It may be time to think differently about the business process services your organization delivers.
Providers of business process services (BPOs) such as document scanning and data capture face a double-whammy of unrelenting pressure to hold the line on costs, while meeting ever-increasing customer service expectations. According to a recent survey conducted by Infosurv, increased labor costs and rising customer expectations are the biggest challenges for BPOs. Of the 321 BPOs surveyed by the Association for Information and Image Management (AIIM), 22 percent cited increased labor costs among the top threats to their business.
At the same time, 20 percent of BPOs feel pressure to upgrade their technology platform to better compete with traditional competitors and in-house solutions. This is hardly surprising given that most BPOs operate antiquated scanning and data capture solutions that require document preparation prior to scanning (i.e.
determining which documents to capture and separating transactions) and post-scan document handling (such as the extraction of exceptions that must be returned to the sender, checks, proof of identification, and property titles that must be filed with a municipality). These outdated scanning and data capture solutions also require BPOs to set up standalone processes for documents that arrive via fax, e-mail, web or remote site. It is no wonder that more than 70 percent of the costs in a document scanning environment are the result of manual labor, per Gartner Group.
To better manage their costs and to drive the value their customers expect, BPOs need to think differently. The market is moving too quickly to stand still (e.g. squeeze as much value as you can from existing technology), and the old approaches to scanning and data capture won’t work. BPOs need to take an approach that is built on software intelligence.