Changing workforce and clients: Generational turnover is presenting new challenges as management tries to attract younger prospects and employees while meeting their expectations for a job/career (expectations that can vary greatly from those of previous generations). Also, new clients – specifically millennials – will be the in the market for document imaging services, once again with a new set of expectations. According to Stephanie Dinsmore of HP, “Millennials now make up a quarter of the nation’s population and are expected to spend upwards of $200 billion annually.” She adds that they prefer sleek, compact and flexible designs, and if their experience fails to meet their expectations, they are not shy about looking for an alternative.
Pressures of diversification: Many providers of document imaging services will try to expand their businesses in 2017 by offering a variety of new products and services. “Dealers are diversifying all over the place,” said John MacInnes, president of Print Audit. “They are getting into just about everything that the typical business consumes. This is good news because dealers are fantastic sales organizations that have the ability to sell anything.” This can pose risks, however, because some companies rush into new and untested (by them, at least) areas that have little to do with their core business. That can be a drain on capital, time and energy and can seriously impact the bottom line.
The trend toward holistic solutions: Here’s what’s fueling that diversification we just mentioned: Clients are increasingly turning to their document imaging providers and asking for additional services and solution that often lie outside core areas of expertise. So why would companies take the risks of diversification when the costs can be so high? Because clients demand these services and will pay a premium to get them (or, failing that, find another document imaging service provider). Being able to offer, say, hard copy management, print and mail, data capture and other services positions a company for growth, not just in 2017, but for years to come.
As the article concludes, all these changes mean increased challenges for providers of document imaging services, but they also mean increased opportunities. Companies willing to work closely with new generations (both as employees and clients) and willing to expand wisely into a more comprehensive set of offerings will see their opportunities and prospects grow in the coming years. And clients in the market for document imaging services should seek out companies who offer a variety of solutions and services and are already positioned for the changing marketplace.