How BPO leaders can leverage IDP to improve their market share
Thanks to BPO (Business Process Outsourcing), numerous companies can focus on their core competencies. The value of this is also demonstrated by this report, which forecasts that the global BPO market will grow by 8.5% per year until 2028. Intelligent Document Processing (IDP), meanwhile, is helping leading BPO companies further increase their market share and stay ahead of the curve.
IDP provides BPO companies with critical competitive advantages through process automation. By using IDP, BPO companies can process their customers’ documents faster and more accurately, resulting in efficiency gains and cost savings, among other benefits.
Forward-thinking BPO companies rely on IDP to gain critical competitive advantage
Major challenges for BPO companies without IDP
Reasons why companies use the services of BPO companies are often because they simply do not have the necessary technological means, knowledge or time resources to do so themselves.
But what if BPO companies themselves use outdated and weak systems for document processing, for example, or even base their services entirely on manual labor? The difficulties for BPO companies are so immense:
1. Enormous demand for employees
2. More employees = higher costs
3. Inefficient processes make it difficult to respond and process customers quickly
4. The more customers, the more inefficient the services become
Powerful IDP as a difference maker for BPO companies
To overcome these big challenges, forward-thinking BPO companies are turning to intelligent AI technologies like IDP. With powerful IDP, they can handle a much larger volume of documents (document types of all kinds and in unstructured form).
In the highly competitive BPO market, IDP brings BPO companies the necessary differentiation from their competitors:
1. Process larger volume of documents with fewer resources
2. Fewer errors and higher accuracy = customer satisfaction can be increased
3. Flexibility and scalability = new customers can be acquired and better services can be offered to existing customers
4. Increased efficiency while reducing costs
Huge advantage with IDP for BPO companies
So Parashift’s future-oriented IDP brings numerous benefits and competitive advantages to BPO companies. Whenever documents are involved in services, IDP makes the difference with minimization of errors, higher accuracy of data, and increasing efficiency in processes.
And as a BPO company, why not just optimize the services of existing customers by integrating IDP, but make IDP a central part of future offerings and distinguish yourself as a specialist in high-performance, technology-enabled solutions?