Data entry is one of the core operations of a business. Almost every aspect requires data entry for the storage and processing of information to the database.
For instance, it is used to record customer data, daily sales, contact lists, and business transactions. Data entry is also required in filing taxes and compliances.
Quality data is also important for a business. Whether it is in lead generation, sales reports, or marketing strategies. It pays if a business has good data stored in its databases.
According to an article from The Economist, data is now the most valuable resource aside from oil. Even businesses handle data daily. A small error or breach can cost them a lot. It also affects their reliability and their customer’s trust.
What is data entry outsourcing
Data entry refers to a process of inputting details to the system. A data entry clerk inputs the required data through different methods, whether manual, copy-pasting or scanning. Its aim is to either transfer, convert, or add information to the database.
Data entry outsourcing, meanwhile, is the delegation of data entry tasks to a business process outsourcing company. It is part of their back-office services offering, alongside HR management, scheduling, and other administrative roles.
Outsourced data entry services bring a lot of benefits to a business.
- Offloading repetitive work. Outsourcing data entry offloads this task to the business owner and delegate it to a trusted BPO company.
- More accuracy on data input. This can help businesses save on penalties due to errors and inaccurate data.
- Save on labour costs. The cost of hiring an in-house vs an outsourced staff can have a great difference.
- Added compliance. Outsourcing helps them ease the burden of additional time spent on complying with industry standards.
Data entry outsourcing services
There are several forms of data entry.
Online data entry
Online data entry involves adding and updating data on a web-based system. This task requires access to the internet or a stable network. This includes uploading and processing of legal documents, insurance claims, patient profiles, etc.
Offline data entry
Offline data entry, meanwhile, involves the use of office tools without accessing to the web. Some online processes can also be done offline, including invoicing, document indexing, URL listing, and data capture.
Manual data entry
Manual data entry involves the conversion of information through the usual keyboard and mouse input or PDF scanning. It can be done either online or offline, depending on the requirement of the document.
Copy-paste data entry
Copy-pasting, meanwhile, transfers information from one digital document to another or the system through copying from its source. Creating a matrix of invoices, candidate CVs, client contact details, and reference materials usually involve copy-pasting if items.
Image data entry
Image data entry is the process of scanning and compiling images to form a digital archive. This may include image conversion, capturing, cataloguing, and indexing. Image editing is also considered data entry especially when it is for capturing and recording data.
Product data entry
This involves an update of product descriptions and specifications on the website. Experts in this type of task can upload product specifications and pictures through e-commerce stores like eBay, Shopify, and Amazon.
Data mining refers to the filtering and extraction of valuable data. Technically, it uses systems that gather large amounts of data and analyze patterns to gather similar information searched.
Top sectors that outsource data entry services
Any type of business can outsource data entry when they need it. However, some sectors hugely benefit from it since this covers a part of their operation.
Legal firms often use data entry for processing of land titles, cases, and other documents. This is important especially since their clients’ welfare is at stake. They use these legal documents for different purposes, which is why a single misspell can cost both the firm and the client a lot. Outsourcing data entry helps them prevent these errors in the future.
Businesses involved in the healthcare industry hire billing encoders and medical transcriptionists to update patient records and interpret triages. Though taking low-skilled work, encoders in the medical field should be licensed and knowledgeable in their line of work. With this, healthcare institutions outsource their data entry needs to save costs on resources and salaries required in hiring a local medical encoder.
Outsourcing data entry helps telco companies prevent errors that can cost them their clients’ trust. A piece of wrong information can lead to inaccurate billing to their clients. This may also question their services since their clients might think that they do not get enough from their service provider.
In banks and FinTech companies, accuracy is important in encoding customer data. This is important in processing loans, encoding payments, or opening a new account. A customer might be charged because of a single error in encoding. Repetitive errors can decrease the client’s trust in the business, which affects their satisfaction.
Travel and tourism
Lastly, travel agencies use data entry to store itineraries, flight details, and other information needed to process a client’s travel. Whether for vacation, work, or business, they need to make sure that their clients have a smooth and safe trip to their destinations. With this, they should outsource data entry so they can focus on providing better services for them.