Figure 1: 5 Stages of the IDLC
When Apollo Global Management acquired Pitney Bowes Management Services (PBMS) from Pitney Bowes for $400 million in late 2013, it was unclear what direction Apollo would take the company. Now we know. The newly-formed company—Novitex Enterprise Solutions—unveiled its strategy last month through a press release and updated content on the company’s website. We had a chance to catch up with their Head of Business Development, Irina Novoselsky.
Here is what you should know about Novitex:
- Provider of the end-to-end service solution, Integrated Document Life Cycle™ (IDLC™), a 360-degree view of the document, as it travels in and out of the enterprise
- Headquartered in Stamford, CT, USA with 10,000+ employees
- InfoTrends estimates revenue in the range of $700 million to $1 billion
- Substantial Fortune 500 client base
- Claims to have a 30% market share of managed documents
It is no coincidence that the Novitex logo contains a Mobius. As Novoselsky points out, “The Mobius is a key visual in explaining the five stages of the IDLC: Multi-channel Receipt, Capture, Data Extraction, Intelligent Data and Production. Our service framework starts at any stage with the goal of ensuring compliance, enhancing customer satisfaction, increasing productivity and reducing costs to drive growth across the clients’ enterprise”. That said, it should come as no surprise that the term “Integrated Document Life Cycle” is a trademark of Novitex and they have given it primary positioning in their marketing material (Figure 1) to show how they can support the full breadth of clients’ inbound and outbound document needs.
While the basic premise of their life cycle is nothing new to this industry, we expect that this story will resonate well with clients and prospects. InfoTrends recently published a paper entitled “Finding Value in Document Process Outsourcing Engagements” in which some of the same key messages of regulations and compliance support, data services, as well as multi-channel communications emerged. Having the storyline is one thing, execution is another. The challenge that Novitex will face—along with its competitors—is in getting senior stakeholders to the table and gaining ownership of the entire process. Often times, enterprise needs are focused on point solutions and rarely result in implementation of an end-to-end solution in the first engagement. As such, we expect Novitex to focus on service expansion within existing client accounts where they have already built the trust that is needed to move into a more value-added role.