Should You Outsource Data Entry Services? The Benefits and What to Know Before Outsourcing

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Should You Outsource Data Entry Services? The Benefits and What to Know Before Outsourcing

What Exactly Is Outsourcing?

Did you know that 78% of businesses from around the world feel happy about their outsourcing partners? This could be for any industry and outsourcing services, including IT support, payroll, back-office operations, or more.

 

Business process outsourcing (BPO) involves contracting out a function of your business to a specialized service provider who operates as a third-party, independent of your business. Outsourcing can be done for several functions. This includes data entry outsourcing services, too!

 

By working with a data entry service provider, you no longer have to worry about data management in-house. You can work with a reliable data entry outsourcing company to do all the data entry work, ranging from data capture and data mining services to indexing and data cleansing.

 

But what exactly does this entail? How can it benefit your business?

 

Keep reading to find out!

 

What Types of Data Entry Services Can I Outsource?

Every business collects data. In fact, some might even consider data collection a core business activity. After all, without collecting insights on customers, competitors, and the industry at large, no business can remain competitive.

 

Data processing and validation is a crucial operation across different industries. Many businesses, big or small, opt for data entry outsourcing in order to have access to data entry professionals who can produce high-quality data that later feed into strategic decision-making processes.

 

For example, data entry and data management services are used often in the following industries:

  • Medical/healthcare: To keep track of patient records, stocks of medicines, scheduled treatments, etc.
  • Hospitality: To monitor guests and residents (think: hotels), manage bookings, and best accommodate existing and future customers through accurate online data entry (e.g., accurate calendar reflection for hotel bookings).
  • Finance/accounting: To keep track of a company’s financials, such as cash flow, profits, and the balance sheet (which gives a bird’s eye view of a company’s assets and liabilities) to enable better decision-making.
  • eCommerce: Product data entry to track the inventory of products in the warehouse. Also, the digitization of online services means quality services are required to keep up with changing customer requirements online.

 

When it comes to the nature of the data entry services themselves, there’s a whole range that you can outsource. These include (but aren’t limited to):

  • Transcriptions
  • Data entry tasks
    • Invoice data entry
    • Survey data entry
    • Image data entry
    • Catalog data entry
  • Back-office accounting/simple bookkeeping
  • Data conversion services
  • Data processing services
  • Data input services
  • Offline data entry services
  • Data extraction
  • Data security

 

CHECK OUT OUR 4-STEP PROCESS FOR SUCCESS!

 

Benefits of Outsourcing Your Business’s Data Entry Services

83% of businesses say data is integral to the success of their business strategy. Conversely, experiences with inaccurate data affect 69% of these businesses.

 

This is where the benefits of accurate data entry by working with a dedicated team of data entry specialists come in.

 

By leveraging outsourced data entry solutions, you can stand to gain the following advantages:

  • Cost savings: Your operational costs will be reduced significantly. You no longer have to spend a significant part of your budget on hiring and training in-house employees for data entry, thus allowing you to save on costs of benefits such as insurance. You also don’t need to acquire the related software.
  • Increased focus and productivity: Your employees can focus on core operations which most likely do not include data entry projects or forms processing. In the long run, this will boost productivity and also the returns for your business as more time is allocated to strategic, value-add activities.
  • At-ready experienced team: Data entry professionals have years of experience in the field, making them much fitter for the job than an in-house employee who has to be trained for the purpose. This will also feed into other benefits such as reduced errors, better value for time, and more accurate data reports.

 

What to Check For When Looking to Outsource Data Entry Services

So, you’ve decided to offshore data entry to another provider. Your next step is to determine which partner to work with.

 

Your data entry service provider could be based anywhere from India or the Philippines. They could also be in the USA. What matters is that you do a thorough check of the following areas before signing a contract with them.

 

Ensure that you check the company’s:

  • QA processes: What procedures do they have in place to assure the quality of their data entry?
  • Ability to hit deadlines: Are they known to miss out on deadlines? If so, why?
  • Turnaround time: How long will they take to deliver on their projects?
  • NDAs: How confidential will your data remain? Can you trust them not to leak your data for any malicious purpose?
  • Security protocols: How secure is your data on their infrastructure? Have they previously suffered from data leaks or data loss due to improper data security systems?

 

Apart from the above standard checks, it’s also a good idea to scope out:

  • Online reviews of the company: Have a look at their testimonials and case studies. What are their existing customers saying?
  • Any free trials: If you have the option for a free trial, it’s always best to give it a try before committing to a long-term contract.
  • Agreements: What do their contracts generally look like? What are their usual conditions?
  • Payment schemes and pricing: How flexible is their pricing scheme? How does it fare compared to other competitors?

 

Outsource Data Entry Services with STAFFVIRTUAL

Today, 98% of Fortune 500 companies leverage data to deliver the best customer experience they can. Pair this with the fact that 10% to 25% of customer contact records have critical data errors!

 

That means the most critical data you have on your hands could be filled with errors, and you might not even know it.

 

That’s not a pretty picture, and it’s probably the last one you want to be painting for your customers.  

The impact that data has on a company’s day-to-day operations is undeniable.

 

You don’t have to be a Fortune 500 company to acknowledge the significance of proper data entry and processing for your business. Even startups use data extensively, and not all of them know how to manage it best.

 

Enter: STAFFVIRTUAL. We want to help you make the best of your data.

 

Contact us today for your free outsourcing plan to learn just how we can streamline your data entry operations and improve your bottom line!

Ike Stranathan

Ike Stranathan

Ike Stranathan founded STAFFVIRTUAL in 2009 after moving to the Philippines from California. Ike lives just a block from his offices in Makati, Philippines, and is passionate about helping companies achieve dynamic growth by outsourcing.

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