Outsourcing Data Entry Services Affect Business Cycle in 2017

Outsourcing data entry means contracting an outside service provider to perform an operation or activity on behalf of your business. Outsourcing data entry helps a business achieve error-free and high quality output at a lower investment. Data entry is one of the crucial tasks in business operations. Although it might be easier and unnecessary to some, it forms the basis of decision making. When a business operates, it generates information in the process. This information is usually in physical form. Converting information from physical to digital form is done through data entry services.

Outsourcing data entry services has many benefits due to which it is preferred by most business. Data entry services assists a business in achieving smoother and stronger operational system by supporting business cycle and quick decision making process.

Here is how outsourcing data entry services affect your business cycle.

Reduces operational cost

As business, it is your top priority to reduce operational cost. Outsourcing data entry work helps in minimising the cost of operation. This is proves to very beneficial for the business, especially during the times of economic decline.  It helps in downsizing the needs to hire and maintain the employees for the data entry work. When you hire professionals for data entry work, you will have to invest in the infrastructure like place to sit. Apart from that systems and technology must be up-to-date. This means you will have to regularly pay for the upgrade of software.  This can be over expenditure, if you do not have that much of data entry work.

Business does not have to invest in the infrastructure required for in-house data entry team. Data entry helps you to get rid of the need to invest in paper and files. The need for physical storage space is also reduced.

Increased Productivity

Data entry work is a very monotonous job to do. It can put unnecessary pressure on both the management (in case an in-house team is maintained) and employees (in case the regular employees are trained to handle data entry work). By outsourcing data entry work, you can remove the stress from the management and employees. This will allow them to focus better on the core business operations. Your business will get the advantage of better planning and improved handling of competitors.

Apart from this, data entry services will ensure that you get the output on time. The output is produced on time even in case of emergency. This ensures that data is available for decision making on time.  Also, keeping data records provide a base for better decision making for your company. Better decisions means better business cycle.

Transfer of Risk

Businesses have to face various amounts of risk, especially during the time of recession. There are some risks involved when a data entry project is being conducted. Risk like sudden technology and software change, security theft, etc. When you outsource data entry work, the risk is transferred to your outsourcing service provider.

Outsourcing data entry work helps you strike a balance in your business cycle. If you outsource data from India you can even get time zone benefits. Thus, it can be said that outsourcing data entry services is most beneficial for business.

 

Pertinent Points on Technical Outsourcing

It is a rising trend to outsource data entry jobs to India. It is not surprising, because India has become famous as a premier destination for outsourcing when it comes to the IT industry. Customer care jobs apart, tasks such as form conversion, data entry, eBook publishing, data mining etc. are also frequently outsourced to India by various big-shot foreign corporate companies. Not only is labour in India is inexpensive, but Indians are also known to be hard-working and dedicated to their jobs. Most of these companies (to which these jobs are outsourced to) execute all assigned work with utmost perfection and deliver them to the client within the ascribed deadline. This alone is enough to account for the overwhelming popularity of the subcontinent as an outsourcing destination. However, this is not the only reason why outsourcing is so popular. There are innumerable benefits associated with palming off low-level, ‘of basic nature’ technical jobs to India. These are as follows:

  • First and foremost of all, it is a known fact that outsourcing all menial jobs which are of a very tedious and harrowing nature, serves greatly to free the company’s workers of all the excessive workload. This enables them to participate in the more important and central functions of the company. Outsourcing data entry jobs to India is thus, very profitable.
  • Secondly, data entry and data mining jobs are sometimes extremely huge in volume, and hence, those are extremely time-consuming to take care of. So if any company wants to get them done by themselves, then it should hire a huge workforce; much more than it would need if the whole workload was outsourced. All the excess labour would mean putting a lot of pressure on the finances of the company.  Apart from the regular salary, there would be yearly and festive bonuses, performance appraisal, casual leaves and all other such stuff. On the other hand, outsourcing would relieve them of all such extra expenses.
  • Thirdly, labour charges in the US and the other First World nations are astronomical. On the other hand, labour charges in the Subcontinent are extremely low. So that way, a lot of the expenses would be saved.
  • As has been mentioned before already, it is nearly impossible to avoid human errors when jobs such as data entry are left to low-skill workers. And if technical workers were to be hired, one would need to install more computers and impart training to the newly hired batch of workers. This would entail huge infrastructural expenses. Outsourcing would give you a chance to avoid all that and yet get the work done. To make things better, hiring workers would mean recurring expenses throughout the year, while payments to outsourcing units are a one-time thing.

Thus, as can be seen above, outsourcing is an immensely important thing when it comes to saving up on expenses and (thereby) keeping the prices low and competitive. And if you manage to find an outsourcing partner who would be able to sync all their functions according to your needs and tailor their services to the requirements of your company, then you’d rapidly surge ahead of all competition in the industry.

 

Three Reasons to Outsource Data Entry Work

The benefits of outsourcing are many to count. For one, companies that operate in First World countries, often find it difficult to afford labour from their home countries. Compared to the rates charged by first-world labourers, workers in the Third World prove to be much more lenient on the pockets of the big companies. This alone (cost consideration) explains a large part of the reason why outsourcing became so popular with most big-shot IT companies in the West. And the most preferred outsourcing destinations are, not surprisingly, the countries of India and China. India especially, has been a hot favourite with Information Technology firms, ever since the IT boom of Bengaluru took place back in the early 2000’s. Alongside the regular call centre jobs, other functions such as data-related work (data entry, data processing, data mining etc.) are also regularly outsourced to Indian shores. The benefits of outsourcing are many, a few of which are detailed out below:

• First, outsourcing saves the client company a great deal of time and money. Data-related work, besides being quite laborious and tiring, is also extremely time-consuming. This makes it impossible for small firms with limited manpower to finish all data entry tasks within the deadline. To make up for the staff crunch, the firms are then forced to recruit additional people who have to be paid fulltime salaries along with the added benefits of yearly/quarterly bonuses, paid leaves etc. Outsourcing data entry jobs to India solves both these problems; not only does the data entry company get all the work done within the stipulated period, but it also saves the client company a lot of ‘additional hiring’ expenses.

• Every firm should be on the lookout for a business partner which would best serve its long-term interests. By opting to outsource to a reliable data entry firm, a company is, therefore, giving itself the chance to come across an organisation which would provide it with services tailor-made to suit the client’s needs. This is extremely important for any firm, since its productivity and (hence) reputation depends upon the rate of completion of important projects.

• As has already been said before, outsourcing firms relieve the client company of all the latter’s data entry responsibilities. As a result, a large part of the company’s workforce is then rendered free with more time to spare regarding other important work of the company. To put it simply, the company’s staff would be able to concentrate on the more important areas of business; once the burden of data entry has been lifted off their shoulders. Thus, this would add tremendously to the productivity of the company.

• Last, but not the least, labour in India (or any other Third World country) is immensely cheap compared to the home countries of the client companies. This point speaks for itself. There’s nothing more attractive to a commercial organisation than an opportunity to slash its costs of production.

Basically, these are the main reasons why a company would want to outsource all work related to data entry.