If you work in a business and use a Managed Print Service, then chances are you’ll know a thing or two about printing contracts and what to expect from your provider. But what about the facts that aren’t common knowledge? Today we take a look at five things that people don’t know about the MPS industry. Read on for more!
1. MPS is growing, and growing fast.
Transparency Global Research did studies two years ago into the MPS market and predicted a growth from $26.18 billion at that time in 2015 up to a staggering $94.97 billion by 2024. And is this feasible? Frankly, yes. Whilst office-print volumes have declined, the market is definitely still seeing steady growth as governments and the public sector have increasingly turned to MPS contracts due to their massive volumes of paperwork.The gradual adoption of cloud-based MPS has also allowed for the industry to advance in parallel with digital developments, meaning that MPS certainly isn’t disappearing any time soon.
2. Unfortunately a lot of MPS customers are dissatisfied with their current printing provider.
One issue that the industry has been facing recently is the dissatisfaction of customers when faced with these newer contracts. First-time buyers are five times more likely to switch MPS partners, and six times more likely to exit MPS altogether. Why? Because businesses new to the industry are becoming better informed about what they can get out of their MPS contract, and so require a higher level of service excellence. And rightly so. Customer satisfaction is becoming an increasing concern, but in turn has encouraged change within the industry. Businesses can no longer trap their customers into dodgy contracts, and with greater awareness comes greater demands on the industry to out-perform their competitors. No bad thing, in our opinion!
3. Hardware costs only account for approximately 5 percent of the total cost of your contract.
Amazing, isn’t it? Whilst hardware is only 5%, operating costs account for 45 percent, and the remaining 50 percent on support. For the average company, for every £1 spent on hardware, another £9 is spent on other aspects of document output – quite a shocking statistic if you imagined that all your money was going towards your printing devices!
4. Printing security is a major problem that many businesses aren’t aware of.
Hacking the network through your printer is surprisingly easy, as most companies have paid little attention to the gaping hole lurking in their cyber-security plan. Today’s combination of mobile workers, cloud printing and the continuing penetration of Android-based personal devices makes it possible for an attacker to create an application that infects the mobile device, opportunistically attaches itself to a cloud print job, gets downloaded to a networked printer, and from there infects the entire enterprise network, completely bypassing firewall and intrusion detection controls. In this case, it’s complexity that creates the vulnerability. The average organisational cost of a data breach is $5.5 million, so it’s important that when your MPS provider comes in, they know what steps to take to ensure that your data remains as safe as possible.
5. Some printing providers don’t have your best interests at heart, so it’s always important to read the small print.
It’s a sad fact that some unethical print/copy providers are passing off second hand, refurbished devices and remanufactured toner cartridges as brand new – and getting away with it! Here at My Procurement Partner we make sure that all T&Cs in a new contract are clear and without hidden penalties, as you have to make sure you get what you pay for. Understanding what your provider will require of you should you decide to exit your service agreement before it matures is also important, as printing providers are known for including buy-out fees or other costs.
Need help with your next printing contract? Be sure to get in touch with our team here at My Procurement Partner to answer all of your questions and help you save money.