Outsourcing data entry services relieves organizations from the painstaking process of transferring written documents into digital data. In a world where almost all processes are automated, how long will it last — or will it survive at all?
The data entry outsourcing services market will register a CAGR of almost five percent by 2023, Research and Markets, a Dublin-based market research company predicted. Some of the primary factors that drive its growth include the need for cost reduction and operational efficiencies improvement.
Essentially, outsourcing data entry services takes place when organizations see the need to improve their focus on their core competencies. Data entry is a painstaking and tedious activity, taking away intangible resources needed for business growth: time and focus.
Collaborating with a company that specializes in data management results in fewer errors and higher data accuracy. Through this, companies can prevent unwanted monetary losses brought by a data entry mistake.
One of the latest incidents that show how critical data entry can be is the experience of Chickasha Public Schools regarding a mistake made while entering information.
The news site newsok.com reported that an employee from the Grady County Treasurer clicked the wrong line on a drop-down menu — causing the Chickasha Public Schools to fell more than $2.1 million in property tax revenues.
To prevent this from happening, one of the state auditors reminded the public of how crucial it is to review manually-entered information to ensure its accuracy.
This incident teaches a valuable lesson: a single data entry mistake can result in millions of lost revenues. What we sometimes think as a simple job actually requires a high level of expertise and meticulous eyes that will scrutinize every single information from the output.
Sometimes, seeing the same thing over and over again can trick the mind to believe that everything is well. Like a fish that doesn’t have any idea that there’s such thing as water, the human brain has tendencies to see an error as true because it was so exposed to it. This is the reason why achieving a hundred-percent accuracy is impossible, if not a miracle when a single person handles the entire job.
It should be a collective effort. From the initial entry, a fresh set of eyes should review all registered information.
Data entry has different forms aside from merely typing information into a system. Here are some of the examples
As mentioned earlier, it helps to have a fresh set of eyes to review the entered information. This is to avoid typographical mistakes, which can create a huge impact on the actual output (especially when it’s a critical document like payroll).
Outsourcing data entry services is one of the best ways to ensure accurate information. A team of agents can work together to ensure the correctness of the file.
The artificial intelligence rose to popularity because of its promise to make things easier for humans.
There is no wonder why many data entry automation software is offered in the market today. Instead of manually encoding data into the computer or a system, an automated data entry system can read information from sources such as PDF files, emails, and websites and transfer it into a more adapted data storage like databases and spreadsheet files.
As it shows, automation can take away the burden associated with data entry. However, it still needs human assistance.
If data entry is automated, how about the data entry specialists and third-party companies that make a living out of it?
There’s a single word to answer the question: upgrade. It’s applicable to both humans and companies.
Data specialists should start to learn how to operate data entry software. Similarly, it would also help if they will gain other high-level skills like data analysis. Instead of simply copying what’s written on a document, learning new skills open more avenue that facilitates critical thinking — a challenging yet good exercise for the brain.
Meanwhile, companies should begin upgrading their technology.
Here’s the hard truth: companies that fail to innovate fail.
Not convinced yet? Try to remember the story of Kodak and Nokia.
By shifting from manual data entry to automated data entry, they can assure that clients will continue coming in. They can also use this as a competitive advantage against those who are afraid of the possible effects of automation.
Instead of succumbing to fear, companies that aim to dominate the market should capitalize on it to learn and develop everything they could years before their greatest fear become a reality.
There’s a panic that silently brewed within the Philippine BPO industry almost a year ago. It happened when artificial intelligence threatened call center jobs.
As a response, the president of the IT and Business Process Outsourcing Association of the Philippines Rey Untal said that “the automation of processes is not meant to replace people, it’s supposed to help them.”
The introduction of the automated teller machines or ATMs to banks, for instance, drove the growth of the banking industry because it allowed their staff to focus more on work that requires human intellect and empathy. As a result, bank transactions became easier and more efficient. Withdrawing also became more convenient, thanks to the presence of ATMs in almost every corner.
In the future, if BPOs and data management companies would continue to innovate and embrace the latest developments in technology, the practice of outsourcing data entry services will remain.
Humans develop technology to make life easier. Instead of fearing change, they should embrace it. Through it, the quality of life will continue to improve.
Outsourcing data entry services can help your organization in managing your growing data. Partner with us now and see how both our agents and technologies can help in streamlining your processes.
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