BPO Survey Highlights 5 Reasons Data Quality Is Key to Profitability
A recent benchmarking survey of BPOs, service companies, and RCM providers revealed a number of important insights that help illustrate the state of the industry and how BPOs are coping with rapidly changing market dynamics. Among the most important insights are:
- Increased labor costs rank as the biggest challenge for BPO growth.
- Expanding the types of documents being processed is a top growth opportunity.
- New customers were identified most often as one of the top three factors driving profit, but they were rarely cited as the #1 factor. Increased customer expectations ranked highest on average.
- Automating document resizing and hand-offs were most likely to translate into significant profit improvements.
- Processing handwritten documents accounted for a range from 10-50 percent of the projects at participants’ organizations.
- The vast majority of participants expected revenue growth to occur across a range of areas over the next 2 years; almost all participants believed revenue would increase.
- The document processing needs of your customers are getting more complex.
- Increased automation is key to reducing costs.
- Increased automation is key to enhancing customer value.
- Consolidating your efforts on a single platform is the most effective way of leveraging your internal skills.
- The CONTEXT of data capture is critical to data quality.
About John Mancini
John Mancini is the President of Content Results, LLC and the Past President of AIIM. He is a well-known author, speaker, and advisor on information management, digital transformation and intelligent automation. John is a frequent keynote speaker and author of more than 30 eBooks on a variety of topics. He can be found on Twitter, LinkedIn and Facebook as jmancini77. Recent keynote topics include: The Stairway to Digital Transformation Navigating Disruptive Waters — 4 Things You Need to Know to Build Your Digital Transformation Strategy Getting Ahead of the Digital Transformation Curve Viewing Information Management Through a New Lens Digital Disruption: 6 Strategies to Avoid Being “Blockbustered” Specialties: Keynote speaker and writer on AI, RPA, intelligent Information Management, Intelligent Automation and Digital Transformation. Consensus-building with Boards to create strategic focus, action, and accountability. Extensive public speaking and public relations work Conversant and experienced in major technology issues and trends. Expert on inbound and content marketing, particularly in an association environment and on the Hubspot platform. John is a Phi Beta Kappa graduate of the College of William and Mary, and holds an M.A. in Public Policy from the Woodrow Wilson School at Princeton University.