Welcome to the Dove Direct Print and Marketing Blog. Today's post, "Transactional Print is More Secure," highlights changing trends challenging data security, of which some of the most egregious data breaches have come to the fore in recent days and are continuing to emerge unabated. These data breaches are not only appearing in corporate business establishments but also within government infrastructure. Both government and the private sector need to revise their data protection strategies, requiring additional investments to secure digital infrastructures. Several recent cyber attacks serve as a reminder that although digital deliveries and paperless billing options are nearing maturity, transactional documents are equally important, thanks in part to print's digital technology and the security of hardcopy mail. Many subject matter experts agree that digital advancements in the transactional landscape point to solid reasons as to why transactional print is growing in stature. These improvements include variable data, color, QR codes, streamlined workflows, and the ability to create customized, personalized campaigns on the fly. Moreover, the most significant reason for the increasing value of transactional document processing is the customer. A growing number of consumers are uneasy regarding the digital sharing of information, especially billing. The genuine need for transparency, trustworthiness, and security in transactions suggests this form of marketing will continue to grow in the age of all things digital.
Our Quote of the Day: "The coming of the printing press must have seemed as if it would turn the world upside down in the way it spread and, above all, democratized knowledge."
– James E. Burke
The Industry is Growing
Transactional document printing represents a rather sizable market with a plethora of collateral, ranging from forms, invoices, billing, transpromo statements, and a range of other document types, including informational documents and sensitive data. Furthermore, there is a significant volume of transactional collateral that can be output by digital printing technology.
Kemal Carr, president, Madison Advisors, recently stated, "As reported in the industry, the current size of the transactional print market is $3 billion." Eric Hawkinson, VP of marketing, Canon Solutions America, Production Print Solutions, referenced a Keypoint Intelligence/InfoTrends' 2019 report that acknowledges transpromo is one of the top ten growing applications in the coming years. Transpromo impressions are slated to grow from approximately 27 billion in 2018 to about 33 billion in 2023.
Mr. Hawkinson states, "Transpromo offers a huge opportunity for digital printers due to the ability to add customized promotional content—cross selling and up-selling—to individual statements." In today's digital printing world, digital technology advancement, particularly with the production of inkjet presses, affords the ability to combine transactional data with promotional messaging. That process is now much easier and faster to execute.
Further, Glenn Toole, VP, sales & marketing, MCS, Inc., divulges that the annual revenues related to transactional mail measure into the tens of billions of dollars. "The USPS alone measures revenues of approximately $25 billion in 2019 related to first class mailings—which is heavily dominated by transactional mail." Besides, a minimum of 80 percent of the transactional document market is fully digital. And with the personalization requirement, many transactional documents can now implement personalization, which requires digital printing technology at the end of the day.
The Smarter Print Trend
All print collateral is now under the usage and auspices of digital print technology, which goes for transactional document output. As a result, these printing trends include more intelligent printing, outsourcing, and color documents. Mr. Hawkinson raises an essential point in this area. With 98% of transactional statements opened by the recipient, one need only point to the historical and vital relationship the customer has developed with the sender.
Another trend is within the financial sector, where institutions opt for transactional statements to reduce call center activities while simultaneously promoting supplementary solutions to drive behavioral changes.
Variable digital printing, aka variable data printing, aka variable data, is the major trend accompanied by color selections in the transactional document printing world. Why? Consumers now require straightforward content that contains pertinent information that focuses on their personal history and habits with the brand. While the overall volume of transactional documents is flat, thanks to color, color pages are growing by several percentage points every year.
Carlos Martin, a Solutions Manager, digital saddle stitching, states, "Today's transactional printers must manage both physical printing and data streams to comply with market requirements for security, completion, and compliance." This adherence to data requirements is especially true for healthcare providers, which mandate complying with HIPAA. Commercial print providers understand that data compliance is the utmost for the insurance, healthcare, and financial service sectors. These sectors are highly regulated. That said, document security should be of primary concern across all industries.
Complying with market requirements will undoubtedly necessitate significant investments in both hardware and software to produce efficient and reliable solutions. Large commercial printers and direct mail companies that operate in the transactional print world have the upper hand in this space due to previous existing software/compliance infrastructures. Martin states that this is a primary reason why many key players in the transactional area position themselves as data and analytics solution providers rather than printers. "Their ability to safeguard, print, and distribute highly sensitive data is an extension of their service and solution offerings."
It's vitally important to maintain the utmost level of integrated print and mail, including data security. Brands must also ensure that documented, standardized process controls are in lockstep with standard operating procedures. Marks continues with, "One misplaced document can lead to major financial fines and negatively impact a reputation. Print providers can optimize the end-to-end mail piece lifecycle with compliance and ensure all print, insert, sort, and mailing equipment produces at high quality and integrity." Transactional mail operations have to promptly deliver accurate documents to the correct recipients, particularly in highly regulated industry sectors. Marketers can be compliant and accomplish their goals with transactional print. Thanks for reading "Transactional Print is More Secure!"
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