Are you aware of your organization’s annual print costs? Usually, this estimate is nearly half of what the actual cost could be. Often, companies don’t track their print costs and end up underestimate them by a large margin.
Understanding your print costs can clarify why many businesses are now closely monitoring their spending. To get an accurate picture, you need to look beyond just paper and ink. In this blog, I’ll discuss both the obvious and hidden costs you should factor into your calculations.
Top Printer Costs for Your Business
Inflation has surged in recent years, hitting the printing industry especially hard. Cartridges are costly, and using “compatible” ink and toner to save money could end up being more expensive for your company in the long run.
Instead, consider a more effective approach to saving by thoroughly examining these five key areas to understand where your money is going.
1. Equipment
Start by evaluating your printing equipment. How many devices do you have? It may sound simple, but many businesses in North America don’t know the answer to this question!
When assessing your equipment, don’t forget personal printers, fax machines, industrial or thermal printers, and copiers. Also, be sure to note which equipment you own, lease, or have under contract.
After assessing your current equipment, consider your future needs. Is your organization growing? Will your printing requirements change in the next five years? If so, you may need to add more printing devices, which could alter your cost calculations.
2. Maintenance and Service
What do you do when your printer breaks down? You might pay a one-time maintenance fee, or you could have a contract with your equipment provider that includes ongoing service and maintenance.
Gathering this information can be tedious since you may find devices with different vendor contracts, warranties, and service agreements. However, organizing this data in one place will help you identify potential savings for your organization. This kind of optimization can have a significant positive impact.
3. Supplies
Next, consider all the supplies your printing devices require, such as paper, staples, toner, and print media. Review the methods used to purchase or order these items.
For larger companies, centralizing these supplies in one or two locations can make monitoring easier. You might discover that your printing expenses are more predictable than expected, such as higher costs at the end of each quarter.
4. Employee Burden Rate
Consider how often employees deal with paper jams, troubleshoot networked printers, order supplies, or schedule maintenance. How frequently do your IT staff have to interrupt their work to handle printer issues? If you’re unsure, ask them; they’ll likely have plenty to say. Their time is valuable, and if they’re spending too much of it on printing issues, your ROI is suffering.
Recent estimates suggest that up to 50% of helpdesk calls are related to printers. Find out how much time your printers are consuming and who is affected.
5. Equipment Lifecycle
Printers lose value over time with increased usage. To manage this effectively, start by reviewing the warranty information for any printers you own to understand what is covered and for how long. This will help you anticipate potential issues and make informed decisions about repairs or replacements.
Even if a printer is still functioning, it might not be cost-effective to continue using it. Outdated printers can incur higher costs due to increased energy consumption, frequent maintenance, and the need for expensive repairs or parts. Additionally, older equipment can pose significant security risks, as it may lack the latest security features and updates.
Regularly assess the age and performance of your printers. Consider factors such as energy efficiency, repair history, and compatibility with current technology. Upgrading to newer models can often lead to long-term savings, improved performance, and enhanced security. By proactively managing your equipment’s lifecycle, you can optimize your print operations and reduce overall costs.
Take Control of Your Print Expenses
To manage your print costs effectively, it’s important to understand all the expenses involved. By evaluating your equipment, planning for future needs, organizing maintenance details, tracking supply usage, and considering how much time employees spend on printer issues, you can get a clearer view of your actual costs.
Addressing these areas can help you uncover hidden expenses and find opportunities for savings. This approach will improve efficiency, reduce costs, and boost your bottom line. For extra help, consider getting managed print services (MPS) from Tech Wise to take control of your print expenses.
At Tech Wise, we can help you manage your print costs! Reach out to us today!
