55%

By 2025, more than half of SMBs said they want to invest in print-as-a-service (PraaS) rather than using their own printers.

38%

of PSPs said that revenues had increased by 6% or more compared to 2016 , while 19% said that they had decreased by 6% or more.

47%

Almost half of SMBs want to invest in digital workflow technologies by 2025, with more than half saying they're seriously considering scrapping paper altogether.

What Are the Most Important Issues for Print and Electronic Service Providers Today?

Document Digitization: PriceWaterhouseCoopers found that digitization will lower costs by 3.6 percent and boost revenues by 2.9 percent per year through 2020. Yet great challenges exist due to digitization. Consumers expect flexibility and reliable, fast responses in communication, such as the provision of policies. They want this available via all channels. But this is complicated because channels, whether social media, chatbots, or anything else, each have their own rules. They must be carefully managed to ensure that every communication sent across them is compliant with regulations and carries sensitive information to customers securely.

Organizations that provide Print-for-Hire services have been an important part of the business community for decades, providing relief to organizations that want to concentrate on their own core business without necessarily all doing the support work themselves. But it must be acknowledged that digitization makes regulatory compliance more difficult because of the sheer number of communication channels that are opened up as a result.

Traditional Print Service Providers transform more and more to Electronic Service Providers.

Now more than ever PSPs are adding skills and strategic services to make them more indispensable to their clients: data and marketing services, digital output and logistics are among the many competencies that traditional PSPs might now offer their clients.

Here are most relevent issues for Print and Electronic Service Providers that are worth keeping an eye on:

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Job Profit Margins

Small Jobs = Big Job Setup - Big Job Profit Margins

Print Job Management

One of the worst problems facing printers is the need to take on small jobs. Small jobs require about the same amount of effort and set-up that big jobs do (if you are going to do it right) but without the high profitability.

It makes sense to combine jobs in a single batch, but only if the branding and business rules specific to each business is respected.

Do you have what it takes?
Compart can help ensure that you do, ask us

 

Omni-Channel-Communication

Omni-Channel-Communication

Business customers require that their jobs are not just printed and mailed but also prepared for delivery on an increasing number of channels.

One PSP added 13 new channels to its repertoire in 2018 and expects that number to double next year.

Standarization of Archived Documents

Standarization of Archived Documents

Business customers want to archive and retrieve documents on demand. These archived documents must be 100% accessible and omnichannel.

Central rendition services are now the responsibility of PSPs.

Regulatory Compliance

Regulatory Compliance

Many business customers now require that their business partners know and help them comply with regulations as a cost of doing business.

It might be best to frame regulatory compliance in the positive: customers trust companies that are compliant with regulations and prefer to do business with them. A company’s commitment to respecting ethical codes is good for its brand and can boost consumer engagement by as much as 40%.

Customer Experience, Customer Communication

Customer Experience, Customer Communication

Business leaders increasingly realize that the document output strategy must be tightly aligned with business needs. With so many technology channels for customer communication, PSPs must learn how to be strategic in how they create a great customer experience for their clients.

How Can Compart Help My Print and Electronic Document Business Thrive?

Transform your Business with Transforms

Businesses rely on their investments in expensive equipment running all the time at full capacity. Changing document formats is easier than changing equipment.
Keep your machinery running at full capacity by transforming document formats that can be run on your available printers and inserters.

Digital First Approach

The first priority for traditional insurers should be to stimulate a culture of innovation and to have a” digital first” approach.

Customers and employees need to be able to interact in real-time through digital channels.

Compare Documents

In the omnichannel world, Quality Assurance solutions need to compare documents that are to be rendered in every channel: print, mobile, web, social…in order to comply with state by state regulations.

Tighter Service Level Agreements mean making mistakes can be even more costly than they were befor – so know before you go: check, test and check again before you print a word. We can show you how.

Automated Document Checking

Implementing Tests

You need to be able to test for both intended and unintended changes, even exposing issues not clearly visible but potentially problematic…down to the pixel level. Since you don’t make a cent by complying with regulations, QA needs to be fast so you can get back to business.

Centralized Document Output

Document creators can send their customer communication directly from their PC to a centralized production print center or Archive. Empower your agents in the field. Save time and money—and your brand equity.

Onboarding Print Jobs

Onboarding new print jobs an issue? Identify properties, prevent bottlenecks, keep queue moving. Compart offers a simple software solution to address the problem of onboarding.

We review three steps that can help you onboard a new client into your document output organization and help make the process run more smoothly.

Onboarding

Application Scenarios

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Powerful Software Replaces Manual Processes

Objective

With a large volume of data and a relatively small team, this insurance company relies on powerful software for digitization, optimization and standardization of of core communication processes. The company expects to be fully converted from paper to digital by 2020.

Solution

Automate the handling of statements for optimal printing, record-keeping and archiving. Compart DocBridge® enables the automated analysis, sort, merge, stack and process. If the document is to be e-mailed, the system validates the name and the mailing address. Only then is electronic delivery considered secure..

Use
  • Analyze all documents and prepare them automatically for both electronic and/or physical mailing
  • Eliminate human errors
  • Significant cost savings through optimizing postal discounts
  • Eliminate manual processes, saving the team 2 working days

Speed Matters

Objective

Approximately 10,000 employees access more than 200 million policies, damage reports, and letters, etc. for processing. A critical factor for the enterprise is processing speed.

Solution

To safeguard against delays or failures, the insurance group built its Document Management system using DocBridge® Mill Plus for powerful conversion of high-volume files from any format to any format on the fly.

Use
  • One of the strengths of DocBridge® Mill Plus is the ability to handle high-volume files easily, which in turn ensures speedy and uncomplicated access.

Benefits

Reduces costs

As budgets are generally a constraint in IT and elsewhere, it makes sense to reduce the cost of every single transaction. Transforming documents in batches is efficient as well as effective.

Integrate legacy with the New

Don't throw the baby out with the bathwater. APIs help to integrate the latest technology with legacy systems as you phase out the latter over time.

Enables personal and proactive responses to customer needs

The role of technology is to imitate and extend human dynamics with machines and devices. AI and robotics are rapidly developing and our technology complements their efficiency.

Provides a sharp competitive advantage

At the end of the day, what separates one provider from another is not product or even price, but rather the customer experience.

Solutions

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