Data entry is regarded as the most powerful tool for organizing, analyzing, and understanding information in almost every industry. It is one of the most significant activities for the development of every business. Read on for our list of the different kinds of businesses that benefit the most from outsourcing data entry services and what data entry services you can work with?
Big data is and will continue to be, a force to be reckoned with in this digital age. Precise data entry management allows businesses to make better decisions that will help them to grow and develop. If done in-house, however, this crucial task can take a lot of time, resources, and focus away from your business’s core activities. Even with the aid of data entry software, double-checking and ongoing investments are still necessary to prevent bad data. Poor data quality can lead to poor decision making which can lead to the wrong business strategy. According to the research firm Gartner, on average poor data quality costs businesses worldwide anywhere between $9.7 million and $14.2 million yearly. The overall collective economic cost to the US, which operates in a highly data-driven economy, is over $3 trillion. Increasing customer and market demands have compelled companies and organizations to outsource their data entry services more and more to specialized data entry companies. Business leaders who tap into the many benefits that outsourcing data entry services bring will remain ahead of their competitors in the long run. Here’s an overview of how some industries are ensuring they get the most out of their data by working with data entry BPO partners.
1. Retail: Better Understanding Customers Through Data Entry Outsourcing
No industry embodies the need to understand the data around supply and demand better than retail. From traditional brick-and-mortar retailers like Walmart to current day e-commerce giants like Amazon, gathering, organizing, and understanding data is a key element of success. If retailers don’t correctly anticipate what customers want and when they want it, their businesses will waste a lot of time, effort, and resources that they can scarcely afford. By working off information garnered through data entry services, retail companies can understand their customers better, increase operational efficiency, and enhance the overall customer experience. A reputable data entry BPO partner can provide the analytics and insight needed to keep people happy and returning to the store or website. The way we buy and sell is evolving fast. Both online and offline, those retailers that are embracing a data-first strategy are reaping huge rewards.
2. Finance: Improving Processes With Data Entry Outsourcing
The impact of data entry and data analytics in the financial industry has been profound. Long before ‘big data’ became a popular term, complex algorithms that could collect data from a wide number of sources were helping to inform and support trading decisions. Finance, of course, has always been about numbers, but financial institutions can now exploit live and historical data feeds to alert themselves to new opportunities faster than humans can read.
Technology has advanced to such a stage where the processing power needed to gather, analyze, and extract data is available to almost anyone. But what good is a lot of data if no one can read or disseminate it into palatable reports for making informed decisions? A partnership with a data entry company means being able to present the data in a simplified form to discover patterns and trends and predict future events.
3. Banking: Reduce Risk with Data Entry Outsourcing
The applications of data go far beyond high-tech, big-money trading. Retail banks also benefit. Risk management may be the most obvious but customer analytics, product analytics, and branch network analytics are all helping to deliver the best possible banking experience for customers. Data entry services are involved in the fight against banking fraud too. For example, data analytics is helping credit card companies detect fraudulent transactions. One predictive machine learning model detected the equivalent of $100,000 in fraudulent transactions in the first week alone. Furthermore, image data entry allows high-quality scanned images such as electronic signatures, facial biometric images, and other scanned documents to be entered, retrieved, and authenticated as needed to protect against the scourge of identity fraud.
4. Insurance: Accelerate Insurance Verification with Data Entry Services
In the insurance industry, data has been used to provide customer insights by analyzing and predicting customer behavior through data retrieval. Data is already being used to help insurers set fairer and more accurate policy premiums, identify fraudulent claims, and improve their marketing efforts. Some UK-based insurance companies are offering discounts to drivers who allow their insurers to monitor and collect data on their driving habits via a special smartphone app. This allows the insurer to observe how safe a person’s driving really is and offer premiums that reflect that. By working with a data entry BPO, insurance companies have access to more powerful data analytics tools that they can incorporate to build an even more specific picture of risk related to individual customers.
Data entry outsourcing saves time and cost for your business
5. Energy: Accuracy Through Data Entry Outsourcing
The growing scarcity of fossil fuels is giving rise to alternative sources of energy such as solar, wind, and wave, all while global consumption is increasing. Energy generation, distribution, and billing all require the assistance of data entry and analytical services to balance loads, price energy, and manage infrastructure. Advanced data-based analytical tools that understand the behavior or usage of these different sources of energy have become crucial. Matching power supply with the demand for energy from the grid over a certain period at the lowest possible cost subject to transmission and distribution constraints is the most important decision-making process in power generation. In the immediate future, smart meters in our homes and new alternative energy technologies promise to generate orders of magnitude more data. Data entry companies play a significant role by collecting energy data and applying advanced big data analytics techniques to manage our critical energy reserves.
6. Mining: Better Decisions With Data Entry Outsourcing Services
Mine site operations are extremely sophisticated and churn out terabytes of data daily. Data analytics has been one of the most promising technologies to emerge and has reshaped the entire mining landscape. The full impact of big data has yet to be felt, however. A recent survey in the Mining Journal, which included 10 of the Top 20 global mining companies, said that data entry and analytics would spur the next wave of efficiency gains in ore extraction, analysis, transportation, and processing. This would be achieved by enabling faster and better-informed decisions at all levels. Helping achieve these goals are, for example, sensors embedded across mining operations. These sensors generate vast amounts of geoscientific, asset condition, and operational data in real-time. The success or failure of mining companies hinges on understanding and exploiting the price volatility of raw materials at the right time. In a highly competitive market, every effort to improve margins using operational intelligence is necessary, therefore data analytics is expected to play a major role in cutting costs and providing more long term security.
