Consolidation Pays Big Dividends for Fidelity
Consolidating four printing operations into one has already saved $1 million in costs for Fidelity Investments’ Document Printing Services. An influx of new equipment and software enhancements promises to further boost efficiency and effectiveness.June 2012 By Erik Cagle
It has long been said that trust is the hardest thing to earn and, when lost, virtually impossible to regain. For many people, the most difficult decision is entrusting a stranger or an entity to provide maintenance and care to our loved ones and money. Reputation and results are everything. An epic failure irrevocably damages custodians of family and finances. There are no second chances.
On the fiscal end, Fidelity Investments is a leading mutual fund company that provides comprehensive workplace savings plans and is synonymous with Individual Retirement Accounts (IRAs). It counts retirement planning, portfolio guidance, brokerage services and other financial products among its dossier of products for 20 million-plus individuals and institutions. Fidelity has $3.74 trillion in assets under administration, including $1.65 trillion of managed assets.
For a firm that maximizes return through sound investment strategies, the company itself must embody these principles in its internal operations. Not surprisingly, Fidelity Investments’ in-plant, Document Printing Services (DPS), mirrors its parent company’s core values. Its mission is to provide its inward-facing clients with high-quality, efficiently produced materials via its 9,000-square-foot facility at the Boston headquarters or through its remote locations in Westlake, Texas, and Salt Lake City.
The commander in chief of DPS is Michael Luzzo, vice president of Fidelity Investments, and a dyed-in-the-wool company man. Luzzo has guided DPS through the greatest transformation in its 40-odd year history—a consolidation that concentrated four New England printing facilities into one. It included an equipment change-out and software augmentation that is making the in-plant sleeker, and increasing effectiveness and efficiency.
Relevant to the Corporation
Make no mistake about it, serving the overall mission of Fidelity Investments is the alpha and omega of Luzzo’s objectives. But it is that singularity of focus that has compelled Luzzo and his 23-employee crew to deliver an offering that enables it to remain relevant to the corporation.
“We, collectively, have a fiduciary responsibility to the firm that we’re going to run this in-plant to the best advantage of Fidelity Investments,” Luzzo proclaims. “If it is concluded, through benchmarking or other analytical method, that this isn’t the best way to run this shop, then it is our responsibility to recommend to the firm to do it in some other way.”
Fidelity Investments’ printing structure is two-pronged. It has a separate division, run out of Covington, Ky., that provides all of the end user-facing print, including statements, confirmations and checks. DPS does most of the enterprise printing that supports the business units, an all-digital configuration that produces (among other things) presentations, bound booklets, brochures, flyers, name tags, training manuals and posters.