E-xtraordinary Profits with E-Forms
we live in electronic times. Because text messaging, e-mailing and video conferencing are modern modes of communication, many businesses have adapted new technology to better serve a quicker pace of information exchange.
Yet, has the business forms industry been dragging its feet? Some say “yes.” As the demand for traditional forms continues to decline, many in the industry have adapted to modern forms, but have not necessarily delved into e-forms. Why? According to Mike Miller, vice president and general manager of the custom solutions division, Cardinal Brands, Lawrence, Kan., and William Akel, president, Synapsis, Las Vegas, it all comes down to the myth that there is no real profit and no repeat business to count on.
Both Miller and Akel debunked this myth stating that plenty of business exists in this arena with cost benefit ratios that more than lean to distributors’ favor.
Profitable New Pen
For starters, Miller mentioned Cardinal Brands' Xpaper, which works in conjunction with a digital pen that captures data for download into an e-form. The innovative system received a lot of attention at some recent industry trade shows.
Said Miller, “We positioned this pen as something distributors can sell against scanning systems since it can do specific things like map information to a database process.”
For instance, added Miller, the product is well suited to any market that uses scanning technology to house electronic documents, or any client with a mobile sales force with data capture needs.
“One of the best examples for using Xpaper with the pen is within the construction industry. Oftentimes, individuals will want to change something that has been built in their home or office, such as a counter top. When a contractor typically writes up a change order form on work that is already done, that form winds up rattling around the truck for a while and is at great risk for getting lost. If the form is lost, the contractor is responsible for the construction cost of the change which, in this case, can cost upwards of $1,200,” explained Miller.
“By using this product, the information is written directly into the database via the pen and has no chance of being lost. The pen itself only costs $500,” he stated.
Since the cost of the pen is so inexpensive compared to potential losses companies can experience without the technology, Miller said the sale should be fairly easy for distributors. In addition, companies are likely to order larger quantities of the pens to cover all personnel working in the field.
“We are still in the early adopter phase and searching for those willing to try this new and unproven technology,” he commented.
E-xciting Opportunities
Akel also rejected the profitability myth clinging to e-form products. He has a hard time understanding why the business forms industry is taking so long to catch up. He believes anticipated profitability on selling e-forms solutions to clients depends directly on how distributors choose to operate. “In most cases, distributors can expect 50 percent to 100 percent average gross profits on selling e-forms solutions,” he said.
Basically, distributors can partner with Synapsis, which provides PDF data entry, electronic laser forms and MICR checks for distribution, routing, viewing and print applications. Its complete range of electronic forms solutions includes online and offline e-forms with fill and print, fill and submit, distribution output management and distribution and route output capabilities.
“Through the use of electronic forms, filling in the form can complete the data entry portion of the process,” Akel explained. “Once the data are in customers’ applications or databases, they can view information through the use of one or more forms and only output to print the forms that are required in hard copy format.
“Through this technology, companies can change their forms on the fly without having to use up or throw away shelves full of preprinted forms,” he added.
Akel said E-forms can be used for everything from invoices and checks to part and accessory shipment listings. And, some of the markets where distributors can promote these solutions are accounting, automotive, hotel/motel, legal and real estate.
In addition, Synapsis can convert existing preprinted forms or design new forms based on the data output from existing software applications along with assisting in the analysis of form requirements.
Akel also said it is important to note the legal and compliance review aspects of e-forms use, which is why his company is staffed with forms designers and analysts who can address policy considerations in addition to the functionality of a form.
“Of course, distributors encounter barriers to selling e-form solutions because it is difficult for them to let go of the idea of selling preprinted forms over and over to the same customers,” stated Akel. “But, I believe distributors should take a risk. They must be willing to learn new information, engage in consultative selling and deal with decision makers. And, they also need to put aside the fear of failure, especially when working with Synapsis. Synapsis takes all the risk and allows distributors to simply deal with their customers.”
Both Miller and Akel urged distributors to take that leap of faith into e-forms. Rest assured, there is enough continued business through this offering to provide profits for years to come.
- Companies:
- Cardinal Brands Custom Solutions
- Synapsis