The True Cost of Business Communications
Transcript of The True Cost of Business Communications
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February 3, 2009 Strategic Assessment
The True Cost of Business Communications
Authors
Steve Adoniou
Michael O’Leary
Published by
Document Outsourcing
Consulting Service
On Demand Printing and
Publishing Consulting Service
© 2009 InfoTrends, Inc.
www.infotrends.com
Abstract
As the pressure builds for companies to reduce costs and maintain
profitability, understanding and controlling print costs is critical to
success. An effective document printing strategy leverages technology
and process efficiency to provide high quality, low cost print—when and
where it is needed. Outsourcing can be an attractive approach to
producing high-quality documents on-time and at significant cost
savings. To make an effective ROI comparison of outsourcing print
versus doing the work in-house, it is critical to understand the total cost
of document production and not just the direct costs of putting marks on
paper. This document examines the total costs of producing certain
types of documents. We consider not only the costs associated with the
actual printing and finishing of these documents, but also other
production components such as creative, editorial, storage, archiving,
distribution, and obsolescence.
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Table of Contents
Introduction ............................................................................................................................... 2
Document Costs: It’s More Than Just Printing ...................................................................... 4 Profiles of Common Business Documents ............................................................................................. 4 Non-Printing Costs vs. Printing Costs .................................................................................................... 5 Impact of Shorter Print Runs on Non-Print Costs ................................................................................... 7
The Cost of Printing Internally – Perception vs. Reality......................................................... 9
Key Enablers to Automating the Print Process .................................................................... 11 E-Business Capabilities and Workflow Software .................................................................................. 11 Focus on Super Efficiency .................................................................................................................... 11 Decreasing Run Lengths ...................................................................................................................... 12
Conclusion .............................................................................................................................. 13
Introduction
Companies and organizations in today’s economy must increasingly review and evaluate the costs
associated with non-core business processes. As the pressure builds to reduce costs and maintain
profitability, there is a greater need to understand and control the total cost of document production.
Implementing an effective document management program can save organizations significant sums of
money that flow directly to the bottom line. The proper mix of internal and external production provides
an attractive approach to producing high-quality documents on-time and at significant cost savings. To
make an effective return on investment (ROI) comparison of outsourcing print versus doing the work in-
house, or between print providers, it is critical to understand the total cost of document production and not
just the direct costs of putting marks on paper.
Over the years, InfoTrends has focused considerable attention on the subject of the total cost of
business communications. Our initial, landmark research in 2001 titled The True Cost of Business
Communications revealed that for every $1 spent on print, another $6 were spent on non-print related
activities that were required to produce a given document. Back then, digital on-demand printing
technologies were still in early stages of adoption. Since that time, the use of digital technologies has
grown steadily at a rate of 20%-30% annually. In 2006, we revisited the topic and involved more
than 1,000 print buyers and document owners. The results of that study found that non-printing costs
had shifted downward and were, on average, about equal to printing costs. The reduction of non-
printing costs was enabled largely by the benefits of digital on-demand printing. Shorter printing runs
(reducing the need for document inventory), automated finishing and distribution workflows, as well
as e-procurement all helped reduce costs.
Document obsolescence refers to the cost of producing quantities of documents that never get used—
and are eventually discarded. In traditional ―print and fulfill‖ models, the cost of document
obsolescence is very significant. In our 2001 study, we found that document obsolescence represented
between 10% and 20% of the total document production costs. Of course, the adoption rate of digital
printing hardware and software technologies was nowhere near the levels seen today. Nevertheless,
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even with the arrival of digital technology, document obsolescence still exists. In fact, in the traditional
―print and fulfill‖ environments, the cost of document obsolescence remains at the same levels as in
2001. It is mainly within the more advanced, print-on-demand environments where the cost of
document obsolescence has decreased significantly.
Despite the fact that the ratio of print and non-print costs has shifted, non-print costs are still considerable.
InfoTrends has found that non-print costs are often still higher than actual print costs in environments
where older methods are used for producing, purchasing, creating, and managing printed documents.
Larger print runs are still common, potentially resulting in documents being stored for future distribution.
