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 will increase.

Five Reasons Why

This highlights for me 5 reasons why intelligent capture and data quality are key to the long-term success of outsourcing companies:

1. The document processing needs of your customers are getting more complex.
2. Increased automation is key to reducing costs.
3. Increased automation is key to enhancing customer value.
4. Consolidating your efforts on a single platform is the most effective way of leveraging your internal skills.
5. The CONTEXT of data capture is critical to data quality.

Find out more in my new Tip Sheet: