Cutting print costs by 72% at CMC Markets
Established in 1989, CMC Markets has evolved into one of the world’s leading online CFD providers and financial spread-betting companies, with more than 26 million trades executed annually.
The company was famously started with a £10,000 investment, which is approximately the same amount they were spending on their monthly printing until recently, prior to Xenith’s involvement.
As they were relocating their offices, CMC Markets realised this was an ideal opportunity to get their printing costs and carbon footprint under control, as well as implement an efficient document infrastructure in the new location.
CMC Markets had a fleet of 76 output devices including mono and colour printers, fax machines and copiers. They printed approximately 79,061 black and white pages and 80,470 colour pages per month.
The print policy did not encourage users to print efficiently, resulting in large volumes of wasted print, expensive colour printing, high maintenance costs, and a diverse fleet requiring many different types of consumables and servicing from different brands and vendors.
Thus, CMC Markets wanted to reduce costs, carbon emission and IT support, while improving the experience of printing at the same time.
Improve functionality and usability of printing fleet
Reduce the cost of printing
Reduce carbon emissions.
Xenith and CMC markets realised they needed to streamline the printing fleet, and attain a reasonably priced cost per page model across the new fleet.
Traditional printing, faxing and copying solutions on stand-alone personal devices were phased out in favour of six strategically-placed Xerox ColorQube multifunction devices and four mono printers.
Unique to the market, the Xerox ColorQubes apply variable charges to colour prints depending on the colour coverage on each page, instead of one expensive flat rate for colour. If the page has only a small amount of colour, it is charged at the same rate as black and white.
The ColorQubes are also ecologically-sound machines. Their solid ink consumables require 90% less packaging than conventional toner, and they are Energy Star-certified for reduced power consumption.
A managed print service was implemented to resolve proactively any potential issues - including the replacement of consumables - before they become live issues.
The service includes continual monitoring and optimisation of the document infrastructure according to business requirements and user behaviour patterns.
Management information reports are regularly provided, and a single consolidated invoice is sent every month.
A follow me solution was also put into place, allowing users to walk to their machine of choice and retrieve the print from their own personal print queue using a touch card, enhancing security and ease of use while reducing waste.
An optimised print policy was put in place, encouraging users to print double-sided pages with little or no colour by default.
Initially, one ColorQube was implemented on a trial basis. As the benefits emerged, the rest of the solution was implemented on a department by department basis.
Greg Gawthorpe, Technical Operations Manager, CMC Markets
Due to the combined efficiencies provided by the Xerox ColorQube, managed print services and the follow me solution, annual expenditure on printing has been brought down by a stunning 72%.
This has been achieved primarily due to the three-tier billing system on the ColorQube, as 48% of pages previously charged at the rate for full colour, are now charged at the rate of black and white.
The volume of print has been reduced from 160,000 pages per month to 113,000 pages in total, a saving of 564,000 pages annually.
This has been accomplished by reducing wasted print through the implementation of follow me printing, as well as implementing duplex printing by default.