Not so long ago, the rise of the connected office was thought to bring about what would be a paperless society. Despite the best intentions to reduce paper consumption and to conserve energy, printing has been increasing by 10% annually even though digital channels were growing simultaneously.
One theory that may help explain this phenomenon is that the same expansion of digital channels brought with it previously unimaginable access to information. To deal with the huge influx of material to read, many people opt to print it and save it for later.
All of this printing comes at a great cost to businesses. According to the Gartner Group, office printing represents between 1% and 3% of a company’s annual revenue. That means that a business with a yearly revenue of $10 million spends between $100,000 and $300,000 just in printing. All of this is hard to imagine when you consider that the rationale behind the implementation of a digital transformation plan was to reduce costs.
What Is Digital Transformation?
Today, corporations understand very well that accessing real-time data can provide a competitive edge. However, business technology leaders also know that valuable and vital market insights lie hidden within terabytes of unstructured data, or worse yet, in reams of printed documents stored in an organization’s filing cabinets.
When initiating a digital transformation document management project, you must first define the term digital. What does it mean for your business to “go digital”? For some people, a digital transition simply means converting paper documents into an electronic form. However, others take a more holistic view that sees “going digital” as not only changing data into an electronic version but also improving a customer’s experience.
Digital transformation (DX) is about creating an ecosystem within an organization using technology that optimizes and connects processes across divisions, departments, and different locations. It isn’t something that can happen overnight, nor can it happen accidentally. It requires thorough planning and the careful analysis and modification of document workflows, particularly as they relate to the rise of the mobile workforce and multiple devices.
The Benefits of Initiating a Digital Transformation Plan
There are several advantages to moving your business to the kind of digital content management system needed in a digital transformation plan. It will reduce inefficiencies from looking for stored data and increase staff productivity; it will decrease paper, ink, and storage costs; and it will improve your employees’ research capabilities. Additionally, better data will allow you to more accurately forecast based on research.
A digital information consultant may be the best person to analyze your organization processes and workflows and help develop digital transformation KPIs tailored to your business. Your digital transformation plan will differ based on your goals.
Why Some Digital Transformation Fall Short of Their Goals
Perhaps you’ve already undertaken a digital transformation plan that didn’t go quite as expected. There can be any number of reasons behind the shortfall in your digital transformation goals. Let’s examine some common reasons that digital transformation plans sometimes fall flat:
The plan didn’t go far enough – This case often arises when companies get cold feet or are afraid that the plan may fail and that data will be lost.
Insufficient buy-in throughout the organization – That is usually the result of not securing the participation from key players or not recruiting champions.
Poorly defined goals – If you don’t make it clear what you are doing, why you are doing it, and what the wins along the way will look like, it’s easy to go off track.
Software and assets that are not adequately combined and consolidated – In order to be successful, it’s critical that hardware and software systems are well integrated for accurate and efficient data flow.
Partnering with the wrong provider – You will need a digital analytics consultant that fully understands your industry, your business, and your processes in order to have the solution that is right for you.
An Analytics-Focused Print Management Company
Ninety percent of companies are unaware of how much printing costs them, according to the Gartner Group. Outsourcing print whether in the form of print management or managed print services not only ensures the transparency of print costs, but it also provides an increase in control over printing, complete audits of what is being printed when and on what device, and reduced overall costs.
A good analytics-focused print management company will start by looking at how, when, and how much gets printed in your company. They will measure how much paper, ink, and toner gets used, how many employees use devices and supplies, and how often. The data will help uncover where efficiencies can be gained.
Leverage the power of analytics with Kingsbridge Technologies to achieve your digital transformation goals of reducing waste and improving efficiencies.