Lessons learned from an entrepreneurial business history
Subject: Syntel, LLC, now called AutoMail®, LLC
Why? We’re entrepreneurs.
We see opportunity when and where others don’t.
A form of ESP. A sixth sense.
We’re strategic planners. Never stopped.
Continuous monitoring and improvement.
Understand External forces and Internal capabilities.
Understand Actionable Issues: Opportunities and Threats.
When experience and knowledge of a specific market converge with new technology promising significant and measurable applied value, it’s time to act.
The Known Converging with a Promising Unknown.
We know banking.
We know check imaging technology.
We know the USPS.
We’re Certified Business Partners with the USPS.
USPS initiative to promote work share discounts via Automated mail presentment.
No affordable solution available on the market at that time.
An opportunity begging to be fulfilled.
Set out to develop a solution: AutoMail®.
Saves banks 25% on the cost of postage to mail their customers monthly checking account statements.
We didn’t need market research to confirm and quantify demand. It existed. It was compelling. And we knew it.
How? Develop an affordable solution for image capable banks.
Partner with all bank technology companies offering check imaging.
Utilize their sales and distribution networks.
Strategic pricing that used postage savings, hard dollars, to pay for software.
Pitney Bowes reaches out to partner with us since we have the only solution of its kind for America’s banks.
We were first and only company to knock PB out of first place with any market.
Money back guarantee if AM failed to deliver as promised.
In 8 years, we were the largest provider of mailroom software for banks.
Since 1999, we’ve saved America’s banks more than $1 Billion in mailroom costs.
What Now? The threat of a changing market.
Never failed to deliver and never lost a customer until 2006 when bank M&A’s ramped up.
In past 15 years, number of banks has dropped 50%.
2008 banks began moving from in-house processing to outsourcing due to rise of mailroom costs and popularity of eStatements.
AutoMail® sales slow and cancellations grow.
This becomes a permanent trend not an aberration.
Expand markets with new software.
New application value for banks.
Expand beyond banks to all transaction verticals: Utilities, insurance, cable, Telcos, etc.
New software that can optimize a banks savings on its daily notices as well as its statements.
Develop software that’s independent of the USPS.
Set up outsourcing business: Document Output Center, DOC.
Offices in Jonesboro and St. Louis.
Notify our current AM users that we offer outsource services.
Immediately expand beyond banks into other verticals: Utilities, cable, insurance,
Transaction companies in general, etc.
Develop new strategic partnerships with technology providers for utilities, etc.
We now have three flagship products and nine ancillary solutions.
We serve all transaction-based businesses.
Leverage technology to lower our unit cost of growth.
AutoMail® added to Smithsonian’s permanent display of Modern Business Solutions.
What next? Stay tuned.
Know your key market or markets.
Know the key players.
Know the subject matter.
Know the competition.
Look for convergence.
Listen to customers.
Seek and retain the best talent.
Always believe there’s more opportunity today than there was yesterday.
Act swiftly and decisively.