Successful BPOs are always looking to improve their workflows and streamline their business processes. Managing the on-time delivery of documents and data requires rapid, accurate and low-cost document processing with the ability to immediately scale up. Let’s revisit a study conducted independently by Infosurv and underwritten by Parascript that identifies challenges BPOs face and where BPOs expect the industry to be headed through 2017. The 67 participants represented companies with at least $40 million in annual revenue engaged in high-volume processing of documents such as claims, mortgage applications, invoices and remittances.
Top 6 Survey Take-Aways
Here are a few highlights of the survey results:
- Biggest Challenge: Labor Costs. Participants are most likely to identify increased labor costs as the biggest challenge for BPO growth. However, increased customer expectations ranked highest on average.
- Largest Opportunity in Document Processing: Expanding document types. The top opportunity for growth identified by almost half of participants was expanding the document types their organization processes.
- Driving Profit: Deeper Relationship with Existing Customers. Expanded service offerings and expanded services to existing customers are identified as the top factors most often driving profit. New customers are identified most often as one of the top three factors in driving profit, but not the number one factor.
- Highest Profit Improvements: Automation. Improved handling of variably-sized documents and hand-offs are most likely to translate into significant profit improvements.
- Document Processing: Handwritten data is a big expense. Processing handwritten documents accounts for over 25 percent of the top BPO projects, according to over one-third of the participants.
- Revenue Growth through 2017: Expected to Increase. The vast majority of participants expect revenue growth to occur across a wide range of areas over the next two years; very few participants believe revenue will decrease.
BPO Survey Infographic
If this article interested you, you may also find the full survey results useful…and read about the Parascript Accelerator Program for select BPOs.