Processing and digitizing data is essential across most businesses these days. Digitizing data, either through manual data entry or document process automation, provides easy access to information and enhances operational efficiencies. While most business firms acknowledge the importance of data for their business operations, the scarcity of manpower to organize their own information bank poses a challenge. When data from over a million documents needs to be captured and entered into an application, the requirement for personnel and resources would be considerable. Most often, companies hit a roadblock as this is not a viable option and it would hinder the progress of their core business strategy.
Numerous companies across the globe see value in partnering with a professional data entry services provider. Companies who outsource their data entry tasks have varied requirements: data entry from scanned invoices, scanned records, product catalogs, images, online research, forms, charts, data conversion, data processing, extracting data from various sources, and others.
According to an article on Forbes.com by Bain & Company, outsourcing and offshoring have gone beyond being just cost-cutting measures. They are used for more strategic ends by companies, for capabilities that are not possessed or which need to be strengthened.
Benefits of Choosing the Right Data Entry Outsourcing Company
- Smart Partnerships: Experienced outsourcing companies have the flexibility to scale their services and customize them according to individual client requirements. Connecting with the right professional data entry service provider enables outsourcers to have an effective and sustainable relationship, that can grow over the long term.
- Focus on Core Competency: Most businesses have core and non-core processes. Implementing non-core processes, like data entry, in-house can add tremendous operational costs in terms of hiring process executives who need to have exceptional typing speeds, renting or buying more office space, recruiting managers, deploying new technology, payment of bonuses, and many more hidden expenses. Outsourcing data entry services relieves outsourcers from all the above hassles and enables them to focus on their core competency. This can result in higher operational profits and improved business efficiencies.
- Access to Better Talent: By outsourcing, data entry outsourcers have access to the best talent available. Experienced BPO companies understand the importance of recruiting the right people for the job in order to offer exemplary service to their clients in this competitive market. A professional data entry service provider will ensure that the company has the best resources.
- Access to Latest Technology: It has become essential for professional BPO companies to upgrade to the latest technological offerings in order to provide high performance services. The right technology enables faster and quicker service. By investing time in finding the right service partner, outsourcers can save the cost of investing in technology in-house.
- Mitigating Risk: A key reason that drives most companies to outsource is to mitigate risk. In this ever-changing business landscape, it may not be feasible for companies to invest in technology, resources and infrastructure that could become obsolete quickly. Outsourcing smartly helps companies to mitigate risk of obsolescence and seek sustainable growth. The risk of errors in data processing is also reduced when the task is handled by an experienced data entry service provider.
- Improved Productivity: Outsourcing data entry services to a location like India, which is 10-12 hours ahead of countries like the US and Canada, has proven to be very efficient in improving productivity and increasing volumes of transactions. With the help of after-hours data entry support, global companies can accelerate their business and operational cycles and deliver quicker services to clients.
- Competitive Advantage: To keep ahead of the competition, businesses need to take smart strategic decisions. For sustainable operations, it has become imperative for businesses to outsource non-core processes, like data entry, scanning, payroll, bookkeeping and more.
- Lower Operational Costs: Lowering operation costs is an objective all businesses work towards. Outsourcing data entry helps outsourcers to save costs related to labor, infrastructure, business operations, technology and more.
Challenges to Overcome
Though there are plenty of advantages of outsourcing data entry services, there are a few challenges that companies must take into consideration. These need to be addressed carefully to ensure a foolproof outsourcing strategy is in place.
- Loss of Control: Outsourcers must pay close attention to the processes that are being outsourced. Inaccurate data entry can result in increased error rate and lower efficiency of business operations. Deploying knowledgeable staff to communicate with and oversee the operations at the outsourcing company can help keep control over performance, error rate and productivity.
- Communication Gap: Cultural and language differences with off-shore outsourcing destinations make it necessary for companies to adapt strategies accordingly. Strong training practices for data entry process executives of the service provider can ensure smoother operations and a hassle-free partnership.
- Data Security: When companies share critical data with their outsourcing partner, they must ensure the outsourcing company has strict security guidelines and the right technology in place to avoid information leakages. Having an ISO 27001 certified data entry service provider as a partner is strongly recommended as a long-term business strategy.
By carefully selecting a data entry service provider, companies can find tremendous value in an outsourcing partnership. With relevant and accurate data at their fingertips, the true potential of their business operations can be attained.