Standard Register, founded in 1912 in Dayton, Ohio, has been making strong headway in renewing itself in the Digital Age. Over the last two years, the company has been revitalizing itself in the face of a declining forms industry. This included an intensive review of Standard Register’s products and services and the market segments and customers it serves.

Led by Dennis Rediker, who joined the company in 2000, Standard Register launched a Renewal Plan in January 2001 to take advantage of growth opportunities and create increased shareholder value. The four-step plan, which includes Restructuring, Reorganization, Performance Improvement and Growth Initiatives, aims to create Total Shareholder Return averaging 30 percent per year through 2004, a tough challenge in a difficult economic climate. The long-term goal is to position the Company for sustained top line and bottom line growth.

As part of the Renewal Plan, the Company reorganized into Strategic Business Units (SBUs). The change to SBUs allows each unit to have a dedicated management team that is accountable for and focused on growth opportunities while helping to drive performance, productivity and continuous improvement for Standard Register as a whole.

WhatTheyThink.com spoke with Standard Register’s CEO, Dennis Rediker, to get the latest update.

Part One Topics:
- Strategic Business Units
- Core business areas
- Where did “forms” go?
- Target industry segments
- Acquisition of InSystems & PlanetPrint

See part one.

Part Two Topics:
- The paperless society theory
- Staffing strategies
- Dealing with this economy
- The environment for success

WTT: What are your thoughts relative to how quickly the transition away from paper will be?

DLR: The concepts of a paperless and cashless society have been around for decades. Paper is never going to go away completely. There will always be some information management activities best handled by paper. Today some of that is driven by regulatory requirements, although even that will change. As the technology infrastructure shifts, a technology adoption curve has to take place, which normally takes a fair amount of time.

Having said that, we believe our clients want to move toward a digital workplace, but would prefer not to take on huge technology risks, so we are bringing enabling technology and solutions that allow our customers to take advantage of either platform over time via a carefully thought out migration plan that we help them develop.

We believe it is important that we add value in both paper and digital environments in order to help our customers manage the risk/reward equation.


WTT: Can you tell us a little bit about your staffing strategies to make sure you have the right resources to meet this challenge?

DLR: We look to get the right people in the right roles and then give them the freedom and support to excel in their jobs. We look for people who live the intrinsic values of integrity, candor, accountability and respect that thrive in environments where they leverage their strengths to fulfill their role. We work in a collaborative environment wherein we appreciate the value of each contribution. We are paying attention to talent both internal and external to the company. Standard Register has many talented people among its 6,000 associates. We want to make sure we put that talent to use to the best advantage of our company and our customers.


WTT: How have you been impacted by the recent economic climate?

DLR: Weak economic and challenging market conditions have dampened sales in 2002. But we’ve continued to invest for the long term.

We’re using Six Sigma and other methods to drive operational excellence to help us provide flawless delivery and be easy to do business with. Innovation and thought partnership are also key areas of focus to add superior value to customers and differentiate Standard Register.

We’ll be more aggressive in the marketplace to grow our share with current customers as well as acquire new customers. Our solutions help to reduce costs, improve efficiency and drive revenue, so it’s a great time for customers to be engaging us. The sooner they do the sooner they start reaping the benefits.


WTT: How do you feel about Standard Register’s future, and what are your strategies for growth?

DLR: We have plenty of opportunities to grow in the industries and customer base that we serve. We’ll be driving to expand business with current customers by providing them with our broader solution set and continuing to innovate, such as with e-business solutions.

We will strategically increase our efforts in fast-growing markets--multi-billion-dollar markets growing at double-digit rates.

We also have ample opportunities to grow internationally. We have large multinational customers that want the same kind of services we provide for them in the U.S. to be available to them globally. With joint ventures and/or alliances with companies in 40 countries, we serve customers wherever they are.


WTT: What would you categorize as your biggest challenge moving forward?

DLR: Our biggest challenge is making sure that we have the right people in the right roles that are aligned with the strategies and vision. Moving an organization to change its focus and priorities is a challenge, but we have been very open and honest about what we are doing with our associates. We are also talking to our customers so that everybody knows what to expect and we are facing the future based on reality as opposed to speculation.


WTT: What do you see as your role as CEO, and what is at the top of your agenda?

DLR: The most important thing I can do as CEO of Standard Register is to create an environment and context where our associates can be successful. We all agree on what we are trying to accomplish and everybody’s role in achieving that. Keeping that alignment in place and making sure that employees have what they need to be successful is the most important thing I can do.


Mr. Rediker, thanks for spending time with us today. We’ll be looking forward to watching Standard Register continue to evolve under your leadership.

See part one.