Remember When Outsourcing Was A Dirty Word?

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Remember When Outsourcing Was A Dirty Word?
Global Document Outsourcing Market Dominated by HP, Lexmark, Ricoh and Xerox.

Analysts forecast the global document outsourcing market to grow at a CAGR of 5.2 percent over the period 2014-2019.

Key vendors :  Hewlett-Packard, Lexmark International, Ricoh, Xerox

Organizations today are automating the business processes and leveraging useful data to achieve quick decision-making at the management level and transparent customer communications. With increased need for digital services, companies are adopting multi-channel communications. They find it difficult to implement the proficient document processing due to lack of the skilled workforce, technology, and time to execute and manage these systems and opt for document outsourcing, which helps enterprises reduce costs while providing efficient ways of data conversion and communication.

The global document outsourcing market can be categorized in three segments: onsite contracted services, statement printing, and document process outsourcing.

Some sectors such as government, retail banking, and utilities engage with consumers through various forms of communications such as bills, letter, statements, and many others that involve a lot of transactional processing and they create hundreds of millions of customer documents every year. Transactional documentation does not get the same organizational attention as other forms of customer communications such as mobile advertisements, social media, websites, direct mail, and advertising that are managed by organizational marketing teams. Transactional output is managed by the outsourcing team or in-house IT department with a focus on meeting SLAs and driving down cost rather than focusing on enhancing the customer experience.

According to the report, cost reduction and employee efficiency are major focus areas for organizations but very few institutions conduct correct assessments to improve the implementation of workgroup printers and document handling processes. Sometimes the costs associated with setting up internal IT infrastructure such as telecommunications and server networks escalate the overall cost of document handling, which is likely to affect the decision-making process with respect to implementation of document handling processes. Therefore companies are opting for outsourcing services to handle document processing and related services.

Further, the report states that the rigidity in SLAs inhibits the growth of the global document outsourcing market.

Remember When Outsourcing Was A Dirty Word?
Global Document Outsourcing Market Dominated by HP, Lexmark, Ricoh and Xerox.

Analysts forecast the global document outsourcing market to grow at a CAGR of 5.2 percent over the period 2014-2019.

Key vendors :  Hewlett-Packard, Lexmark International, Ricoh, Xerox

Organizations today are automating the business processes and leveraging useful data to achieve quick decision-making at the management level and transparent customer communications. With increased need for digital services, companies are adopting multi-channel communications. They find it difficult to implement the proficient document processing due to lack of the skilled workforce, technology, and time to execute and manage these systems and opt for document outsourcing, which helps enterprises reduce costs while providing efficient ways of data conversion and communication.

The global document outsourcing market can be categorized in three segments: onsite contracted services, statement printing, and document process outsourcing.

Some sectors such as government, retail banking, and utilities engage with consumers through various forms of communications such as bills, letter, statements, and many others that involve a lot of transactional processing and they create hundreds of millions of customer documents every year. Transactional documentation does not get the same organizational attention as other forms of customer communications such as mobile advertisements, social media, websites, direct mail, and advertising that are managed by organizational marketing teams. Transactional output is managed by the outsourcing team or in-house IT department with a focus on meeting SLAs and driving down cost rather than focusing on enhancing the customer experience.

According to the report, cost reduction and employee efficiency are major focus areas for organizations but very few institutions conduct correct assessments to improve the implementation of workgroup printers and document handling processes. Sometimes the costs associated with setting up internal IT infrastructure such as telecommunications and server networks escalate the overall cost of document handling, which is likely to affect the decision-making process with respect to implementation of document handling processes. Therefore companies are opting for outsourcing services to handle document processing and related services.

Further, the report states that the rigidity in SLAs inhibits the growth of the global document outsourcing market.

[Author]

May 21, 2015 at 12:06 PM