The print-on-demand concept allows for shorter and customized print runs, greatly reducing the need for
maintaining inventories. Print-on-demand also facilitates the ability to produce updates, edits, and
revisions. Our on-going research with Print Buyers consistently shows that design and internal approval
of documents are still labor-intensive. Smaller firms also cite job specification, inventory management,
and print job management as activities that consume time and significant labor.
e-Procurement (Web-to-print) applications expedite the document submission process, simplify order
tracking, and may also provide online layout, design, and editorial capabilities. Some of the more-
advanced Web-to-print tools are closely integrated with back-end, production workflow systems, enabling
the print service provider to operate more efficiently. Web-to-print tools, along with the latest digital print
technologies, have become a standard offering by successful print service providers.
Another consideration when developing an effective document management strategy involves examining
the costs associated with performing the work internally. Traditionally, the belief is that doing the work in-
house costs very little—and perhaps free, if chargeback processes are not in place for print. The reality is far
from that. The total burdened cost per page for a typical document produced in-house (at the desktop or
workgroup level) can range from $0.52 to $0.72. For organizations that print more color and graphic-
oriented documents (which increase the usage of ink and toner), the per-page costs can be even higher.
The remainder of this document takes a closer, up-to-date look at the total costs associated with
producing common business documents. We consider not only the costs associated with the actual
printing and finishing of these documents, but also the other production components, such as creative,
editorial, storage, archiving, and distribution. Our analysis also provides insight about the real cost
implications of printing internally.
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Document Costs: It’s More Than Just Printing
Profiles of Common Business Documents
To establish the total costs of producing documents, InfoTrends examined documents that are very
common across different companies and organizations. For these documents, the content may vary by
vertical industry segment or department, but in general, they are constructed in a similar manner. The
following document profiles were used to better understand the non-print related processes involved with
producing documents, along with the actual manufacturing-related requirements:
Manuals
Brochures
Sell-sheets
Microsoft PowerPoint presentations
In our 2006 vertical market study, we found that these types of documents represented 30% of total print
spend for document owners and print buyers. If we only consider marketing, promotional, and
publications documents in this view, the percentage of the documents we are examining here is closer to
60% of print spend. Table 1 below provides a quick view of the assumptions used regarding the finishing
and paper specifications for each document type.
Table 1: Document Job Specifications
Document Type Color Finishing Finished
Size Paper Pages
1
Manual 4/4 cover
1/1 text
No Bleeds
Spiral Binding
Three Hole Drilled
Auto-collated
Cut & Stack
8.5”x11”
20# Bond Text
100# Uncoated
Cover
200
Brochure 4/4
Bleeds
Trim to 11”x17”
Self Cover
Fold
Saddle-Stitch
8.5”x11” 80# Gloss
Text 8
Sell sheet 4/1
Bleeds
Trim to 8.5”x11”
8.5”x11” 60# Opaque 2
PowerPoint Presentation 4/4 No Bleeds
Coil Bound 8.5”x11” 60# Opaque 20
1 This figure represents the numbered pages or sides in each document. For example, the sell sheet is one 8.5 inch x
11 inch sheet printed front and back.
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Non-Printing Costs vs. Printing Costs
To understand the true cost of these documents, the entire document lifecycle must be examined and not
just the final print ―cost per page‖ for ink or toner on paper (or other medium). The real cost of documents
is embodied in the time, resources, and money spent in document processing, including authoring, design,
revision control, ordering, printing, distribution, warehousing, and inventory obsolescence.
The following costs were estimated for each document type in the model:
Creative Costs (Internal and External) – Refers to design agency/advertising agency expenses; may
include page layout, template creation, photography work, graphic design, and conceptualization.
Editorial Costs – Includes copy writing, technical writing, proof reading, and internal document
review.
Project Management – These costs refer to general internal and administrative activities related to
meetings, vendor selection, order processing, project tracking, document preparation and review,
approvals, press checks, and final proofing.
Printing Costs – Includes prepress, paper, printing, and finishing. This component is dependent on
print run length.
Warehousing/Archiving – This component is also dependent on print run length, as well as the
planned distribution strategy. For example, will a technical manual be shipped with a product or
warehoused and fulfilled upon request?
Obsolescence – This cost is most significant within traditional print and fulfill/distribute models. It
does still exist in more advanced print-on-demand scenarios, particularly due to supply chain issues as
well as the need for frequent updating of document content. In non print-on-demand environments,
obsolescence can still represent between 10%-20% of the total costs.
Shipping/Distribution – As with warehousing and distribution, this component is dependent on print
run length and distribution strategy.
