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.
This highlights for me five reasons why intelligent capture and data quality are key to the long-term success of outsourcing companies:
- 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.