European Businesses Could Save up to 20 Per Cent of Annual Turnover by Addressing ‘Bigger Data’

  European Businesses Could Save up to 20 Per Cent of Annual Turnover by
  Addressing ‘Bigger Data’

Business Wire

LONDON -- October 10, 2013

New research commissioned by Ricoh Europe^1 illustrates the benefits to
European businesses of tackling the ‘bigger data’ opportunity – the
digitisation of business critical, hard copy documents for business
decision-making. Leaders clearly understand that significant business value
lies locked away in paper documents, with 88 per cent agreeing that digitising
and unlocking data from physical documents would improve business
decision-making. Furthermore, 70 per cent of European business leaders believe
that digitising hard copy documents would save between five and 20 per cent of
their annual turnover, with half of these respondents able to achieve a five
to 10 per cent return and the other half between 11 to 20 per cent.

David Mills, Chief Operating Officer at Ricoh Europe says, “Leaders are aware
that the business opportunities of big data go beyond the digital and must
address the physical documents that also hold critical business insights. With
leaders under pressure to make the right decisions to steer their businesses
out of the downturn, we found overwhelming agreement that digitising and
unlocking data from physical documents would improve business decision-making.
Indeed, business leaders still foresee volumes of hard copy information
growing in the workplace. It is clear that we are now in the era of bigger
data and our ability to easily access information, whether digital or
physical, is essential as organisations accelerate their digital
transformation and drive business growth.”

The research reveals that over 50 per cent of organisations still have between
five and ten years’ worth of information stored only in hard copy. This is not
only having an impact on business decision-making but also productivity and
the bottom line. The majority of leaders (63 per cent) agree that it takes too
long to find the information they need from hard copy files. Data that is
fragmented across filing cabinets, warehouses, basements and files held by
employees, often comes at a significant price. Rental space is at its highest
in London, with annual occupancy costs the most expensive in the world^2.

While the initial focus of big data initiatives has been on digital data
sources, there is growing recognition from business leaders that there is
significant value lying dormant in physical information assets. 76 per cent
said they could have learnt from the previous recession and reduced the impact
of the current one if they had better access to historical data. As a result,
over three quarters of respondents have spent more time digitising historical
data during the economic downturn. HR, finance and procurement functions
continue to rely on paper-based processes in many cases, and often compliance
dictates how certain hard copy data, such as medical records, must be
retained. However, the digitisation of hard copy documents is now becoming a
business priority for organisations. Six out of ten respondents (57 per cent)
expect to have completely digitised these assets within the next three years.

Mills continues, “The first step to managing bigger data is to eliminate the
mystery surrounding it. There is one real outcome that matters. That's
collecting, analysing and acting on the high-quality information available,
and using it to provide a better service to clients, winning their loyalty and
continued custom. Valuable business insight existed long before the big data
boom, so it is essential to continue to look beyond digital information.
Significant trends and insights from historical data, for example archived in
hard copy, can help to tell the full story and are essential for businesses in
the future. The economic crisis has underlined the importance to the
organisation of gaining a 360-degree view into the environment around them,
both in the past and present. It’s therefore vital that businesses harvest all
of their critical information to gain competitive edge, and enhance business
decision making in the future.”

View Ricoh’s video on the true value of digitising business critical
documents.

For more insights into the impacts of technology lead change visit
www.ricoh-europe.com/thoughtleadership.

                                    -ends-

| About Ricoh |

Ricoh is a global technology company specialising in office imaging equipment,
production print solutions, document management systems and IT services.
Headquartered in Tokyo, Ricoh Group operates in more than 200 countries and
regions. In the financial year ending March 2012, Ricoh Group had worldwide
sales of 1,903 billion yen (approx. 23 billion USD).

The majority of the company's revenue comes from products, solutions and
services that improve the interaction between people and information. Ricoh
also produces award-winning digital cameras and specialised industrial
products. It is known for the quality of its technology, the exceptional
standard of its customer service and sustainability initiatives.

Under its corporate tagline, imagine. change. Ricoh helps companies transform
the way they work and harness the collective imagination of their employees.

For further information, please visit:

www.ricoh-europe.com

| About the Research |

The study was conducted during May and June 2013 by Coleman Parkes Research
and commissioned by Ricoh Europe PLC. The online survey consisted of 735
senior business and IT decision makers across 8 vertical sectors, education,
legal, utilities/energy, healthcare, public sector, retail, manufacturing and
financial services sectors. Participating respondents were from the UK,
Ireland, France, Germany, Spain, Italy, Netherlands, Belgium, the Nordics
(Sweden, Finland, Norway and Denmark), Switzerland and Russia.

^1 Research conducted by Coleman Parkes Research, May-June 2013 ^2 Research
conducted by Cushman & Wakefield, 2013:
http://www.cushmanwakefield.com/en/research-and-insight/2013/office-space-across-the-world-2013/

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Contact:

Ricoh Europe PLC
Janice Gibson
Tel: +44 (0) 20 7465 1153
E-mail: press@ricoh-europe.com
Homepage: www.ricoh-europe.com
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