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Back now live from Santa Barbara California the Wall Street Journal economics conference -- the -- Xerox.
Synonymous with copies right but the company is actually trying to turn on its -- genetics upside down teaching companies how sick -- -- Managing documents and reducing the number of copies that they make.
Now companies are lining up at Xerox to find out how to do it to what are the printing company won't help clients deep -- there because -- their own product.
-- -- -- Xerox chairman -- joining us now exclusively on Fox Business thank you -- for example yes.
It came to -- what they say that help us save money bring you taught them how to make fewer copies.
And six years later -- saved them a million dollars a year yes.
And the reason we're doing this because for listening that's -- our clients are asking for their looking.
Really forward to different things are looking to optimize their infrastructure they do want to spend -- and it's particularly important now.
But sustainability they want to be more responsible they want to print less than one more viewed content.
They clearly wanna get control of their documents and it's a big business for us it's really the driver of our services business which is -- three and a half billion dollar business now -- services I'm glad you brought that up because of people are saying let me stick with the old Europe pretend that I have because I don't have the money to buy new -- right you can at least sort of on that IBM model come through with the service is part of the industry.
What are you going to build that up well you know and given the printer itself it's a tent.
Quite frankly a narrow part of document management and down a lot of that comes -- Designing documents.
On digitize -- documents we all still live in a papal world for the did you station of information is really a very big business.
Then it's the storage it's the retrieval -- the content management associated with that.
So there's clearly a whole value stream of opportunity Iran documents that.
You know the printer and now more importantly the multi function device because it's far more efficient.
Just the kind of network appliance for ten and here you are also coming up with other solutions when I was at Xerox park the Palo Alto -- center last -- We looked it erase it will paper they have because it was found that people look at documents they look at the paper and about 24 hours later.
80% of it is tossed the majority of what we look at it has transient value the day.
And dad yet obviously that piece of paper is is gone for good.
And therefore this context of saying okay and non -- based print.
Where it can disappear and can be programmed to disappear somewhere you know eighteen hours -- for hours whatever.
And be re used hundreds of times it's just a wonderful solution and we're piloting it today we think it has a lot of merit.
But in addition to that we have solutions available now things like high yield paper which used.
Have given trees.
And -- you know we invented two sided copying and a lot of our clients now are defaulting.
And doing everything on for two -- -- -- look at all that the printer if you look at the two is a default which is absolutely this conference here though the people.
Right now look at.
All of you I mean it just talking to -- Porter did see each other days starting at eleven product.
But there are loads of people on Wall Street right now it's it's no credit.
Nobody's doing business everything's frozen -- and it's not really the experience you're having right now as a major company out there.
Well I think -- -- a lot of drama.
And certainly around that.
Doesn't necessarily flow through and have the impact that.
You know we hear about.
There's no question that you know business lions are impacted and people are holding back on purchases.
But they are buying what they need and part of what we have to do.
In our businesses isn't sure that -- Our offerings are lined up with what people actually care about and are willing to -- in times like this.
And that's where you know if you could impact the bottom line and -- companies twenty -- 30% of what they're spending a certain area and then they're gonna make that investment at this point in time.
So we're seeing impact but we're an annuity based business switches.
A great business model in times like this so I'd say it's a lot.
Less of a dramatic impact that it might be on transactions in the new administration there yet.
To dealing with a whole host of issues that panoply of drama out there -- -- -- like the stimulus plan as a business leader what do you think that.
Well I like the stimulus plan as a citizen first I would have to tell you that -- we need to take action we needed to be quick.
Believe that this is one where speed trumps perfection in terms of whether or not we like everything in the stimulus plan or whether it's perfect.
-- think that the plan.
Has a spending -- to it -- a consumer elements that are so important for.
I'm not sure that business was the number one focal point for the stimulus plan and I'm OK with that I'm looking to say if we can -- this economy.
To reduce unemployment.
Clearly address some of the really systemic issues than that's going to be good for business is an outcome verses and east this.
Specific set of tax incentive speaking of taxes are you okay if wealthier people attacks and of course he's defining -- -- 250000 or more lovable that's not wealthy but.
That that whole theory of from the top down where the -- -- the wealthier people are already paying quite a bit of taxes -- they've got the capital gains of benefits so far yes I'm okay.
I'm actually realistic and down we have a lot of enormous problems in this country.
And and we have a huge deficit are ready.
And we're gonna have to start paying for some of the solutions that we have to put in place and I'm a realist and I believe that there's got to be.
Some increase taxes and clearly it's going to be those that have the most well.
And Mulcahy chairman and CEO of Xerox thank you very much for coming on fox explicitly it's great to hear your thoughts great.
Our colleges issue that I have pledged strict support -- there.
Thank you so much.
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