You Can’t Print Money: Reduce Overhead With Managed Print Services
Did you know that businesses typically spend between 1% to 3% of their annual revenue on printing? That may not sound like much, but for a company with $5 million in revenue, that’s up to $150,000 per year. Just as striking is that 90% of companies don’t track their printing costs at all. It’s like having a slow leak in your profits that goes unnoticed year after year.
But what if you could stop that leak and redirect those funds to something more productive? That’s where managed print services (MPS) come in. In this blog, we’ll explore how MPS can help your business cut costs, boost efficiency and take control of your printing expenses once and for all.
What are managed print services?
Managed print services (also known as MPS) refer to the outsourcing of print management to a third-party provider. These services involve the assessment, optimization and management of your business’s printing. By partnering with an MPS provider, you can streamline print processes, reduce costs and improve efficiency.
While providers are different, they typically take care of
- Optimizing printer equipment
- Recommending print policies
- Printer maintenance
- Data security
- Restocking supplies
The provider may also track printer usage data to provide you accurate data on how much you’re spending and how you can optimize.
Hear from an MPS expert
Rob Nickerson, Director of Managed Print Services at NBM, shares why businesses switch to MPS.
How can unmanaged printers eat up your budget?
Printers can eat up a significant portion of a business’s budget in several ways:
Unnecessary waste. Imagine this — you print a 50-page proposal only to discover the ink was running low and the entire print job is a waste. So you hunt around for more ink and re-print all 50 pages. An MPS provider can install tracking software on the printer to notify them of low ink so they can replace it before running out. You only print one proposal (and you don’t have the hassle of the ink).
No printing policies. Another scenario: Gary from accounting prints 25 full-color posters for his garage band every Friday. An MPS provider can help you identify areas of waste and create policies to avoid it.
Maintenance and replacements. Printers are expensive, complex pieces of machinery. They require proactive maintenance to keep them in good working condition. This includes cleaning, replacing worn-out parts and troubleshooting malfunctions. Or worse, ignoring maintenance can lead to a broken machine that requires replacement — a mistake that can cost upwards of $10,000. An MPS provider offers regular service, so you can avoid those unexpected costs.
Downtime and productivity loss. If you have an important document to print, and the printer is down (again), you’re out of luck. Instead of crushing that client presentation, you’re stressing out, trying to fix the machine. Employee productivity and project timelines can take a significant hit from unreliable printers. Some managed print providers, such as NBM, have local service techs that can be on-site in an emergency. That means less moonlighting as a printer mechanic for you and more time actually tending to your business.
How much do you have to print to make MPS worth it?
You may be surprised by the answer. Many MPS providers have programs that benefit both small and large businesses. Plus, with a leasing model, you don’t have to pay outright for the equipment. Instead, you pay a monthly bill based on the services you need.
If an MPS provider has a preferred status with a printer manufacturer, they can also offer discounts on hardware and supplies. As an HP Amplify Partner and Sharp, Ricoh and Lexmark printer dealer, NBM is able to give their clients better service and competitive pricing. With an in-house team of experienced printer techs, NBM can also offer full-service support without charging for every need.
How much can managed print services save you?
Many sources, including BizTech, have reported that the average business can save 30% on printing costs by outsourcing to an MPS provider. While this will obviously vary from business to business, NBM can offer a recent case study as evidence.
When a private school near Boston realized they were spending too much on printing, they contacted NBM. The school faced several challenges, including:
- Excessive monthly spending
- Poor service from their current vendor
- Paper waste
- Outdated, incompatible machines
- Poor data security for student records
While they knew they were spending too much, they didn’t have the tracking capabilities to break down where the costs were coming from. NBM addressed these challenges by implementing print management software and installing a mix of Sharp multifunction printers. The result was a 30% reduction in overall costs.
More than that, however, the school now benefits from:
- User-friendly printers
- Streamlined invoicing
- Integration with Google accounts
- Reduced waste
- Cybersecurity protection
- Mobile printing support
While the exact savings will vary for each organization, managed print services have a proven track record of delivering cost savings and improving the bottom line.
What are the other benefits of managed print services?
It’s clear that cost savings are a major benefit of managed print services, but what about the other perks?
Enhanced cybersecurity. Printers are the not-so-hidden backdoor to your business’s data. Think about how much sensitive information passes through your printers. All of that is vulnerable to being stolen, sold or held for ransom by cybercriminals. According to Quocirca’s Global Print Security Landscape Report, 61% of IT decision-makers have experienced data losses due to unsecured printers.
Managed print services providers implement security measures to protect your sensitive information. This includes secure printing, user authentication and data encryption, ensuring that confidential documents are not compromised.
Sustainability. Managed print services support eco-friendly initiatives by promoting paperless workflows, reducing paper waste and implementing energy-efficient printing technologies.
Predictable budgeting. With managed print services, businesses can have a predictable monthly or quarterly budget for printing expenses. This helps in financial planning and reduces the risk of unexpected costs.
Free up your IT team. Trust us, your IT department has better things to do than mess with printers. Enable them to do more strategic work by outsourcing to an MPS provider.
Overall, managed print services enable businesses to optimize their printing operations, reduce costs and improve productivity.
How do managed print services work?
Partnering with an MPS provider typically includes these steps.
Assessment. If you aren’t already tracking print data, an MPS provider should conduct a comprehensive assessment of your printing infrastructure, including the number and types of devices, print volumes and current printing practices. This helps identify areas for improvement.
Planning and optimization. Based on the assessment, the provider develops a tailored print management strategy. This may include recommendations for device consolidation, print policy implementation and adoption of new technologies.
Implementation. The provider implements the agreed-upon print management strategy, which may involve installing print management software, configuring devices and training employees on new print processes.
Monitoring and maintenance. The provider continuously monitors the printing infrastructure, proactively addressing any issues that arise. They also perform regular maintenance tasks, such as restocking supplies and making firmware updates.
Reporting and analysis. The provider generates regular reports on print usage, costs and environmental impact. These reports can help you track printing expenses, identify areas for further improvement and make data-driven decisions.
Throughout the managed print process, the provider should work closely with you to ensure smooth operations and maximize the benefits of print management.
What are signs it’s time for managed print services?
Wondering if it’s time for you to make the switch to MPS? If any or all of the following apply, you could benefit from outsourcing your print management.
High printing costs. If printing expenses are eating up a significant portion of your budget, it may be a sign that print management is a good investment.
Lack of visibility and control. If you’re not sure how much printing is costing your business, it may be time for the tracking capabilities of an MPS provider.
Inefficient print processes. If print workflows are time-consuming, error-prone or lack automation, it may be time to streamline processes through managed print services.
Frequent printer issues and downtime. If printers frequently experience technical problems, resulting in downtime and productivity losses, you could benefit from proactive maintenance and monitoring.
Growing print volumes. If your business and its print needs are growing, managed print services can help you scale.
Sustainability goals. If you have green initiatives to meet, printing is a great place to start. Reach out to an MPS provider about paperless workflows and energy-efficient printing.
If any of these signs resonate with your business, it’s worth considering managed print services as a solution to optimize print operations and reduce costs.
Get a quote for managed print services
You’re already spending money on office printing. And if you’re anything like the average business, it’s probably more than you think. Reach out to a print specialist at NBM to see how MPS could save you money and simplify your life.
