Importance of Data Entry for SMEs

Data entry is the most important repetitive task for any business.
Outsourcing companies like Magellan Solutions provide an array of data entry work for SMEs.

Due to the diverse requirements of the data industry, different specializations exist. There are entry-level data entry roles that must only basic computer skills. While some roles would require very specific skill sets such as data manipulation, graphical presentations, and even licensed data processing.

Data Entry Services

Manual Data Entry

One of the most common data entry jobs. It manually creates documents into a digital platform.

examples: 

• Transferring a PDF document to a Word document.
• Entering data into Microsoft Word 
• Data cleaning where data entry clerks remove or correct data
• Filling in data on a spreadsheet.

Online Data Entry

Files are coming from a soft copy format or done through websites.

examples:

• Data to be input in online form such as filling up a registration form.
• Surveys done by companies to get feedback for a particular commodity.
• Collecting data from such as e-magazines, eBooks, and other internet publications.
• Processing emails and encoding over to a spreadsheet.
• Updating client/customer information such as names, phone numbers, emails, addresses, etc.

Micro Jobs

A micro job is almost like a contractual or a free lance work. An employee would be assigned workload that can be done in a specified time. One of the micro jobs is data entry. This mostly revolves around copying and pasting to and fro word documents and spreadsheets. 

examples:

• Read characters in the image code & simply type the right code into a spreadsheet.
• Data entry
• Administrative tasks
• Surveys

Data Formatting

Requires less typing tasks as compared to other data entry jobs. Data formatting focuses more on following preset specifications that the program is requiring. This is mostly done when storing a file and choosing what kind of format to save it as.

examples:

• Formatting and editing a word document by taking into consideration the required font, spacing, and the kind of file format you save a word file to. The likes are PDF, ePUB, office word file.
• Formatting for images is also possible.  From the pixels to image size, all this would then be saved as the following formats: .jpeg, .tif, .tiff, .gif, .png

File Conversion

File conversion is a process of changing an already existing file into a different format. Example would be re-formatting a word document into a PDF file. Conversion is also possible with images or audio files into a Word document.

examples:

• An image containing a text is being encoded on a Word document.
• Listening to videos with audio and or subtitles before reproducing it into a text format.
• A 2-dimensional image being enhanced into a 3-dimensional one with the help of image editing tools such as photoshop and the likes.

Transcription

Transcribing is simply a combination of listening and transferring data into required documents. With this form of data entry, one must have keen listening skills as some audio files may be unclear. It is caused by either the lack of proper equipment while it is recording, or the voice quality itself. Another requirement advantageous for this is one’s familiarity with what is being transcribed.

examples:

• Transcribing diagnosis, procedures, services into alphanumeric codes.
• Being aware of the meaning jargons shortcuts. Some companies would require the data entry specialist to input the abbreviated or full version of terms, especially if the data being worked on is business related.

Data Entry Clerk

A data entry clerk or operator are those who enter data from what the employer has given into a computer software. This is mostly done offline. They have different specialties as every business sector requires their help. In a way, they serve as another assistant for clients. They are sometimes expected to be able to at least give a summary of what they have written. Clients assume that their employees have a decent background about the industry they are writing for.

examples:

• Product listing
• Payroll
• Transferring data in a word document or spreadsheet
• Entering details for hospital use
• Entering details for municipal use

Focused group of data encoders and specialists work on data entry processing. This ensures the accuracy of the data process input and output.

Companies should take into account the skillset and the experience of outsourcing data entry service firms. The most popular data bpo service include:

Data Entry Services

Accurate data entry services give digital access to stored information anytime, anywhere. It does not compromise the safety and reliability of important company records. BPO companies, like Magellan Solutions, follow ISO and HIPAA for the security of data.

Medical Services

In healthcare, medical error is the third leading cause of death in the U.S. Doctors make real-time clinical decisions based on these numbers and accurate results are important to diagnose and treat patients safely.

Patients, on the other hand, prefer their ability to schedule appointments, fill out forms, and even access test results online. This is advisable especially with the scare that clinics and hospitals bring due to the current pandemic situation.

Order Taking

Inefficiencies and errors are leading to delayed order cycles, slower payments, smaller profit margins, and erosion of customer loyalty. Most orders need at least one or more manual recordings. But with more manual work, comes the presence of errors. 

It is best to practice relying on web portals for a small number of customers. When errors happen, customers may turn to different companies elsewhere, thus losing a potential sale increase.

Accounting

In this industry, it is important  to be accurate and up to date so you can determine success, estimate failures, and figure out the true picture of the company. To save company time, money, and effort, keep a backup of business transactions. Accountants are able to perform more complex jobs such as payroll reporting more accurately.

Legal Outsourcing

Data entry in the legal industry is a confidential thing, and it requires a special concern. It is a crucial task that includes cases, dates, document review, etc. All information and processes are sensitive and confidential between client and customer. As a data entry operator, outsourcers have been putting their trust to data entry clerks not to expose any information. Every new information or change that occurs, a data entry clerk only serves as the note taker in the whole process.

Loan Services

For small businesses, the loans manage helps both the business and the economy at large.  

Because higher numbers of manual entries are being required, daily loan repayment data is taking a long time. Converting loan statements from PDF format to Excel spreadsheets are allowing data entry clerks in filtering loan records based on individual names before updating the records.

Some industries use and facilitate more data than others. That’s why outsourced data services might be more popular to specific industries like healthcare and legal than manufacturing. 

Here is how data entry function services help the following niches:

Healthcare:

In healthcare, transcription services are the most common data being processed. Medical transcription services are when medical reports are being gathered from audio files by health-workers. From the audio recording, they transcribe it as a written document and stored it for their own records.

Retail and eCommerce:

Product listing services are outsourced many times. The product listers would be optimizing listings in online platforms from the available information. Titles, descriptions, and images would be uploaded to the platform once listings are optimized. Inventory is another service that product listers from retail offer. It is constantly being updated according to its availability. 

Banking and Financial:

Financial institutions, banks, CA firms, and accountants usually have a heavy load of data. Banks turn to outsourcing data services to companies that take charge of a lot of back-office functions. This includes HR activities, marketing, risk management, trade reporting, & compliance. Experts who have accounting background in addition to technical expertise will be adept in making use of digital data entry.

Transportation and logistics:

In transportation & logistics, there always exists a necessity of keying information for on-time delivery. Documents – bill of lading, certificate of origin, commercial invoice, proof of delivery & other certificates – are the usual data that the industry outsources. This has become a conventional trend in the market. 

Real estate:

Rapid urbanization has left realtors and real estate firms with enormous data. Properties, their purpose, their value, and their ownership are the common data for real estates. Placing into spreadsheets are the informations acquired and recorded to provide an organized structure to the entire negotiation phase.

Connect With Us!

The Philippines, having a low-cost labor market rate, offers cost-effective data entry services.

Having a continuous influx of information in all business sectors, outsourcing data entry services would be of great advantage to you. At Magellan Solutions, our specialists can develop databases containing large information in an easily accessible manner. We focus on security and efficiency as we do our job for you.

Magellan Solutions is fully aware that a leak of information may damage consumer trust and company reputation. With ISO 27001 and HIPAA certification, the company fully guarantees the strict confidentiality between your office and ours. 

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Contact us today for more information.