘print for less’ by raising print efficiency and also helps them ‘print less’ by streamlining document-intensive work processes and delivering digital alternatives to print. But with the next generation of MPS, the service extends beyond merely optimising output devices.
For instance, “speed of collaboration” is often considered critical to organisational Digital success. One immediate impact of MPS is to provide a new environment where digital documents generated from various sources such as Web, desktops, tablets, smartphones, etc can be easily retrieved, saved, shared, and converted throughout the organisation. Indeed the way in which next generation MPS will adapt the organisation’s printing and document management infrastructure to the modern BYOD (Bring Your Own Device) era is a crucial part of any Digital Transformational process, not to mention their transition to the cloud. Moreover, MPS procedures that identify wasteful and redundant work processes and implement paper digitisation lead to workflow automation and more productive business processes to enable faster customer service and time-to-market.
So while the cost cutting efficiencies of MPS have a definitive impact on the bottom line, and can be additionally passed on to the consumer by way of price reduction, it is these more profound contributions to streamlining and digitising systems and processes that are more lasting, and strategic. Except in the most commoditised of markets, it is increasingly the case that speed and effectiveness of customer service disciplines are really where the competition for customers is won and lost. By having such a Transformative effect on essential business processes and workflow, Next Generation Managed Print Services has become an essential competitive edge.
To learn more about how Next Generation MPS can help transform your organisation, visit our website or call 13 14 12.