Growth opportunities in the data capture market
There are huge revenue growth opportunities for the outsource community in the document capture market, some of which I have written about over the last few months.
These opportunities have now been fortified as revealed by the latest findings from industry body AIIM.
Its most recent survey – “Capturing Data to Multiple Business Processes – what’s holding you back?”– examines the decision-making issues of capture-to-process vs capture-to-archive and reveals that businesses are experiencing and acknowledging very real gains from scanning-to-archive. Sixty-two per cent have made real storage cost-savings and 71 per cent have improved response times and customer service levels.
Where the opportunity really lies for outsourcers is in educating customers on the benefits of scan-to-process, with the survey revealing that 62 per cent of projects in this area equalled or exceeded the expected return-on-investment payback period. There is a proven appetite for evaluating, understanding and adopting this strategic capture approach, with 60 per cent of respondents very keen to expand their current systems.
But what are the reasons behind customers driving this process? How can outsourcers embrace the new generation of business process related technology to support this drive?
The simple answer is that this is a business process that is being driven by efficiency requirements. This comes from within an organisation, across many different verticals and in many different departments, who are continuing to face increased pressure to save costs and improve productivity. The survey highlights that these businesses are working on it now.
So what can the outsource community do to take advantage of this need? Two areas stand out where it would make sense to focus.
Firstly, it comes down to product. Outsourcers must embrace the new generation of business process related technology.
Capture-driven process automation represents the evolution of simple scan-to-archive applications to documents being scanned, classified, separated, content extracted, date validated and exported to downstream processes in ERP, CRM, BPM and other enterprise applications that drive business performance.
The survey also indicated significant opportunities for more organisations to benefit from capture driven process automation and for companies already using scan-to-archive solutions to further leverage those platforms to reduce costs and increase productivity.
For example, 28 per cent of respondents consider capture a “crucial component” in business processes and a further 36 percent consider it to be a “key enabler.” In addition, growth opportunities for capture driven process automation are strong: 23 per cent of respondents do not have a formal mechanism for systematic scanning and capture, and a further 20 per cent are primarily using only scan to archive solutions. Among companies already using capture, considerable opportunities remain for capture enabling additional processes: 40 per cent have three or fewer processes capture enabled and only 55 per cent use capture primarily for capture to process.
Automated capture at the front of any business process is likely to produce cleaner data, resulting in higher quality information, less exception handling, and better process management. The more integral the process is to your business, the greater the ROI capture driven processes will deliver to the enterprise.
And it is that integration in to each business that presents the second focus for outsourcers – providing expertise on specific industry sectors, and the specialism each requires. Public sector, insurance, banking and finance for example provide opportunities for outsourcers to define a solution ‘just for them’.
There is an increasing demand for ‘packaged solutions’ from the market – customers have specific needs and they want outsourcers to reflect knowledge and experience in providing solutions. They want them to be easy to buy. They want them to perform specifically for their business processes.
Capture-driven processes enable companies to unlock value, improving the quality and flow of information and producing better business outcomes. For outsourcers it is an opportunity not to be missed.
To access the report, “Capturing Data to Multiple Businesses Processes: What’s Holding You Back?” visit: http://go.kofax.com/LP=822