1) Focus on Your Business
If there is one thing that’s wasteful, it is you doing basic data entry tasks yourself. Time is Money – What is an hour of your time worth? I’d bet it is worth at least 10x what it would cost per hour for you to outsource your data entry and digitization tasks. And focusing on your business goes beyond just you:
Enable your team members to do the tasks they were originally hired to do (and should be doing), not side projects in the form of data entry. By gaining the ability for both you and your valuable employees to focus on your business should definitely increase your productivity.
2) Cost Savings
Many business owners are weary about offshore data entry, since the savings can sometimes seem too good to be true, but there are a variety of reasons why those cost savings exist. It usually has to do with a number of factors such as lower cost of labor, currency exchange rates,
specialized services, not the assumed stereotype of lower quality. By researching even just a few of the top data entry services companies who offer off-shore options, you’ll be pleasantly surprised to find that many offer a quality of service at, or exceeding that which you can obtain in the States. Plus, if some of your data entry services require in-country or even localized personnel, the better data entry companies can provide you with a custom structure to fit your business needs; even a hybrid model where some data entry services are done off-shore for greater cost savings while certain, usually more privacy-sensitive tasks can be done by a local team of data entry professionals.
3) Gain Space by Going Digital
Like most businesses, you’ve probably got at least a few (if not many) of those old file cabinets filled with paper files on past clients, customers, vendors, tax records, and more. Gain back the space you’re using to store all those masses of paper files by leveraging data digitization services. Just about any records can be digitized with 100% clarity these days, and since paper records eventually fade with time, your records will stay crystal clear once converted to digital. Now some may worry about data loss and/or theft, however there are simple solutions that your data entry partner can deploy including redundant (multiple) backups run daily, dual factor authentication for maximum security, and more. One other benefit of having a timely digitization of important data is that it creates actionable insights for optimized business strategy that you may not even know exist. Some businesses quickly discover upsell and cross-selling opportunities by entering their data faster. Some opportunities may exist shortly after a sale, or perhaps within just a day or two after originating a mortgage application. Those opportunities may not be discoverable if it currently takes weeks to enter or digitize your data. So recover your full office space and gain powerful new insights by digitizing your paper files in a costeffective, secure way.
4) Reduce Operational Cost and Overhead.
One fairly obvious cost savings experienced when opting to outsource your data entry tasks is around operational cost. Specifically, the additional employees you may need to hire as your business grows… and your data entry tasks grows with it. Hiring dedicated employees for data entry may be significant when figuring in the employees’ salaries or hourly wage, health care, paid time off, payroll taxes and other costs. You can avoid the financial burden associated with hiring specialized, on-site data entry personnel by outsourcing.
5) Enhanced Accuracy and Reduced Risk
It is common for a business to task existing employees to do data entry tasks periodically or regularly, but that is not their core competency. Also, the data entry tasks may be an additional burden on those existing employees, which could open the door for honest mistakes or typos. This can be catastrophic in cases of highly sensitive personal information such as social security numbers, loan documents, title work, HIPPA related data, and more. You can solve for this by putting those data entry tasks in the hands of true professionals. A high-quality data entry company usually has specialized team members and workstations designed specifically for highly sensitive and/or HIPPA related work. Be sure to ask about how the data entry company handles their more sensitive data entry to ensure it meets your data governance requirements.
6) Make Your Business Truly Scalable
You might be “getting by” having your existing team members multi-task and having them take on your company’s data entry tasks, but that usually results in over-worked employees and is most certainly inefficient. To make your business truly scalable, you need a reliable data entry partner. Many businesses have a “rush” time of year, or worse, there could be an unexpected overload that could bog down or even cripple your business; not to mention the loss of new opportunity when those bursts of volume appear unexpectedly. A good example exists within the mortgage industry. When rates suddenly drop and there is a boom of refinance opportunities for lenders, they can see an increase in mortgage applications of 5x, 10x, or sometimes even more. To handle that high (and usually temporary) volume, it’s ideal to have a data entry partner that is scalable and can help your business flex larger or smaller when needed.
7) Use the Time Zone Difference to Your Favor
Some may frown upon the dramatic time zone difference between the US and India when considering the outsourcing of data entry tasks, but it can actually work in your favor. Your local employees typically can only perform their tasks during local business hours. Now consider the model where your company takes in new orders/data during your work hours, then that data is processed overnight while you are asleep. Then walk in the next morning with yesterday’s files already processed and showing in your system. This model may not work for all businesses, but for those that need fast data entry, this model could convert your standard 8 work hour day into a business that operates more like a 24/7, well-oiled machine. Consider the potent benefits to outsourcing your data entry so that it is processed during night time hours.
Conclusion
So what can outsourced data entry services do for your business? Contact Rely Services today to book you free consultation and even try the service for FREE: Book Strategy Call