How badly do you think companies across industries need data entry services?
In a business intelligence survey by the Business Application Research Center, 58% of their respondents said only half of their company’s decisions are data-driven. It also shows the leading causes for this are a lack of relevant data, poor data quality, and the belief gut feel suffices.
Looking at this figure alone, you may think data isn’t all it’s cracked up to be. However, the survey also revealed another interesting finding.
Companies the survey termed “best-in-class” made 60% of their decisions on information, while “laggard” companies — or those making slow progress — relied on gut feel for 70% of their decisions. That means the more companies trusted data over instinct, the higher their likelihood of success.
So, who needs data entry services? The answer is every single company. Industries benefit from and need data entry services, especially when they aren’t ready to or can’t automate their data processes. But exactly what industries need data entry services?
While we can argue all industries require data and need to have data entry work done, there are a few that stand to benefit from it the most.
Industries that Need and Benefit from Outsourced Data Entry Services
Digital marketing & advertising
Those who aren’t in the digital marketing industry may find it surprising that a majority of ads are driven by numbers. In fact, if you remove seasonal ads from the equation, each one has a quantitative basis. Every decision is (ideally) based on several metrics.
Plus, the data in marketing and advertising comes from different sources. Being a multifaceted field, it will have to track numbers from paid ads, search performance, social media, website traffic, and many more.
If a digital marketing or advertising company can’t automate data entry yet and has a difficult time keeping up with the numbers, it will need data entry services immediately. Ads come and go so quickly. Staying on top of them with data ensures the next step you take will be a smart one.
Law firms
The legal profession as we know it today has existed way before personal computers came into the picture. And with the number of legal cases that continue to mount, the need for digitizing documents in this field will likely never wane.
Companies in the legal industry need professional data entry services for this very reason. There are loads of legal forms and client data to wade through daily, all of which have to be kept in order so law professionals can easily access them when needed.
Besides digitizing and organizing data, legal data entry specialists can also be tasked to research and update discrepancies or missing information, which tend to occur often with legal paperwork.
Nonprofit organization
Nonprofits also deal with a ton of data daily. The data they manage can come from the events they organize, surveys they conduct, or from their database of stakeholders.
And because nonprofits rely on donations to continue operating, they greatly benefit from outsourced data entry services. Outsourcing can reduce the spending of organizations, which, for nonprofits, can mean channeling the resources they have into their advocacy.
Real estate
The real estate industry is rife with competition. This means agents and brokers need to be in their A-game every second. One way they can do this is by proactively seeking out potential buyers and sellers of properties. In other words, leads.
Lead generation is a fundamental data entry task virtual assistants in the real estate industry perform. What makes it necessary is its ability to propel an agent’s or broker’s career into long-term success.
However, it’s also time-consuming. Preparing spreadsheets of client data and cleaning databases aren’t the core functions of a professional who handles property deals. But they are a responsibility of professionals engaged in performing data entry work.
IT & software
Tech companies are likely to face multiple issues a day. They may receive dozens of technical queries and complaints concerning a product or service, all while facing internal problems with their own technology.
With the volume of concerns they encounter on a regular basis, one might think tech companies are a perpetually sinking ship. But did you know having to troubleshoot these problems are actually good for IT and software companies? That’s because these companies can pinpoint and address them immediately, which allows them to grow and improve in the long run.
The only time these problems become detrimental is when no one’s around to log the data. With data entry services, however, businesses in the industry of tech can easily track any troubleshooting problem, whether it concerns their customers or the company itself.
Accounting & finance
Accounting and finance is one of the industries that benefit from outsourced data entry services the most. In fact, we can even say data entry is integral to the work of organizations in this industry because bookkeeping is essentially a type of data entry task.
Bookkeeping, the activity of recording an organization’s daily transactions using data entry tools, is vital to the entire accounting process. However, data entry services for financial institutions may also involve digitizing records of transactions, documenting bank applications, verifying client data, and more.
This means aside from the duties of a bookkeeper, which include reconciling accounts and recording journal entries in chronological order, data entry services may also encompass work ordinarily assigned to a general data entry clerk.
Retail & eCommerce
Another top industry that will always require data entry services is retail and eCommerce.
Because online shops and retail stores deal with logistics, inventory, and sales every moment it’s open, documentation will be stressful especially for the shop owner who has to do a dozen other things.
With outsourced data entry services or an eCommerce virtual assistant, online and retail shops will start to see massive changes. Dedicated professionals are suddenly doing foundational work.
They’re managing customer databases, monitoring and updating inventory, cataloging products, and documenting orders and invoices. Work that a shop owner might do and stress out over is properly delegated with data entry services.
Healthcare
One of the things a healthcare establishment needs to run properly is to ensure patient data is accurate and free from discrepancies. After all, patient care is highly dependent on quality data. For clinics, hospitals, and other health centers, this means making sure patient information — from personal data to lab tests or requests — are recorded accurately in the database.
Quality data entry services can, quite literally, save lives. This is why it’s vital for organizations to check whether the professionals or companies they’re entrusting data entry work to demonstrate a high level of experience and care when doing this important task.
Will Your Company Benefit from In-House or Outsourced Data Entry Services?
When considering whether in house vs outsourced data entry services are the best option for you, you need to think in terms of your business’s core competency.
This is one of the best ways to identify the type of professionals you need for data entry services. Keeping your core competency in mind will allow you to determine whether you need to:
- Form a strategic alliance or partnership
- Outsource work to a third-party provider
- Keep tasks internally
If your business needs data entry services, ask yourself whether it’s because it’s work that will give your company a competitive edge, or if you need it for operational upkeep. If you answered the former, then you will either have to hire in house or form a partnership with another company.
However, if it’s for the latter reason, outsourcing data entry services to another company can be the more favorable approach. It’s as simple as this.
Hiring in house is the wiser choice if it’s the primary focus of your business. This is because you’re rightfully investing in the work your company does. But if data entry is needed merely to support your company, outsourcing can help you scale up your workforce to address your data entry issues in no time.
In Summary
The top eight industries that need data entry services are:
- Digital marketing and advertising
- Legal
- Nonprofits
- Real estate
- IT & software
- Accounting and finance
- Retail and eCommerce
- Healthcare
Does your company need data entry services? Feel free to reach out to us for a free consultation by sending an email to sales@narrasoft.com. You can also send us a message on our chat box or contact form. With the help of our team, you can continue to do the work that matters to you the most.