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KeyCorp, a Fortune 500 member, is a leading U.S. financial services company based in Cleveland. The firm has more than $100 billion in assets, employs more than 18,000 people and operates 985 branches in 13 states. To maintain its competitive leadership, the company needed to automate back office operations to reduce costs and improve productivity and customer service. But as reliance on digital documents increased, printing costs spiraled out of control. At their offices across the country, employees used thousands of printers from multiple vendors, requiring different supplies and service arrangements. KeyCorp wanted to address printing costs with a solution that would promote supplier diversity and environmental responsibility.
KeyCorp’s challenges included the need to:
- increase management control over printing
- streamline and automate time-consuming back-office work processe
- reduce total printing costs substantially year over year.
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In conjunction with Evolv, a minority-owned document management and ouptput solutions provider, the Xerox team developed an optimization program and long-term printing strategy that focused on several activities:
- conduct a Lean Six Sigma-based assessment to compare actual printing costs with internal estimatesa
- implement a comprehensive Xerox Office Services agreement covering equipment, service, end-user support, and supplies
- apply a variable “utility” cost structure based on a standard cost per impression
- replace standalone, single-function units with multifunction printing technology
- employ efficient, data-driven implementation and change-management processes.
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The Xerox solution produced a number of key benefits for KeyCorp:
- reduced document devices from 10,000 to 3,000
- improved employee-to-device ratio from 1.5:1 to 5.4:1
- decreased printing costs significantly
- reduced paper consumption by 30 percent over 18 months
- developed a project plan that can be moved to other KeyCorp offices.
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