For each document type we have assumed a number of characteristics regarding creative and editorial
processes as well as shipping, storing/archiving, and distribution. Table 2 shows the assumptions we have
built in to this model. These assumptions were derived from interviews with print buyers and document
owners, as well as information from print service providers. The financial figures represent the averages
for each document type.
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Table 2: Costs Related to Non-Print Document Production*
Function Manual Brochure Sell
Sheet PowerPoint
Presentation
Creative (internal) $392 $1,406 $283 $135
Creative (external) $1,234 $2,707 $602 $0
Editorial $5,832 $1,517 $377 $55
Project management $1,176 $958 $175 $75
Warehousing/Archiving $55 $29 $29 $29
Total $8,689 $6,617 $1,466 $294
*Excluding shipping/fulfillment. These costs appear in Table 3, and vary depending on quantity.
Table 3 shows shipping cost estimates for the various quantities that we are considering. For the sake of
consistency, we are using a single shipping destination, average rates for standard, and ground shipping.
Table 3: Document Shipping/Distribution Costs
Quantity Manual Brochure Sell
Sheet PowerPoint
Presentation
1 $18 $15 $15 $15
25 $25 $24 $15 $24
50 $32 $29 $15 $29
100 $67 $43 $19 $43
500 $223 $181 $20 $181
1000 $445 $220 $23 $220
Table 4 shows average pricing obtained from four major national print service providers. These print
service providers all have digital capabilities, and can therefore produce quantities as low as one set or up
to 1,000. All of them also have finishing capabilities that can accommodate our specifications from Table
1.
Table 4: Document Printing and Finishing Costs
Quantity Manual Brochure Sell
Sheet PowerPoint
Presentation
1 $20 $10 $3 $19
25 $407 $130 $32 $338
50 $777 $247 $60 $616
100 $1,410 $439 $114 $1,425
500 $6,086 $1,980 $460 $6,271
1,000 $12,001 $3,551 $873 $12,539
The Data Tables above do not account for document obsolescence. In our more recent research, print buyers
did not indicate an estimated cost for document obsolescence, but indicated they were not using 10%-20%
of the pieces printed. We have found that this is most common with documents such as technical manuals,
training manuals, assembly instructions, and several other multi-page bound documents. Taking these
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percentages into account, the cost of obsolescence for a quantity of 1,000 would be in the range of $1,200 to
$2,400 for manuals, for example (based on printing and finishing costs as represented in Table 4).
Considering the cost estimates presented in Tables 2, 3, and 4 above, we developed an aggregate, average
percentage of cost estimate across all four documents in this study. This is illustrated below in Figure 1, where
we display the various components and their percentage share of the total cost of document production.
Figure 1: Average Costs for Document Production
Printing
Internal Creative
External Creative
Editorial
Project Management
Warehousing/Archiving
Fulfillment/Shipping/Distribution
Inventory Obsolescence
45.6%
54.4%
Impact of Shorter Print Runs on Non-Print Costs
The previous section provided us a basis to our comparison of the costs associated with non-print
activities, such as creative, editorial, project management, as well as shipping and costs directly related to
print activities (e.g., the actual print itself and the finishing that must occur to produce the document).
One primary driver in this comparison is the quantity in question. The preceding data includes some very
low quantities, going as low as a single set of the document. Due to the availability and proliferation of
print-on-demand technologies throughout the printing industry, it is quite feasible to obtain a single set of
any document, like a sell sheet or manual.
As we illustrate in Table 5, ratio of non-print costs to print costs varies dramatically depending on the
number of document sets that are purchased. As we mentioned earlier, in our 2001 study we discovered
that for every $1 spent on print, another $6 was spent on non-print. As we can see below, that ratio
increases substantially when considering very small quantities. In addition, the ratio diminishes
significantly when the quantity increases.
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Table 5: Amount Spent on Non-Print for Each $1 spent on Print
Quantity Manual Brochure Sell
Sheet PowerPoint Presentation
1 $445.24 $693.93 $432.48 $16.28
25 $21.41 $50.90 $45.88 $0.94
50 $11.23 $26.95 $24.86 $0.52
100 $6.21 $15.18 $13.00 $0.24
500 $1.46 $3.43 $3.23 $0.08
1,000 $0.76 $1.93 $1.71 $0.04
The critical point here is that non-print costs are still very significant. For documents created at shorter
print runs, the greatest relative expense can be attributed to that creation process. Publication-type
documents, such as manuals, frequently use expensive professional resources. Since this expense is not
dependent on run length, it is not amortized over many documents for shorter print runs. The creative
process, however, is not the only major expense. The time spent on editorial and project management
activities is very significant, as well. For example, across all document types, project management
represents 13% of the total non-printing costs.
