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Technology giant Hewlett-Packard Co. (HPQ - Analyst Report) is determined to leave no stone unturned in its pursuit of growth. In another attempt to diversify away from its PC-centric business, the company has recently come up with a new business process outsourcing (BPO) solution, AutoFlow. This solution will be offered under H-P’s Enterprise Services segment.

H-P AutoFlow will automate financial, accounting and certain other business processes to facilitate smooth functioning. The company is quite confident that the solution will be competent on any Enterprise Resource Planning (ERP) platform and can even help the system to organize workflow in a better way. An ERP platform is a business management solution that streamlines business processes through a system of integrated applications.

H-P has combined its rich BPO experience and features of the Omniflow workflow solution developed by Newgen Software Technologies, a provider of business process management (BPM) and enterprise content management (ECM) solutions.

AutoFlow is also armed with H-P’s Document Processing Service, which will help an organization to manage its files and records. Overall, the solution can be used as an efficient tool to improve process automation and reduce costs so that clients can shift their focus to other sources of revenue generation.

H-P also introduced three desktop printers targeting small and medium businesses (SMBs). Due to limited resources, these SMBs always look for better options at an affordable price. H-P’s highly scalable and cost optimized printers will be able to meet the increasing demand from the SMBs.

We believe that H-P could have a bigger share in the inkjet printer market with these new offerings and primarily due to Lexmark Inc.’s (LXK - Analyst Report) exit from the market.

The new product launches are encouraging but we think revenue flow from this could get delayed due to a tough spending environment.

Currently, H-P has a Zacks Rank #3 (Hold).

Due to a lackluster PC market and overall macro uncertainty, most of the technology stocks are not performing well. But we could recommend Compuware Corp. (CPWR - Analyst Report) and 3D Systems Corp. (DDD - Analyst Report), both of which have a Zacks Rank #2 (Buy).

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