(Quoted from Printwear Mag and Lon Winters of Graphic Elephants.com/Print This Inc. Full Article here.)

The question should not be whether to use a registration system, but which one to implement. A registration system is just that: a system. It combines the components in a printer's workflow including the art department, the screen room, and the production floor. A registration system helps establish a procedure during prepress to streamline the process and make it quicker. 

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