Xerox 2003 Annual Report Download - page 6

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4
Over the last two years, we have brought to market some
38 new products as well as a rich portfolio of smart document-
related services. These investments are already paying off.
In fact, more than half of our equipment sale revenue last
year – and 60 percent in the fourth quarter – came from offer-
ings that were introduced in the past two years.
That pace will only quicken in the years ahead. We not only
continue to invest heavily, but we’ve also become very smart
in focusing that investment on solving real problems that real
people have in the real world. Last year we were awarded
628 patents to place us among a handful of leaders worldwide.
These are not patents for the sake of numbers. One of the
hallmarks of the new Xerox is a deep desire to be connected
to the realities of our customers. And we work at it with
a passion and pervasiveness that no other company in our
industry can match:
•More than 12,000 Xerox managed services employees
currently work on-site in hundreds of customer locations
around the world.
•Our cadre of 350 senior executives have each accepted
personal responsibility for at least one of our major accounts.
•Our research labs regularly host customers for two-way
communication exchanges.
•Our product developers and engineers, as they are quick to
tell you, spend more time in the field with our customers than
at any time in our history.
•And, of course, our unsurpassed field sales and service force
of some 25,000 people worldwide are intimately involved
with their clients on a daily basis.
From top to bottom, Xerox people are
tightly connected to our customers and their
businesses. For us, it’s very personal. Our
customers are not faceless names, but real
people with aspirations and needs and
dreams that we want to help them realize. As
a result, we are focused on three areas where
we can help them be more successful.
Stabilized Gross Margins
(Percent)
42.4 42.0
37.4 38.2
2000 2001 2002 2003