Financial Services Stimulus: Xerox Helps KeyCorp Save Millions in Operating Costs
Gaining control of print infrastructure is an effective way to cut costs, prime for growth
ROCHESTER, N.Y. -- Companies facing pressure to cut corporate expenses can follow KeyCorp’s lead. The financial services company reduced operating costs by more than $6 million over six years, working with Xerox Corporation (NYSE: XRX) to better manage the volume of documents flowing through its 120 offices - and the costs associated with printing, sharing and updating them.
Research firm IDC says 90 percent of companies do not have a strategy in place to control their documents and cannot estimate their document costs, yet they spend as much as 15 percent of their revenue on document-related activities.
“Streamlining the management and control of printing devices in the office environment can be a source of significant cost efficiencies and productivity gains,” said Michael Orasin, research manager at IDC. “The work being done by KeyCorp and Xerox illustrates how an end-to-end integrated printing and document management solution has become a business essential.”
Using a Xerox Lean Six Sigma-based assessment, Xerox Global Services and KeyCorp evaluated employees’ daily work processes to design a document management strategy that saves millions on print costs. By decreasing the number of output devices, like printers, fax machines, copiers and scanners, from 10,000 to 3,500, KeyCorp also boosted productivity, reduced paper consumption, decreased power usage and eliminated tons of landfill waste.
“We evaluate every facet of the business to maintain our competitive edge, and it was clear that redefining our print environment was an opportunity worth our attention,” said Al Pytel, senior vice president, KeyCorp. “The managed print services strategy saves money, improves the security of our documents and provides higher quality service to our customers. Plus, Xerox’s change-management approach integrated well with our internal strategies and was embraced by our employees.”
Document management outsourcing can lead to a more productive, organized and compliant organization, but IDC estimates that only 33 percent of large companies in the U.S. outsource print services.
“Print is an infrastructure that is often overlooked, but is just as important as facilities, telecommunications and IT networks,” said John Kelly, president, Xerox Global Services North America.
Managed Print Services is a swift way for organizations to maximize short-term cost savings, while adding value that will prime them for growth in the future. Xerox was positioned by Gartner, Inc., in the Leaders Quadrant in the “Magic Quadrant for Managed Print Services Worldwide”1 and “Magic Quadrant for MFPs and Printers”2 reports. The Magic Quadrants offer visual snapshots of a market’s direction, maturity and participants, in which Gartner evaluates vendors on the basis of completeness of vision and ability to execute.
Cleveland-based KeyCorp (NYSE: KEY) is one of the nation’s largest bank-based financial services companies, with assets of approximately $105 billion. Key companies provide investment management, retail and commercial banking, consumer finance, and investment banking products and services to individuals and companies throughout the United States and, for certain businesses, internationally. For more information, visit www.key.com.
1Gartner “Magic Quadrants for Managed Print Services Worldwide” by K. Weilerstein, et al. September 25, 2008.
2Gartner “Magic Quadrant for MFPs and Printers” by Don Dixon, et al. December 9, 2008.
The Gartner Magic Quadrants are copyrighted 2008 by Gartner, Inc., and are reused with permission. The Magic Quadrant is a graphical representation of a marketplace at and for a specific time period. It depicts Gartner’s analysis of how certain vendors measure against criteria for that marketplace, as defined by Gartner. Gartner does not endorse any vendor, product or service depicted in the Magic Quadrant, and does not advise technology users to select only those vendors placed in the “Leaders” quadrant. The Magic Quadrant is intended solely as a research tool, and is not meant to be a specific guide to action. Gartner disclaims all warranties, express or implied, with respect to this research, including any warranties of merchantability or fitness for a particular purpose.
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