In a world where “change or die” has never been a truer business mantra, time and cost-saving innovations such as MPS help companies focus working on what they do best.
Here’s what history has proven, time and time again: every company’s competitive position is always eroding, as the status quo is always on a downward trend. In an article by the Harvard Business Review, they discuss the reality of businesses becoming complacent once they experience consistent upsides, despite the fact that resources are becoming more scarce and customer demands are always rising. Just take into account the numerous camera companies that have come and gone, or the once-trendy fashion labels that have gone out of style. To survive, the solution that remains is the pursuit of deep, sustainability-driven innovation – which now more than ever, creates conditions to change the norm, rather than waiting for it to crush you.
In achieving this, businesses must manage their productivity and money in a more agile way – all while keeping focus on innovating the products or services that they offer.
For instance, management consulting firm Bain & Company recommends that companies overcome the drag that reduces their productivity by maximizing essential resources: time (such as implementing plans that reduce workflow complexity), talent (attracting exceptionally skilled and collaborative people), and energy (through engaging and inspiring leaders). Through these, businesses also move beyond the concept of efficiency – which, for the Harvard Business Review means doing the same with less, and heading into the principle of productivity, which has you do more with the same.
The emergence of digitally disruptive innovations has also deepened the importance of cost management, something which businesses used to think about only when the going gets tough. According to Deloitte, advancements in robotic process automation, cognitive technology, and analytics have morphed cost management into a standard operating practice, enabling them to enhance their business strategy further, with the power to disrupt entire industries, and even fundamentally change the way their work is done. Still, cost management remains challenging, due to high cost reduction failure rates among companies (at approximately 63%).
One aspect businesses can enhance their competitive advantage is through optimizing their print operations, best achieved through a managed print services (MPS) provider that delivers measurable cost savings, as well as increases in productivity.
Attaining Greater Productivity Through Print
Sections of the marketplace, particularly small and medium enterprises (SMEs) may not have recognized what they can do to operate more productively – still, there are signs of gradual change which may be attained through print. In a 2018 trend report conducted by the International Data Corporation (IDC), they cite the downward movement of MPS into smaller to medium-scale businesses, which they now see as especially beneficial for companies with as little as 50 employees or less.
How exactly? With its multi-dimensional suite of logistical and analytical solutions, MPS helps free your existing workforce – case in point, your IT department. Imagine not having them spending an excess amount of time on changing toner cartridges, fixing paper jams, and troubleshooting error messages. Instead of having them waste precious time on these issues, MPS helps reduce the need for in-house support, helping them devote more energy to more strategic projects.
Thriving Through Effective Cost Management
Indeed, there is a prevalence of cost management as a more standard business practice. In a cost management survey by Deloitte, they state that today, every region on Earth views cost reduction as a global imperative, with 86% of companies saying they are likely to undertake improved cost reduction initiatives over the next 24 months. Interestingly, this contrasts with their high expectations for growth, with about 80% of respondents expecting their revenue to increase over the same time period.
Where do managed print services figure in all of this? For one, the same survey cites that companies are considering developing their cost management capabilities further, particularly their “IT infrastructure, IT systems, and business intelligence platforms”, ranking third on their list of priority areas for improvement.
When broken down however, MPS also provides a variety of cost-effective options to suit every business’ budget. For example, a provider could offer more energy-efficient hardware to their customers, with features such as automatic shutdowns when not in use, or a centralized multifunction printer (MFP) system that translates to fewer machines.
In addition, some providers also work with customers to assess which numbers to crunch in each operation, helping calculate and predict one’s potential cost savings. This helps accurately predict the impact on one’s budget before implementing a specific printing plan, while also allowing them to thoroughly assess the results afterwards.
Truly, while the old adage of “change or die” remains the same, the ways in which one’s business can remain innovative have evolved. Not only do you have to constantly come up with unique products or services to your customers, your way of operating inside your organization must also evolve. MPS is one solution to help you achieve that goal – equipping you with further competitive advantages, so you can simply focus on what you do best.
Let us help you gear up with a more agile printing strategy for your business.