Document obsolescence can occur in a variety of ways. It is more evident within a traditional print and
fulfill model. One example of this would be a physician directory for a health insurance company, where
a large quantity would be printed annually and then stored in a warehouse for future distributions within
that calendar year. Every year, the insurance company would print a new directory and the old ones from
the previous year would be discarded. In this scenario, obsolescence occurs in two ways: (1) it would
occur nearly immediately, since these directories would not reflect any physicians that had been added or
removed from the network, and (2) any directories that were not shipped by the end of the year would be
discarded. Another example would be a training manual for a training session of 15-20 people. In this
scenario, we could even apply a short-run digital print on-demand model. A typical approach to supplying
these manuals would be to print a few extra in anticipation that the total number of session attendees was
not confirmed. If 20 are printed and only 15 people attend the session, there are 5 unused manuals (still a
very high percentage of obsolescence at 25%). Removing or mitigating obsolescence from this type of
digital short run, however, can be achieved by printing only the quantity for a confirmed number of
attendees, and then printing any additional copies a day or even hours before the training session occurs.
As run lengths get shorter and margin pressures increase, the focus needs to be on automation and lean print
manufacturing, beginning with capabilities such as Internet-driven ordering and extending through
fulfillment. New digital technology and software lead the way in terms of implementing these strategies. In
today’s difficult economy, relying on an outside print service provider may be the fastest way to take
advantage of achieving the desired levels of automation, while driving down unnecessary costs.
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The Cost of Printing Internally – Perception vs. Reality
When building the case to outsource print, another consideration is comparing costs to doing the work
internally. Today, workgroup and desktop devices have greater functionality, providing color and
advanced finishing options, such as booklet making. Traditionally, the belief has been that doing the work
in-house costs very little or is free if there are no internal chargeback procedures. The reality is far from
that. The proliferation of output devices in the office and inefficient in-plant configurations have
significantly contributed to the dramatic increase in corporate document output costs.
In addition to the direct costs associated with maintaining the internal document technology
infrastructure, other less-visible (but very real) costs must be factored. Organizations incur costs for
things like MIS/IT support, print servers, document creation and editing software, in-plant labor,
administration and purchasing support, as well as training—all of which are needed regardless of whether
or not an organization chooses to outsource. Another important consideration is the employees’ time,
which is often spent doing tasks that can be automated. Examples include simple things like walking to
the in-plant print center (or copier/printer) to submit and retrieve orders, hand finishing documents
(binding, folding, stapling), repeating steps to correct errors, and performing packing/shipping activities.
In 2006, InfoTrends found that as low as 10% of the total burdened costs for documents processed
internally were tied to equipment, supplies, and service expenses. Other burdened costs include IT
support and infrastructure, procurement and facility costs, end-user interaction time, and document
management expense. These costs are usually fragmented in budgets and processes across the
organization. Table 6 shows the burdened costs per each page produced in house.
Table 6: Total Burdened Costs for Documents
Total Burdened Costs for Documents Avg Cost
Visible Hard Costs – hardware, toner and inks, paper (plain and special), click-charges,
services and maintenance, power, etc. 5¢ to 7¢
IS Support and Infrastructure – help desks, 2nd
level support, installation, asset mgt.,
assessment, testing, training, print servers, network connections, mainframe
conversions, print formatting software, pre-processing equipment., etc.
5¢ to 7¢
Administration and Purchasing – product and services selection, internal requisitions,
orders, billing, RFP’s, storage, restocking, supplies service centers, inventory
management, vendor relationship management, etc.
2.5¢ to 3.5¢
Document Production – end user production time/energy, waiting time, intervention
activity, hand finishing, walking to copiers, fax machine interaction, etc. 15¢ to 20¢
Document Management – the ‘before and after’ process costs, including filing, storing,
indexing, COLD, scanning, binding, retrieving, mailroom functions, pre-printed forms,
electronic forms, document creation, waste disposal, etc.
