The introduction of remote work culture has introduced a new paradigm to outsource and manage data entry tasks. Companies are thriving by outsourcing these services to promising service providers and accelerating productive outcomes.
Remote working: A new hybrid work culture
The remote work culture has been encouraged across all domains in different industries. The biggest transformation in remote working is witnessed in back-office and data entry services.
The data entry outsourcing market is increasing at a CAGR of 5.95% and will reach the investment level of US$ 504.12 million by 2025. It shows the outsourcing of such services to native and global locations has exsiccated considerably. In fact, more than 46% of the global market share of data entry services will be outsourced by the end of 2025.
This segment of business operation is fragmented into different sub-domains such as:
- Online data entry
- Data cleansing
- Cloud storage services
- Data management
- eBook data entry
- Accounting
- Payroll and admin services
- Electronic publication
- Content management, etc
Due to the advent of remote work culture, these services are being outsourced to more promising job profiles. Let us take a look at the driving factors that make remote working is accelerating the outsourcing of data entry tasks.
Driving factors for data entry outsourcing
1. Cutting operational costs is the market driver
There is no need to invest in the installation of an in-house department for data entry and add more overhead expenses. A company can outsource data entry requirements to a service provider and can save on investing a fortune.
There is no hiring, recruiting, and training process involved in remote working and outsourcing. A service provider will stick to the industry protocols and regulatory compliance clauses to meet the criteria of projects. Hence, the cost incurred on data entry operations and labor reduces considerably.
2. Overcoming market challenges
The strengthening of cyber security measures is a driving factor for outsourcing data entry services. Data entry processes related to accounts, finance, insurance, healthcare, and other sensitive industrial domains are now safer than before.
The inclusion of cloud-based operational systems also allows the leading companies of the USA to let a 3rd party service provider work on managing data safely. Moreover, the flexibility in complying with work hours and timeline differences is also allowing exclusive outsourcing of data entry services outside the country.
3. Spending more time while working remotely
As per the McKinsey Report, professionals spend more time when working remotely. Nearly 33-46% of the advanced economies such as the USA have witnessed an escalation of time spend on delivering professional output among employees with no loss in productivity.
Moreover, the addition of a hybrid model that allows employees to work from home or at the office has boosted productivity. Hence, they can maintain a better work-life balance and stay happier. The happiness index contributes to a better outcome for such jobs.
4. Reduction in employee turnover and absenteeism
The remote work culture has let companies outsource data entry jobs. They witnessed a spike in productivity as employees, 3rd party service providers, and freelancers do not have to travel to office space. Employees and freelancers can work in their comfort zone resulting in timeliness. The rate of absentees has been reduced to a minimum.
Due to the elimination of several factors of in-house work causing tardiness, the employees and freelancers can save on travel time and add them to maintain a proper work-life balance. The hybrid workforce is enjoying flexible timing and the companies are saving on office supplies/overhead expenses along with better productivity and accelerated turnaround time for project completion.
ARDEM provides Business Process Outsourcing and Business Process Automation Services to established companies to help them improve operational Efficiency and Reduce Costs. For more information please reach out to us at pricing@ardem.com or call us at 908-359-2600.
