Ricoh: Better Document Processes Could Mean More Revenue

[Anonymous]

Better Document Processes Could Mean More Revenue, suggests study sponsored by Ricoh

Ricoh recommends several approaches to help businesses take advantage of the revenue-generation potential of document processes
WEST CALDWELL, N.J., Sept., 2012 – Ricoh Company, Ltd. is advising companies that improving document processes such as sales and marketing, customer communications, customer onboarding, service and support, developing new products, and billing and collection, which are traditionally seen as a strategy primarily for cost reduction, could yield some surprising revenue benefits – in fact, a potential increase of approximately 10 percent to the top line based on a recent IDC white paper sponsored by Ricoh.

The reasoning? Improved document processes can enhance the overall experience of a customer’s interaction with an organization. Efficient processes, which allow for greater focus on the customer’s needs, can have a positive impact on customer satisfaction, which is critical for retention and revenue growth. On the other hand, customers may flee to competitors if confronted by inefficient and ineffective customer-facing document processes.

These assertions are backed by research reported in a new IDC white paper sponsored by Ricoh, "Organizational Blind Spot: The Role of Document-Driven Business Processes in Driving Top-Line Growth (September 2012)."[1] The white paper is the second major product of Ricoh’s new Process Imperative initiative for improved information management. The white paper is based on IDC’s recent global study of 1,516 document-driven business process owners and information workers.

Deficient document processes may cause customers to defect, the research revealed. Sixty-nine percent of respondents said they would be less likely to do business with companies having inefficient or ineffective document processes. Sixty percent said they would take their business elsewhere, and 57 percent said they would tell others not do to business with these companies.

The good news is that better document processes have the potential to improve revenue. More than 8 in 10 respondents indicated that optimizing customer-facing document driven business processes would increase revenue – on average by 10.1 percent. This could be achieved by improving customer communications, streamlining the sales and customer on-boarding process, and improving customer support.

"This is great news for executives who are struggling to prioritize business process improvements," said Sergio Kato, Deputy General Manager, Ricoh’s Global Marketing Group/Services Business Center. "No longer do they have to wonder if tackling document processes will yield a big enough return to justify the investment. Especially in this economic climate, any process that can both reduce costs and improve revenue is a win-win and should rise to the top of the priority list."

Ricoh is uniquely equipped to assist its customers in executing a comprehensive strategy for document process improvement that helps reduce costs and potentially increase revenue through its Managed Document Services approach. Its proven methodology (Understand, Improve, Transform, Govern and Optimize) helps Ricoh pinpoint an organization’s key processes and then align them with services that will help customers achieve measurable and sustainable business outcomes. The knowledge Ricoh has gained through its thousands of implementations has also provided insight into the top business concerns that are most prevalent in today’s corporate environments including: cost control, environmental sustainability, information security and governance, business process efficiency, organizational change management, information worker (iWorker) productivity, information optimization and strategic infrastructure. This valuable insight helps accelerate the first step in the process – Understand – so customers can begin the Improve phase more quickly and start realizing the resulting benefits as soon as possible.

[1] IDC White Paper sponsored by Ricoh, "Organizational Blind Spot: The Role of Document-Driven Business Processes in Driving Top-Line Growth," September 2012

About the Process Imperative

Ricoh’s Process Imperative is an on-going initiative to promote understanding of new document and information processing paradigms that help enterprises leverage the collective wisdom embodied in their organizations. This initiative will fund research and provide resources, like those found on this site, which combine Ricoh’s document and information process expertise with that of industry visionaries, our partners and our customers. The insights gained through this work help businesses transform their business processes to improve productivity and drive out cost by delivering the right information, at the right time, in the right form.

| About Ricoh |

Ricoh is a global technology company specializing in office imaging equipment, production print solutions, document management systems and IT services. Headquartered in Tokyo, Ricoh Group operates in more than 200 countries and regions. In the financial year ending March 2012, Ricoh Group had worldwide sales of 1,903 billion yen (approx. 23 billion USD).

The majority of the company’s revenue comes from products, solutions and services that improve the interaction between people and information. Ricoh also produces award-winning digital cameras and specialized industrial products. It is known for the quality of its technology, the exceptional standard of its customer service and sustainability initiatives.

http://www.electroiq.com/semiconductors/2012/08/31/ricoh-innovations-nikhil-balram-receives-gold-stevie-award-for-executive-of-the-year.html
Ricoh Innovations’ Nikhil Balram Receives Gold Stevie Award for Executive of the Year
 Ricoh Innovations, Inc. ("RII"), a Silicon Valley-based subsidiary of Ricoh Company, Ltd., which develops technologies and new business opportunities for Ricoh, announced that its president and CEO Dr. Nikhil Balram was named the winner of a Gold Stevie Award for Executive of the Year in the Electronics category in The 9th Annual International Business Awards.

According to a release, the International Business Awards is a business awards program. All individuals and organizations worldwide are eligible to submit nominations — public and private, for-profit and non-profit, large and small. The 2012 IBAs received entries from more than 50 nations and territories, and the Stevie Award winners were selected by more than 300 executives worldwide who participated in the judging process this year.

Nicknamed the Stevies for the Greek word for "crowned," the awards will be presented to winners at a gala awards banquet at the Ritz-Carlton Hotel in Seoul, South Korea on October 15.

With over 20 years of experience, Dr. Balram is experienced in video and display technologies across multiple platforms. He was recently honored with the 2012 Fellow Award by the Society for Information Display (SID) and the 2011 Alumni Achievement Award by Carnegie Mellon University. He has significant experience in marketing, development of international business, and engineering management, with a particular strength in building and leading consumer IC businesses from concept to widespread market success.

"Dr. Balram is a unique executive with significant strengths in both research and business, and we applaud his latest honor in The International Business Awards," said Terumoto Nonaka, corporate senior VP of Ricoh Company and chairman of the board of RII. "With his strong leadership we are developing innovative new technologies and business opportunities for Ricoh, and Dr. Balram is working diligently to help realize Ricoh’s goal of The Infinite Network — a seamlessly connected world of people, objects and information."

The company noted that Dr. Balram has held executive positions at several technology companies, most recently as VP and general manager of the digital business entertainment unit at Marvell Semiconductor, and chief technology officer of the displays group at National Semiconductor Corp. Previously, Dr. Balram served as executive VP and general manager of the consumer products group at Sage, and as VP of advanced technology at Faroudja Inc. Faroudja was acquired by Sage in 2000, which was in turn bought by Genesis Microchip in 2002.

More Information:
StevieAwards.com/IBA

[Author]

September 6, 2012 at 7:50 AM