Those of us who live and breathe tech are used to hearing a wide array of acronyms in the workplace. Here’s another one for you – DPBB. According to a Statista report, the number of digital platform-based businesses (DPBB) worldwide grew 163%, between 2016 and 2020. Another report by Statista estimates that global DPBB revenues are projected to grow to $3.36 trillion by 2023, up from $2.17 trillion in 2018.
So, what is DPBB and why is it gaining popularity? Is it just another acronym floating around in the tech alphabet soup? Or is it a game changer?
Below I make the case for why you should care about DPBB. And how, hundreds of forward-looking organizations, can capitalize on DPBB offerings to create market differentiation, access new customer segments through digital, improve efficiencies and customer experience, as well as impact margin and revenues.
Why DPBB makes sense
With widespread and ongoing process disruption, the ability to continually reimagine processes is key to business success in the digital world. Equally important is the ability to create exceptional customer experiences that captivate unpredictable customers. As companies rethink their business models to achieve these objectives, there are certain challenges that continue to hinder their growth.
One significant challenge is industry-specific issues caused by external factors that businesses have little control over and struggle to handle effectively without assistance. This is where third-party DPBB offerings come in. By utilizing technology, they can assist businesses in seamlessly managing complete processes from start to finish, resulting in significant high-impact outcomes for both customers and the company. Firstsource’s DPBB offerings are already helping global clients generate consequential value across their businesses. We’re do this is through four strategic components.
- Domain depth: Our deep cross-domain expertise, spanning more than two decades, forms the core of our solutions – this ensures a laser -sharp focus on solving industry-specific business problems.
- Tech agility: We bring the right technology solutions into play, both proprietary and partner, and blend these with our unique domain insights to build best-in-class platforms.
- CX at the core: A technology, automation, and AI-first approach drives straight-through processing, with optimal human interventions, to rapidly scale and deliver differentiated customer experiences.
- Value-based engagement models: We operationalize these platforms through commercial models that drive client value.
The glue that binds these strategic components together is our people. Industry experts, highly trained and skilled staff with an entrepreneurial mindset keep our DPBB wheels spinning smoothly.
Real-world DPBB impact
Let me explain the impact of DPBB solutions through the lens of our clients, and their challenges, in four different industries.
- Digital collections: Delinquency rates are largely driven by macro-economic factors, making it hard for organizations to recover debt in the face of extraneous challenges. Our proprietary platform iLeverage for Digital Collections supports businesses, across BFS, Fintech, and Utilities, using AI to optimize CX across the journey. The highlight of the platform is it enables our clients to empathetically engage end customers, across segments and channels, with dynamic pricing plans while ensuring compliance. The high-impact outcomes we deliver make us the leading Digital Collections services provider, serving over 30 global clients and processing $1 Bn in payments every month.
- Provider enablement: Our Healthcare Provider Cloud platform is designed specifically to manage end-to-end Provider processes and address sticky challenges – like helping uninsured patients find coverage or financial assistance to prevent revenue leakage. By focusing on revenue cycle management, pre-registration, eligibility and enrollment, the platform drives patient engagement across customer segments and channels, enables self-serve, and supports varied payment strategies. For instance, we helped a leading Provider increase Medicaid reimbursement by 30% on 5% less self-pay patient volume while reducing self-pay dollars by 17%. Thanks to the platform, we are a Top 2 eligibility services and a Top 5 RCM services partner to more than 100 healthcare Providers today.
- Payer mailroom transformation: Our intelligent workflow solution for Payers transforms mailroom operations through automated image management, document capture, and case management capabilities – converting paper documents into digital assets and driving 99.98% accuracy. Currently, we process 50M+ claims adjudication and enrollment documents annually. A major healthcare Payer was able to improve TAT to 98% and meet a stringent 30-Minute TAT while reducing cycle time by 40% and manual touch time by 60%.
- Digital mortgage experience: Manual processing and QA for critical processes in origination and servicing leads to high operational costs for mortgage players. Our Digital Loan Experience (DLX) platform provides Business Process as a Service (BPaaS) for end-to-end post-closing while supporting title operations, enhancing loan quality through due diligence, and automating the origination process. The pay-as-you-go platform delivers over 60% operational efficiency.
Our DPBB offerings are built with a mindful and strategic approach – rom investing in our platform business to collaborating and co-innovating with customers and partners to using ‘skin in the game’ engagement models. Today, our 25+ DPBB offerings support 600+ clients across multiple segments, verticals, and geographies.
With the growing interest around DPBB, I am excited for Firstsource to scale our offerings, making them bigger and better.
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