ReportsnReports.com: $13.6 billion Business Document Work Process Management (BPO) Market by 2020
(M2 PressWIRE Via Acquire Media NewsEdge) ReportsnReports.com offers "Business Document Work Process Management (BPO): Market Shares, Strategies, and Forecasts, Worldwide, 2014 to 2020" research report in its store. Research announces that it has published a new study Business Document Work Process Management (BPO): Market Shares, Strategy, and Forecasts, Worldwide, 2014 to 2020. The 2014 study has 416 pages, 187 tables and figures. Worldwide markets are poised to achieve significant growth as the cloud computing utility infrastructure and the smart phone communications systems for apps are put in place, continuing to drive the use of electronic document replacement of all paper documents.
Xerox dominates business document work process management (BPO).
Work document processing represents digitization of paper documents. The techniques for document management, content management of unstructured data can be applied to the paper documents once they are digitized. Analytics can then be applied to the information contained in the documents. From time to time the documents can be input into a database and handled as structured data in tables.
Outsourcing services provide solutions for business document work process management (BPO). As more electronic forms are created, documents are becoming increasingly electronic. They still need to be used in a variety of ways. Medical records provide some significant challenges to protect patient identity.
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Scanners have been used to convert paper documents to electronic formats. Production level scanners are rated at 8,000 pages per day. Optical Character Recognition (OCR) is the term applied to re-purposing functions. Hardware that is necessary to make document work process automation possible has become commoditized. Software and services are used to implement a solutions based competitive environment.
Document work process market driving forces relate to the shift to IT integrated systems management of electronic information. Paper and electronic document processing is set to move to web site and electronic document management.
As paper documents become less used and converted to electronic forms from the outset, document work process markets are set to grow. Hardware scanners of paper documents have become commodity units as at the same time paper is being replaced by electronic forms. Software is dominating the document work process industry. As tablets and smart phones proliferate, electronic forms available as apps are not far behind. With the advent of apps and sophisticated software, document work process shifts to an all-electronic business.
Not that the paper has gone away, but it is not the problem that it was ten years ago. Electronic forms are easier, more accurate and 100% available as every person who is not an infant gets a smart phone in the next five years.
This makes the document solutions more a question of moving data from devices to the back end and managing unstructured content to achieve extraction of potentially structured data from the document than of handling paper.
Paper document imaging is one driving force in the market. Managed print services and electronic process management are aspects of electronic document processing. Forms recognition, data extraction, and data release into upstream systems represent the future of the document work process industry.
Scanning is referred to as digital imaging, is a process whereby a paper document is turned into an electronic image or electronic characters. Digital imaging performs optical character recognition (OCR) processes upon digital images following scanning. ... Document arrangement: Prior to scanning, determine the units of store the copies in separate locations-even during the production phase of a scanning.
Paper is part of the workflow, sure to be the source of major pain points whenever it is there. Workflow that has paper involves complexity and prevents modernization of process. The ability to perform analytics on unstructured data depends on digitization of the information. This Is leading efforts to digitize all information
Mountains of paperwork, lost data and wasted resources are being overcome with document work process automation. Manual, paper-heavy processes are all being modernized to digital upgrades. When this pain from paper in the middle of a process is evident, then a workflow discovery is in order. Most places are working to discover how to replace paper with digital information.
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According to the principal author Susan Eustis, "Business document work process management (BPO) supports providing a platform for use by IT. Systems are implemented in a market marked by converged paper and electronic information that needs to be converted to electronic data. Business document work process (BPO) sits on widely dispersed resources that are heterogeneous. IT resources are heterogeneous because each business seeks to utilize technology that is best of breed for solving the particular set of competitive situations they address. This creates a variety of solutions in each business."
Business Document Work Process Management (BPO) market size at $6.5 billion in 2013 is anticipated to reach $13.6 billion by 2020. Significant growth is driven by the transition to electronic documents and the continuing need to merge the information contained in paper documents with server information, smart phone information, and social media information. Cloud computing market penetration is providing a thrust for creating electronic formatting of information contained on paper.
With smart phones beginning to get significant uptake all over the world. With smart phone and tablet ubiquity, electronic documents are rapidly replacing paper documents. Electronic documents are expected to be replacements for all paper.
Growth of business document work process management (BPO) is a result of IT department efforts to reduce spending on run time, gaining the effect of more hires by decreasing operating costs. Work process efficiency delivers more efficient automated process. BPO enables IT to spend a higher proportion of the budgets on growing the business. Stacks of decoupled services are purpose built for the enterprise environment that is continuously shifting because of mergers and acquisitions. With decoupled software solutions, the web services and the SOA components can be portable, enhancing the move away from paper documents.
o Eastman Kodak
o Synnex / Concentrix / IBM
o Hewlett Packard
o Konica Minolta
o Scan Optics
o Coghlin Companies / ColumbiaTech
o Connecticut Business Systems
o Patriarch Partners
o Sound Telecom
o Scan Store Invoice Data Capture
o Sound Telecom
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