25¢ to 33¢
Total Burdened Cost 52¢ to 70¢
Based on this analysis, the total burdened cost per page for a typical document produced in-house can
range from $0.52 to $0.70. For organizations that print more color and graphic-oriented documents
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(which increase the usage of ink and toner), the per-page costs will be higher. These ―unaccounted for‖
but very real burdened costs are in addition to the non-print related costs described earlier.
Another effective manner to compare the internal costs of producing documents against outsourcing is to
build an activity model that includes time and actual print costs. The assumptions and example below
demonstrate a very simple cost model for printing a single manual internally and externally via several
well established providers.
Labor cost for knowledge worker: $0.52 per minute (equates to $65,000 annual salary/ benefits)
Color print: $0.39 internal, $0.30 and $0.28 external
B&W print: $0.05 internal, $0.049 and $0.028 external
Binder and cover: $2.92 internal, $1.90 and $1.99 external
Table 7: Internal Document Production Activity Costs
Activity In-House
”Traditional Printer”
”Internet Printer”
Min Cost Min Cost Min Cost
Driving/Walking time 10 $5.20 10 $5.20 0 $0
Creating new order 12 $6.24 10 $5.20 5 $2.60
Proofing 5 $2.60 5 $2.60 2 $1.04
Reordering 12 $6.24 7 $3.64 2 $1.04
Pick-up time 12 $6.24 12 $6.24 0 $0
Repeat due to errors 15% $3.98 9% $2.06 0.3% $0.01
Obsolescence 5% $0.67 15% $1.80 2% $0.16
Sub-total $31.17 $26.74 $4.85
Direct print $13.31 $12.00 $7.87
Total Costs $44.48 $38.74 $12.72
This example is not intended to be all-inclusive, but it does demonstrate there are several factors to
consider when printing even simple documents, such as manuals—the labor costs associated with manual
tasks, the need to repeat tasks when there are manufacturing errors, and the actual cost of printing. In this
example, one external provider clearly showed the benefits of automation through Internet-enabled
software functionality.
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Key Enablers to Automating the Print Process
The recent economic decline will clearly impact print spending. In an effort to reduce costs, larger
organizations will look closely at the economics of eliminating (or consolidating) in-plant print shops and
copy centers, as well as shifting required print work to outside providers. There are several key trends and
enablers to automating the print process and driving down costs.
e-Business Capabilities and Workflow Software
Since many of these organizations already utilize e-business solutions for print and non-print parts of their
business, they will look for providers who supply similar Web-based capabilities. In 2008, InfoTrends
evaluated the e-business capabilities that were most important to buyers of print and related services. Our
research found that tracking job status is very important to enterprise respondents, with more than 60% of
them indicating they use this feature at least some of the time.
Web-To-Print tools allow for print buyers and document owners to automate purchasing, project
management, editing, approval, and creative processes. Where a staff person or outside contractor may
have been relied upon to perform even the simplest editing functions, these can now be performed
through one of many Web-To-Print tools by someone who may not necessarily have advanced editing
and/or graphic design skills. In addition, many of these tools allow the print service provider to more
easily manage and simplify the production processes and provide logistics services.
Some Web-To-Print tools are not limited to providing automation and added efficiencies for print buyers,
but also possess additional back-end print production. These tools are key enablers of ―super-efficiency.‖
With a Web-to-print application, information provided by the document owner remains with the job
throughout the production process, allowing the production staff to review job specifications, shipping
information, deadlines, and other critical job data. In addition, certain advanced production automation
features will enable the print production staff to gang jobs on press sheets to maximize productivity and
efficiency, as well as manage the workload across multiple devices. This level of integration and
automation will ultimately ensure accuracy, consistency, and timeliness for the print customer as well as
help the print service provider to offer competitive pricing and superior customer service.
Other software tools, such as Offset/Digital Workflow and Print MIS, allow print service providers to
streamline their workflows and manage processes (e.g., finishing, inventory, fulfillment, and distribution)
to maximize efficiency and increase productivity.
Focus on Super Efficiency
The term ―efficient‖ can be used very loosely, particularly in regard to print. We hear of work
environments and workflows that are running lean and are very efficient in terms of limiting their errors,
but may not have much in terms of process automation. Over the past few years, InfoTrends has used the
term ―Super Efficiency‖ to reflect a level of efficiency that is partly related to accuracy and limiting waste
in all areas of production, but further enabling that through the effective use of some of the software tools
previously mentioned in this paper to achieve a higher level of efficiency, which automates processes that
otherwise must be handled manually by a person.
