Everything that goes into a company inevitably finds its way into the bottom line. Everything. How you choose to go about solving your printing and document management needs (which nearly every company has) is no different. This is true whether your printing costs are small or large, whether you have been operating in your business community for years, or are a business just starting out, the time you invest up front in choosing the right solution to fulfil your company’s document management needs, will determine whether the money you spend satisfying this need, becomes an asset, or a liability to your firm’s bottom-line. With that in mind, let’s discuss what you should be thinking about when shopping for new document management technology.
Start With What You Do
Think about the work you do as a company within your vertical market—what type of print jobs or document management processes are necessary for you to function as a business? For example, in the healthcare marketplace, information received from patients is mostly written by hand– think about all the forms you do when you are in the waiting room at the doctor’s office. To digitize and store all this information, a device with scanning capability will be necessary, and so a multifunctional copier, rather than a printer, would be ideal. Further, you will need a way to safely communicate all of your patient’s Personal Identifiable Information (PII) between yourself and other doctor’s offices to ensure compliance with HIPAA security standards. Further despite our government’s best efforts over the past few years, 75% of all the medical communications that occur in the United States are still transmitted via Facsimile (Fax). For every industry, their are unique idiosyncrasies like those mentioned above that will help you determine what it is you need out of a document-management solution. You can learn more about the printing-landscape in various industries here. Once you have the industry necessities, you can focus more narrowly on a device that will maximize your productive efficiency at the local level.
Consider MPS & Leasing FMV
Updating your document management systems affords you the perfect opportunity to reevaluate, and if necessary, totally retool, your entire company’s current workflow. What steps in your current workflow process could be shortened, or removed altogether, with smarter technology? What costs and overhead expenses could your firm be better monitoring and controlling? As the saying goes “you can’t manage what you don’t measure” and upgrading your document-management capabilities is a capital decision you will want to ground as much as possible in empirical analysis. Any comprehensive cost-benefit analysis should have the goal of discovering the total cost of ownership (TCO) of its subject. Office printing and document-management equipment may not seem like something that requires such taxing analytical effort, especially if your firm uses its printer relatively sparingly, but the true operating costs such devices incur (while often necessary) might surprise you.. It is estimated by the Gartner Group that in the U.S. the average company consumes about 2% to 3% of its potential annual revenue on printing costs alone. Even more surprising, is that for the vast majority of small businesses, these costs are not comprehended, let alone calculated. By working with a partner like ROTC, not only will you be able to account for the entirety of printing-related costs, but for our Managed Printer Services clients, we are able to save them an average of 30% annually on printing costs, all while increasing their capabilities and overall productivity. Equally as valuable from a cash-flow and accounting perspective, we offer both Fair-Market-Value (FMV) and $1 BO leasing options. Fair-Market-Value leasing gives you the opportunity brought on by not legally “owning” the equipent (and so it not appearing as an owned capital asset on your balance sheet) to deduct your payments as monthly operating expenses– rather than having to depreciate the value of your copiers on your balance sheet. If someone told you their services could earn your company an additional 2% to 3% in annual revenues, you would be interested in hearing what they had to say, wouldn’t you?
If you want to learn more about your printer options and the benefits of working with Reliable Office Technologies, call our office at (301)-695-0464 to speak with one of our team members or visit our site at . We also look forward to hearing from you on any of our social networks!