Why Do Companies and Financial Institutions Outsource Print and Mail?
The reality is that businesses in nearly every industry have endured deep and often painful cuts. So, the question isn’t if you’ll be slashing expenses, but rather which ones and by how much. One proven but often overlooked option is outsourcing print and mailing production. We offer print and mail services that give you unprecedented control over document content, layout, approvals, inventory and more. We specialize in working with companies in highly-regulated industries like insurance, credit unions, banking, auto finance, healthcare, utility companies and more.
When companies outsource their print and mail, they hand off the production and delivery of statements, bills, letters and other customer documents to a print solutions provider like FSSI. There are many reasons that many businesses choose to outsource their print and mail. There are a few major advantages of outsourcing compared to printing in-house. It is a sound and proven business strategy that helps companies:
- Minimize capital investments
- Avoid long-term lease commitments
- Reduce paper, postage and production costs
- Improve and stabilize cash flow
- Generate reports to satisfy compliance auditors
- Reduce the risk of a costly data breach
Advantages of Outsourcing Print and Mail Processing
Outsourcing your printing and mailing is a proven method to increase efficiency and reduce the costs associated with producing customer documents such as statements, letters, bills, invoices, notices, and direct mail pieces. Your company can reduce compliance risk, and improve the quality and value of transactional, compliance and marketing related documents by partnering with a print and mail company. Some of the benefits of working with a full-service print vendor include:
Cost Saving Benefits:
- Equipment Purchases: In the printing and mailing of documents, imaging and inserting equipment is a major investment that comes with a large annual maintenance expense. FSSI’s strategy of utilizing industry-best equipment allows you to take advantage of new and emerging technologies with no capital investment of your own.
- Payroll: Cost-reduction initiatives typically start with reducing the headcount. Printing and mailing services are labor-intensive. When you outsource print and mail services to FSSI, we manage all payroll and labor concerns.
- Overtime Expenses: Outsourcing printing and mailing eliminates excessive overtime, any production or scheduling crunches is handled by your print and mail provider. Many print-mail providers run two or three shifts only during peak times. At FSSI, we operate around the clock, all day, every day.
- Inventory Management: Inventory storage and management add to your overhead. Outsourced print and mail free up floor space for your core business functions. FSSI allows you to maintain control of your inventory online, or via your mobile device in real-time through our online workflow management tool workStreamOne™.
- Energy Costs: Printing and mailing equipment is energy-intensive, and so are the backup systems needed to operate them effectively. As a sustainable printing company, FSSI utilizes numerous power-saving technologies in our print-mail output.
- Print and Mail Consumables: The management of supplies such as inks, oils, and toners is handled by your print vendor. When you partner with a document outsourcer, they handle all of the vendor management details.
- Postage Optimization: Though total production costs vary by job, FSSI helps clients maximize savings through multiple levels of presort automation. Many companies partner with a third-party print and mail vendor, due to the ability to leverage multiple levels of presort automation. We analyze your mail to ensure the lowest postage rates possible, and if appropriate, may propose a solution that includes duplex printing and envelope sizing.
Security, Compliance and Transparency Benefits:
- Risk Avoidance: Working with a transactional printing company shifts the liability for compliance-driven SLAs (service level agreements) to your print management partner. Business continuity and backup planning related to document production and mailing are also shifted to the outsourcing company.
- Internet Services: Eliminate the risk and heavy financial investment of deploying or upgrading your in-house electronic presentment or mobile bill pay solution. FSSI offers tremendous flexibility and customization for any electronic delivery option you choose.
- Production Reporting: Companies with internal departments often depend on manual reporting by employees. FSSI provides a suite of sophisticated online print workflow management and reporting tools that are available online, 24/7. Real-time reporting gives you information about your job status, as well as the in-depth data often required by managers and accounting staff.
- Data Security: Complying with new regulations can require significant infrastructure upgrades. For many companies, adding new security technologies is a costly proposition. With FSSI as your statement processing provider, you’re assured of the highest levels of data security and compliance. We regularly satisfy our clients’ most rigorous security requirements, including the exhaustive independent SSAE-18 Type 2 audit. Read more about Security Practices or Secure Printing and Mail Processing Equipment.
Compliance-Ready 24/7 Reporting
Through new and innovative print job tracking tools, FSSI clients who use our audit service can verify the delivery of time-sensitive mail pieces throughout the postal journey. Our workflow and document management reporting tools work with delivery by the Postal Service and other common carriers. It’s one more weapon in your arsenal. One less worry for the compliance team. Learn more now.
Advantages of Document Outsourcing
Prudent and practical, transactional printing and mail services from FSSI help you:
- Reduce statement processing and delivery costs
- Receive maximum postal discounts
- Create more compelling documents
- Market and cross-sell with greater impact
- Comply with government regulations