Transcribing data has been done for ages. Taking information and putting it down on a tablet or paper to be available for a wider audience has gone on for a long time. Several factors contribute to the quality of data, including accuracy. Improving the accuracy of data entry service boosts both efficiency and ROI.
Technology, with which many jobs we do, has changed the process of data entry. It no longer required the person doing the data entry to be in the same physical proximity as the information provider. It also reduced the dependence on the unique skills of the individual data entry operator.
Companies that have understood the inherent value of data and are taking steps to manage it correctly enjoy its advantage. If they fail to do so, the market will be challenging for slow adopters and new entrants.
The Importance of Data Quality Driven by Improved Accuracy of Data Entry Service
Data accuracy brings in quality data that can support business growth significantly. Organizational decisions are based on data; therefore, data accuracy must be high that can give quality data.
Quality data that is driven by improved data accuracy has several beneficial impacts on companies. Before understanding them, let us look at the consequences of poor-quality data.
Consequences of Poor Quality Data
- Missed Opportunities: Poor quality data can drive you away from competitive advantages. Companies treat data as an asset and put effort into maintaining its quality. If your opponents in the industry are most efficient at getting quality data and thus gaining more insights from quality data, you may miss a crucial opportunity in the form of a new product launch or meeting customer demands.
- Declined Revenue: Poor data can lead to declined revenue in numerous ways. For example, ineffective communication with the consumer due to incorrect data, because of which you ultimately fail to convert a query into sales. For an insurance company, incorrect information on the property could cause a revenue loss because the premium may be set too low.
- Reputational Loss: Reputational damage costs hugely to organizations. Poor data with low accuracy is one of the biggest reasons for falling short on customer satisfaction. It can be undermined by an incorrect spelling of customer names, ages, postal addresses, etc. Taking an example of the banking sector, financing institutions can offer a loan to an individual with a lower income than specified in eligibility criteria or with a low credit score. It may result in unsettled cases and increase your non-performing assets in the accounting books.
- Lacked Confidence: According to a report, most CEOs are concerned about the quality of the data and lack trust in data quality. It results in a lack of confidence and a dip for further investment.
Let us delve into the benefits of quality data with high accuracy.
Benefits of Quality Data with High Accuracy of Data Entry Service
Quality data allows employees working with you to be more productive because they have validated data, and they need not fix data errors. Instead, they can focus on their core task.
With highly accurate data, companies can target and communicate with the consumers appropriately because of the right marketing strategies, especially in the omnichannel business models.
- Decision making
The better the data quality, the lower the level of risk in decision making. Companies that are confident about data accuracy can make informed decisions and have confidence in their produced outputs. It will automatically lower risk in the decisions and increase efficiency. When data is reliable, companies can mitigate guesswork and risk in decision making.
In various sectors, regulations control business trades/ relationships with specific customers, like the finance sector. If the data quality is not high to meet compliance requirements, the company may have to pay millions as fines. Compliance requirements are dynamic as regulations continue to be modified around the world that requires up to date and correctly processed and managed data. Graph databases are an important tool for financial enterprises to maintain complex business relationships and comply with regulations.
How Technology Improves Accuracy of Data Entry Service
Let us tell you some surprising figures resulting from poor quality data.
- Due to poor data quality, organizations lose an estimated 15% of their revenue.
- On average, poor data quality can impact an organization’s finances as high as $9.7 million annually. In the US alone, poor data costs businesses $3.1 trillion in a year.
- Almost one-third of analysts spend approximately 40% of their time validating their analytics data.
- Poor data increases operating expenses by 20-30%.
Technology can help you to reduce such figures in your organization. Let us explain how it improves the accuracy of data entry service and to what extent.
Technological advancement introduces automation. Companies utilize the latest in Machine Learning (MI) and Artificial Intelligence (AI) to automate the data entry processes. Intelligent automation technologies help businesses to boost speed and increase accuracy than manual data entry.
ICR (Intelligent Character Recognition) and OCR (Optical Character Recognition) technology can automatically read and extract data. It leads to reduced typing tasks and fewer mistakes. Businesses have more accurate data. Document scanning allowed businesses, even with small volumes of data entry requirements, to quickly scan and make the scanned images of documents available to the data entry service provider who could be located across the country. The dropping price of cloud storage and the increased security of data transmissions allowed large volumes of scanned images to be quickly transferred between the user and provider of data services.
Specialization with Technology – No More Manual Keying
Technology further allowed for specialization. The data entry service provider now established robust processes for assuring higher accuracy of keyed data. With validation programs and 100% verification checks, the accuracy of the data entry service could now be guaranteed to be 100%. No longer was there a dependency for quality only on the skills of the data entry operator. Delivering 100% accurate data became possible using technology tools and database validation rules.
Fully-enhanced Data Entry Workflows
With an optimized and streamlined workflow, a company can align and simplify the current data entry process to boost data accuracy. An optimized data entry workflow and robust infrastructure allow businesses to improve accuracy and boost time efficiency at reduced costs.
No error-prone situations like an overloaded team
If the data is handwritten, data capture may require human intervention. Even if there is a huge heap of papers, there are fewer chances of errors as you are utilizing technologies. The team of operators will not be under pressure to achieve targets. Overload data entry operators may make mistakes. With technology, you can avoid such errors.
Multiple Validation Routines
With the combination of effort-based data extraction processes and automated routine validations, companies can achieve the target of data entry accuracy. Such multiple validations in the data entry system established a 3-way match process for data analysis and management.
ARDEM Optimizes Data Entry for Highest Efficiency
Outsourcing data entry services can help you to grow with well-informed decisions based on analytical data. You can stay focused on core functions in your company while your outsourcing partner is organizing and analyzing your data to further data entry processes. Your partner ARDEM can tackle the challenges of data entry with its automated data entry services and provide you with accurate datasets for further business growth.
Utilizing software validation in combination with double key entry and comparing data entry, ARDEM achieves 99.97% or higher accuracy in data entry for many of its clients.
What clients appreciate in ARDEM Data Entry Services
- Extensive Quality Assurance with the latest MI and AI technologies, along with all validation checks to provide 100% verified data.
- Customized Automation that ensures faster turnarounds
- Increased efficiency in the high-volume data processing
- Quick and easy scalability.
- Proprietary Technology – a range of tested software bots developed in-house.
- Security Assurance in compliance with industry standards along with HIPAA, GDPR, PCI and PII.
ARDEM implements automated, robust data entry processes to ensure the highest accuracy while addressing data security. Our best data entry services, ranked#1 in the industry, are the results of dedicated project management, fully-enhanced data entry workflows, and innovative capture technologies. ARDEM’s clients stay ahead of the competition with the best data entry solutions. ARDEM continues to expand its list of satisfied government and commercial clients across the country.
ARDEM provides technology-based data and document management services, including data entry services, data capture services, forms processing, document scanning, and document processing services.
Applications for ARDEM services include Survey Data Entry, Indexing Large Format Drawings, Medical Record Scanning, Medical Claims Data Entry Processing, Mailing List Data Entry, Data Entry from Customer Loyalty Cards, Customer Service Survey Data Entry.
ARDEM data entry services clients are located in New York, New Jersey, California, Texas, Colorado, Nevada, Arkansas, Oklahoma, Illinois, Massachusetts, Florida, Ohio, Missouri, Wisconsin, Virginia, Maryland, Kentucky and other states and in Canada.
ARDEM document scanning service clients are found in New York, New Jersey, Virginia, Maryland, Washington D.C. and Connecticut.
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 email@example.com or call us at 908-359-2600.