Improved Document and Information Processes Could Add 10% to Revenue
Increasing the efficiency of document driven processes is often seen purely as a way to reduce costs—and there are indeed opportunities to drive costs out of inefficient processes. But Ricoh believes there is a strategic upside to improved document and information processes: driving top line growth.
Over 83% of respondents in a recent Ricoh sponsored global survey1 (part of our Process Imperative initiative) found optimizing customer-facing business processes can increase revenue on average 10.1%. This is in addition to reduced costs, as well as benefits like increased customer satisfaction and loyalty.
Achieving that kind of revenue growth by keeping customers happy with positive experiences is extremely cost effective. It’s been estimated that it costs 6 – 7 times more to acquire a new customer than retain an existing one—and that a 2% increase in customer retention has the same effect on profits as cutting costs by 10%.2
Any initiative that can both grow revenue and reduce costs is a win-win that should be a priority for the entire C-suite. And in today’s online, connected marketplace, increasing customer satisfaction (or just as importantly, decreasing dissatisfaction) is a compelling competitive advantage.
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- Increasing the efficiency of document driven processes can drive top line growth, as well as provide other benefits such as reduced costs and increased customer satisfaction and loyalty.
- Broken document and information processes -- like customer on-boarding, service and support, billing and collection -- detract from your relationship with your customers.
- You can also lose productive, revenue-generating employees who become frustrated in their customer-facing roles.
- Optimize information to “get it right” and then measure results in getting the right information to the right people at the right time.
- Ricoh’s Managed Document Services help organizations improve document processes by defining Key Performance Indicators (KPIs) and maximizing the value and usability of their information.
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Visit the “Process Imperative” (Business Insights for better information processes)
1 Ricoh commissioned IDC to survey over 1,516 executives, business process owners and iWorkers across Europe, the Americas, Asia Pacific, China and Japan on document and information processes The results of this survey have been summarized in an IDC White Paper sponsored by Ricoh, “Organizational Blind Spot: The Role of Document-Driven Processes in Driving Top-Line Growth,” September 2012.
2 Source: Bain and Company as cited in 50 Facts about Customer Experience | Return on Behavior Magazine Dominic Keogh, Marketing Director, Ricoh Europe, Leader, Global Managed Document Services Marketing