World is experiencing the effects of
digital disruption and, Business Process Outsourcing industry is no
exception to it. It’s no longer possible to separate “the technology” from “the business.”
BPOs are witnessing the exceptional change in their journey from mere
means of cost improvement and efficiencies to being innovative Data
entry service providers or Data processing partners. They are expected
to be equipped with delivery experience, project and account management
skills, executional capabilities, market understanding &
adaptability, and scalability to match the pace of their clients.
The rising need of labor costs in, the banking & financial, healthcare & insurance sectors, accuracy in the transportation
& logistics and travel & hospitality sectors, efficiency in
telecommunications, retail, & life science, and the flexibility in
energy & utilities and media & publishing sectors; have helped BPO services grow, gloriously.
Offshoring,
contracting the operations and responsibilities of specific business
functions to a company based in another country, has been a roller
coaster ride for both, clients and data entry service providers. These
offshore outsourcing companies provide services for back office
activities, administration, finance and accounting, human resources,
payment services, logistics and distribution, customer support, etc.
Of
all the document outsourcing services; outsourcing of data entry
services to a third-party service provider, is anticipated to expand at a
single-digit CAGR over the next five years. Document processing service
providers are experts at data entry, data conversion, forms and check
processing, data formatting and cleansing, and many more. They convert
typed and handwritten text into paper-based electronic documents by
using intelligent character recognition (ICR), data entry techniques,
and optical character recognition (OCR).
The nature and focus of
engagements between enterprise buyers, service providers and BPO
consultants is changing big time. Digital and cognitive tools derived
from accessible and actionable data with help of data processing is
empowering the digital disruption further.
We need to understand
what the C-suite is looking for, from their BPO relationships in this
new age of digital disruption is transformation. The sad part is that
the BPO industry has been in existence since more than two decades now,
and even with so much of evolution, particularly in the business process
outsourcing, there are enterprises which are entangled in some basic
queries like:
Why should I outsource data entry?
Where to outsource data entry services?
How can I find a globally reputed and reliable data entry services provider?
Who are the best outsourced data entry providers?
What is the best online/ offline data entry services providing company in the world?
Large
US based corporations initiated the trend of BPO, driven by the
potential cost savings offered by the offshore locations. This was then
considerably followed by UK, Australia and Middle-East. They have moved
significant portions of their business processes to India in the last
decade. Western Europe, the U.S., and Asia Pacific are the key regions
for the growth of the document outsourcing processing market.
The
document outsourcing services market is projected to reach a valuation
of around US$ 300 Billion by 2020. As discussed before, the focus of
clients to decrease the operational costs will be the key driver for the
growth of this market in these regions.
Though
continental companies are slower at adapting the trend, first movers
across North America and Europe are already experiencing the fulfillment
of more promises that have enhanced their value proposition. Competing
in the global economy and dealing with strong EURO, European firms need
to have more scalable and competitive outsourcing partners. Cost
reduction and organizational agility are on the wish list for all Europe
based companies. Availability of skilled resources is increasingly
becoming an issue in Europe in several segments including Data Entry.
The
market of small and mid-size businesses seems to grow really fast.
Enterprises with approx. revenue of 30 billion euros, though had created
captive centers offshore, have now moved to outsourcing due to
investment challenges and realizing that they are not equipped to offer
long term value proposition to their offshore staff. Smaller
international companies are the ones with poorer options to start as
captive, and need to outsource, adhering to constant cost reduction and
increased scalability to tap global opportunities.
The days where
clients ranted endlessly about failed promises and absent innovation,
for which they never paid anything to outsourcing service providers in
the first place itself, are over-long back. Today is the time where
offshore companies, your outsourcing service providers, are the partners
who bring in change to contribute to your broader business agenda. The
time has come where even the clients to these data entry services,
should accept that they need to change first, before blaming their woes
onto their data service providers. Clients to these service providers
are required to change the way they behave, they need to give a thought
as to how should they adopt measures to start writing off their legacy
processes and technologies.
We, at Hi-Tech BPO Services,
as outsourcing service providers are looking up to the c-suite for
collaborative engagement and vision, but are they ready for it. What is
it that is required to address this shift from legacy to innovative
disruption? How significant will be the impact to overall business
objectives – your and ours? Adopting a mindset to change today (not
tomorrow), is where everything must start. You can reinvent your
business with the right kind of data entry service provider.
This original article was published on http://www.hitechbposervices.com/blog/outsource-data-entry-why-what-when-how-and-who-of-documents-outsourcing-services/