7. Transport: Data Entry Outsourcing Improves Your Operations
Lauren Sager Weinstein is Head of Analytics at Transport for London, the government body responsible for the entire transport system in Greater London. She said “London is growing at a phenomenal rate … We have to understand how [customers] behave and how to manage their transport needs.” People need to reach their destinations on time and with this objective in mind, Transport for London uses data entry and analytics in three main ways: mapping customer journeys, managing unexpected events, and providing personalized travel information to passengers. Data entry services can, for instance, tell how many people are on a particular bus, or retrieve data from sensors onboard a train about its braking mechanism, or gain insight into the precise journeys that passengers are making through smartcard ticketing systems. A data analytics team can then examine that information to attempt to find meaningful patterns that guide them in improving operations.
8. Logistics: Data Entry Outsourcing Services Improve Communication
The complex and dynamic nature of logistics makes this sector a near-perfect partner for data entry services. Valuable insights obtained through data leveraging enable industry players to optimize routing, streamline factory functions, and give transparency to the entire supply chain. Companies can better anticipate slow and busy periods and scale up or down accordingly. They can predict potential future supply shortages and put an alternative course of action in place if needed. According to a recent survey by the Council of Supply Chain Management Professionals, 93% of shippers, and 98% of third-party logistics firms feel that data-driven decision-making is crucial to supply chain activities. 71% of them believe that big data improves quality and performance. Deliveries are optimized, inefficiencies reduced, and operational standards are respected. The arrival and widespread adoption of data entry and analytics has dramatically improved the way logistics firms work.
Data Entry improves the communication of the World Logistics
9. Healthcare: Data Entry Sourcing Services Can Improve Lives
Accuracy and efficiency are paramount when dealing with people’s well-being. The ability to analyze large and up-to-date datasets with precision to discover health-related trends in the population can be crucial to public safety. The healthcare business yields large amounts of data from routine patients daily and data entry companies can gain key insights from millions of unstructured patient medical histories. These include physicians’ notes, annual outpatient visits, hospital admissions, and emergency room visits, all numbering in the millions. The medical industry also depends on specialized equipment to track vital signs, assist with procedures, and make diagnoses. Wearable trackers transmit information to physicians and tell them whether patients took any particular medicine or if they’re otherwise following treatment or disease management plans. Compiled data gathered over time provides doctors with comprehensive views of patients’ well-being, offering much more in-depth information than brief in-person visits. With lives on the line and people’s private medical information at risk, this industry has little to no threshold for data handling blunders. The challenge for the healthcare industry is that with greater access to information comes an increased need for tighter security protocols to protect sensitive patient information.
10. Telecoms: Data Entry Outsourcing Improves Analytics
Huge quantities of data are a natural part of daily telecom operations but the volume of that data is increasing rapidly. For example, since 2007, the amount of data that is transferred through AT&T’s wireless network has increased 470,000%. It is only logical that most forward-thinking telecoms firms would choose to work alongside data entry and analytics companies. One of the strategic use cases for the adoption of data science in the telecoms industry is network operations monitoring and management. Predictive analytics helps forecast traffic patterns and predict the periods of heaviest network usage so providers can alleviate congestion during these periods. Therefore data entry services help to ensure the smooth running of network operations. Contact centers of telecoms can also use predictive analytics based on customer information, technical logs, internal knowledge articles, service tickets, and input from experts to speed up call resolution and improve customer experience.
11. Marketing: Data Entry Services Improve Your Campaign Targeting
Great advertising has always been at the heart of successful companies. But it’s not just about the content of your message, it’s also about delivering it to the right people, at the right time, in the right way. Data entry services can provide your marketing department with an opportunity to understand your target audience much better. Data science can be applied to profiling, search engine optimization, customer engagement, responsiveness, and real-time marketing campaigns. According to research by YouAppi and Dimensional Research, over the past five years, 67% of marketers have significantly increased their focus on data and analysis, Between Twitter, Facebook, Google, and other social media channels, data entry services can now collect an exponential amount of information about consumer preferences and other trends that may be impacting your marketing efforts. Digital advertising now comprises a majority of the incoming cash flow for the likes of Twitter (86%), Facebook (99%), and Google (71%). As digital ad buying becomes more automated and data-driven, the need for a reliable partner to help you organize, analyze, and understand your customer data has become mission-critical.
William Edwards Deming, the great American engineer, statistician, and management consultant, once said “Without data, you’re just another person with an opinion”. Good decision making requires good data and good data analysis. The capacity to collect, process, and draw relevant conclusions from different sources of data is vital to developing and growing a business. Data entry and analytics are also critical for receiving that all-important feedback and evaluation so that we can make the necessary adjustments after the implementation of a policy. As the data deluge grows ever larger, day by day, it presents greater opportunities for companies to drive more personalized and customer-centered service while boosting revenue and efficiency. Those companies that view data as a strategic asset and develop robust data and analytics strategies and partnerships are the ones that will succeed in this new data-driven world.
Pure Moderation is an experienced and highly-reputable data entry outsourcing company
As a global BPO vendor specializing in a range of services, including data management, our priority is to provide affordable solutions that are custom-tailored to the individual needs of our partners. Every business is unique and has specialized needs. We offer bespoke services to suit any industry and size of the organization and offer the ability to quickly scale up or down as needed to suit changes in business needs and goals.
With a large pool of highly-competent data entry agents with a perfect blend of skill, expertise, and experience, our clients can get an edge over the competition with our flexible and reliable data handling services.
Working with us allows your business to operate efficiently, cost-effectively, and with insight into the ever-increasing amount of data your business produces.
Streamlining your operations is crucial when trying to achieve future growth and vital functions such as data management must, therefore, be handed over to the professionals.
To learn more about outsourcing your data entry projects and the value that it can bring your business, chat with us on our website, or contact Pure Moderation for a free consultation and trial.
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Email: hello@ puremoderation.com
Phone Number: +84 439 728 621