Key trends in the document Business Process Outsourcing (BPO) industry over the next five years promise to expand and transform the industry. Today, more than ever, companies are looking to reduce costs by partnering with a BPO that gives them a competitive edge by delivering better results faster. This requires higher efficiency and more services at a reasonable cost.
To meet these needs, BPOs are expanding their capabilities to data extraction, validation, reconciliation, and reporting. Also, many BPOs specialize in certain markets such as financial services mortgages and loans processing or medical claims and review. The challenge is that BPOs are tasked with taking on more work and providing greater capabilities while attempting to maintain or reduce their staffing costs. Brute force through increased manual processing and adding offshore labor may be sufficient to meet existing demand, but not the customer demands of tomorrow.
Three key trends that will impact the BPO industry are that most companies that partner with a BPO will also:
- Adopt cloud services,
- Expect and need to capitalize on their big data, including their formerly inaccessible or dark data,
- Accept data via new channels (e.g., mobile apps and social media) and in varied formats that must be processed and added to their ECM systems.
Next Five Years
To address these needs over the next five years, the top BPO industry leaders must offer much more than a means to reduce costs, they will also offer high quality capabilities otherwise unavailable. In tandem with added partnership responsibilities, BPO customers will continue to expect guaranteed turn-around times, a certain level of data quality, and sometimes even expense-reduction accountability. Brute force will no longer suffice in navigating upcoming trends. BPOs will successfully reduce costs through automation and simplification of data extraction tasks. Automated data extraction, location and retrieval will allow BPOs to increase revenue opportunities and more easily grow business services without increasing and overtaxing their staff.
At Parascript, we specialize in reducing BPOs transactional costs through leveraging advanced data extraction technologies and automating BPO-specific workflows that specifically handle big data, processing varied and unstructured data from any source with a web-based option, all while providing the highest accuracy and low error rates.