The Managed Print Services (MPS) sector is growing at a phenomenal rate, expected to reach $63.3 billion in revenue by 2028, according to a report by Mordor Intelligence, and for good reasons. MPS shifts the burdensome duty of monitoring and tracking document flow, organizing the procurement, maintenance, and repairing of printers and copiers, ordering supplies, and compiling key printing reports and statistics to a qualified external provider.
Transferring these responsibilities to a reliable outside source means businesses can also see savings through the reduction of office downtime. Rather than be saddled with the need to address printer issues and supply procurement themselves, employees can focus on tasks directly related to the actual business.
Let’s look at the benefits of Managed Print Services and discover why more companies are turning to MSPs for the management of their vital documents and the positive effect it has on their bottom line.
Why Are Companies Embracing Managed Print Services?
If there was a way for your business to save one-third on 3% of your revenue, cut your carbon emissions by 60%, and bolster your security performance in the process, you would probably be tempted to sign on the dotted line in a heartbeat. Those are the estimated average benefits of implementing a Managed Print Services contract. Let’s dive deeper into the reasons why.
At the top, cost savings can realistically be expected. Since printing expenses typically consume 1 to 3 percent of a company’s annual revenue, having those duties handled by Managed Print Services can cut 30 to 50 percent from the costs related to printing and document flow, depending on the sector your business is in, the size of your business, and your current print performance.
Meanwhile, carbon emissions can be cut by leveraging Managed Print Services as well. By utilizing more sustainable device options (energy-efficient printers, centralized fleet management, etc.), more sustainable supplies choices (efficient ink usage, recycled cartridges, and paper), as well as more efficient technology (secure digital copies instead of paper, Follow Me printing to ensure fewer prints are abandoned), an office can conduct a greener operation.
If those reasons aren’t compelling enough by themselves, Managed Print Services have other benefits to boot.
Benefits of Managed Print Services
As many as 90% of companies without MPS do not monitor their printing expenses, while 80% are actually unable to track printing expenses by department or user. This lack of insight makes it hard to measure overall performance and set a cost-saving target. That is where providers of Managed Print Services can help.
Utilizing specific software, MSPs can track, analyze, and report all document flow and print-related information. By providing you with these figures and KPIs, MSPs can help you start preparing a plan to optimize performance and minimize cost.
Vastly Improved Security
Businesses can augment document security through controlled access, secure document flow, and protected printing practices. Not only do these measures prevent important data from being leaked, but they also promote compliance with government data protection regulations. An initial assessment of a company’s print security often shows that printers and copiers are a weak link in data compliance and security.
Professional Managed Print Services often implement user authentication measures, including personal access codes, pick-up codes, follow-me printing, log monitoring and analysis, and encryption between the sending device and the receiving device. This is not just a bonus; it is a key security benefit. Industry analysts Quocirca point out that 61% of companies had a print-related data loss in 2023 alone.
Longer Uptime of Devices
Fleet management and maintenance is a core component of a Managed Print Services contract. Most contracts include on-site maintenance and repair when necessary. But thanks to remote diagnostics and predictive maintenance analysis, service needs can be anticipated, resulting in a dramatic reduction of unplanned maintenance and repair.
The same anticipatory response can also be applied to supplies, as an MSP can assure that your office maintains an adequate level of supplies (paper, toner, etc.). This can reduce the workload of your IT department, which is often – and perhaps somewhat reluctantly – responsible for copiers and printers. In fact, an average of 50% of service calls to IT helpdesks tend to concern printing issues.
Shifting a Large Cost Item From Capital to Operating Expenses
Similar to the arrangement with leased cars, most Managed Print Services contracts stipulate that the devices are owned, managed, maintained, replaced, and optimized by the MPS provider. After implementing Managed Print Services, you no longer need to allocate capital expenditure to buy a fleet of printers, copiers, and related machines. The existing fleet of printers may be gradually phased out as newer models are introduced and you pay a monthly or annual amount for all your printing-related expenses.
Once you sign the contract, a Managed Print Services company will assess your needs before actual implementation. It is essential to thoroughly prepare your organization for the change since most businesses tend to spend an average of 14% of their revenue on documentation and printing processes. So it is well worth spending time on effectively realigning this to ensure successful optimization with an MPS service level agreement.
Generally, the implementation steps are:
- An assessment is completed to gain insight into the current fleet, document flows and needs, use, performance and costs, and security and environmental performance.
- A fleet and management program is prepared, and fully customized to your organization.
- A monitoring, management, maintenance, and replacement plan is drafted
- A security and compliance plan is prepared in close collaboration with the company.
- Fleet and software implementation and optimization are performed.
- Operational execution, regular reporting, and assessment/adjustment sessions are administered as needed.
Find the Perfect MPS Provider for You
Implementing Managed Print Services requires careful consideration and some due diligence. After all, it involves a key security and privacy compliance component, as well as a huge cost investment. Here are some important points to consider and discuss before you sign up.
Pick a Managed Print Services provider with experience in your sector. This is especially a key consideration for companies in the legal and healthcare sectors, as compliance, privacy, and security are even more crucial than in other sectors.
Next, select a reputable Managed Print Services provider that operates near you. If a printer breaks down, you want a trusted staff member of your MPS provider there in a reasonable time.
Finally, choose an MPS provider that can offer a fitting range of brands, models, and devices to make sure you can rely on solid devices that address your specific printing needs at a competitive price.
Are you in the Seattle, Tacoma, Olympia, Yakima, Portland, Tri-Cities, Spokane, Bend, Salem, or Eugene areas? Copiers Northwest is your primary source of office technology solutions. We offer a variety of printing solutions, high-production printers, document storage and retrieval hardware and software, security and telephone systems, and much more. You can count on actionable and innovative solutions along with our unwavering support.
In addition, Copiers Northwest is committed to keeping our world green, both internally and with our partners and customers. We have a full range of technology and methods to help you achieve your sustainability goals.
Copiers Northwest has served the Pacific Northwest as the premier provider of office technology products and services since 1986. Today, we have over 200 employees with 13 locations to achieve our mission: to provide great service to help businesses be better at what they do.
Would you like to know how Managed Print Services can improve your business? Contact us today to talk about the options for your business.