Diebold, a North Canton company that makes ATMs and security systems, has launched an effort to turn its business around.
According to a CFO.com article, the company's earnings peaked in 2008, then began to fall, inspiring it to look for a new direction. In fall 2013, Diebold's new CEO, Andy Mattes, started a strategy called 'Diebold 2.0' with the goals of working more with customers to find solutions to problems, cutting costs, and launching new services and products.
The ultimate aim of Diebold is to become a company noted for its services, with software and services already make up over half its revenue. Thus far, the turnaround seems to be going well; in 2014, the company's revenues were up almost 7%.
Diebold officers describe the process as using a lot of self-help to figure out where they want to go. At the moment, they're focusing on fundamentals such as cash, cost, and talent. The company is also partnering with banks to help them improve their automation. Banking customers are interacting with their banks in new ways, sometimes online, sometimes via phone, and sometimes in person.
Diebold is helping banks automate as many routine transactions as possible, so they can concentrate on other matters.
Diebold officers might work with brochure printers to create a pamphlet that describes 'Diebold 2.0' and make it available to financial institutions throughout the area.