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Some examples of functions that can be automated would be color management, job ganging/imposition,
inventory counts, order processing, and integration of shop floor activity with accounting and customer
service. A truly integrated workplace is one where various processes are linked in through a system that
communicates relevant information to the various departments within a print production environment.
Super Efficiency ultimately delivers greater levels of customer service satisfaction along with competitive
pricing. There is a high level of assurance for the print customer that the work will be done accurately and
on-time. Certain processes such as activity reports, billing, and pricing estimates are all expedited, saving
the print customer time and accelerating the overall supply chain.
Decreasing Run Lengths
InfoTrends surveyed 318 print service providers about run lengths in October 2008. This study validated a
previous survey done in 2004 that showed that run lengths were declining. As Figure 1 illustrates, fewer
print service providers reported that longer print run lengths are increasing and, conversely, more are
saying that run lengths are decreasing. Interestingly, the only area we found increases are with quantities
below 250 pieces.
Figure 1: Print Run Length Trends
2004 2008
48% 50%
39%30%
23%15%
50% 49%45%
27%20%
14% 12%
48%
46%46%
53%
52%
45%
41%
43% 42% 49%
60%
57%
43%
33%
13%4%
8%
17%
32%
44%
6% 9% 7%13%
23%
43%
55%
40%
6%
0%
20%
40%
60%
80%
100%
<250
250 to
499
500 to
999
1,00
0 to 4,9
99
5,00
0 to 9,9
99
10,000
to 4
9,99
9
50,000
+<25
0
250 to
499
500 to
999
1,00
0 to 4,9
99
5,00
0 to 9,9
99
10,000
to 4
9,99
9
50,000
+
Decrease
Stay the same
Increase
Source: InfoTrends 2004 and 2008 Print Service Provider Surveys
Pe
rce
nta
ge
of R
esp
on
de
nts
Run Length Range
Documents that are modified to create a different version ultimately become their own document and
would not be considered additional copies of the original document. Most Web-To-Print software
solutions offer the ability to create versions on the fly. This is an important contributor to the ongoing
decreases in print run lengths.
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Conclusion
Print buyers and document owners need to be aware of the total costs of producing a document. Our
research indicates that documents are still costly to produce, distribute, manage, and print. In all cases, the
total quantity required must be taken seriously into consideration.
Many organizations consider just the cost-per-page when printing documents. Nevertheless, there are
non-printed related costs that must also be considered to accurately assess the total cost of producing a
job. If the total quantity is ultimately going to be very large, then the cost ratio between non-print and
print related costs will diminish. Regardless of the ratio, the cost of non-print activities is significant and
these activities usually require some level of moderate-to-high wage people to do the work. Through the
use of some of the Web-To-Print tools that print service providers offer, however, most of these functions
can be migrated over to the Web and the labor costs can be reduced.
To deploy an effective document management strategy, understanding the true cost of documents and
business communications is critical.
o Overall, documents are still costly to create, manage, distribute, and print. In addition,
obsolescence remains an issue, despite the adoption of print-on-demand workflows.
o The ratio of non-print related costs to print costs can be very significant, particularly for short
(low quantity) runs.
o The costs related to submitting, managing, and printing jobs internally can be much higher
than most companies understand or expect.
The emergence of digital technology and automation software provides the ability to drive costs out:
o True print-on-demand applications and shorter runs are enabled by digital printing
technology.
o Super Efficiency through Internet-enabled, Web-to-print solutions, document workflow
solutions, and other software applications ultimately lower production costs, enable faster job
completion, and improve customer satisfaction.
o The lower cost of higher-speed, digital color technology allows organizations to produce
quality color documents at affordable rates.
In today’s economy, deploying the right document management solution can deliver significant results.
Determining the proper mix of internal and external services is critical to success. It requires an
understanding of all related costs. For most organizations this is not an either/or decision, but one that
provides them with the most effective mix.
This material is prepared specifically for clients of InfoTrends, Inc. The opinions expressed represent our interpretation and analysis of information
generally available to the public or released by responsible individuals in the subject companies. We believe that the sources of information on which our
material is based are reliable and we have applied our best professional judgment to the data obtained.