Lexmark Adds Corporate Problem Solving to Printer Business
"We prevented 30 percent of customers from walking out the door, because [the application process] wasn't handled properly" and eliminated the need for hundreds of workers who had been manually performing these tasks, Canning said. "We think there are hundreds of opportunities like that, and that it can be applied across probably 10 different industries," he added, naming health care, insurance, manufacturing and education as a few examples. All of Lexmark's solutions have a security system running through them that Lexmark developed in-house and that meets the standards of regulated industries, like health care—a market that's an easy fit for VNA, with its ability to pull medical records from various sources in order to create a more complete patient file. Canning said Lexmark is having great luck "expanding the relationship" with businesses that are already Lexmark customers.Over the last four years, Lexmark's renewal rate with its MPS customers has been 96 percent. As for whether Lexmark has any competition in the new space it's carved out, Canning repeated that it's in a unique position. "I don't know anyone who has assembled capabilities like we have," he said, later adding, "When we get customers interested in this conversation, there is no competitor." Follow Michelle Maisto on Twitter.
When asked how such solutions are priced, he offered, "Our conversations are about value creation, not price tags. Our ROI is what we talk about more, and that can range from 5 percent to 100 percent—or 10,000 percent. Really, every customer is unique."