Why your company needs accounts payable services and how does it function?07 Oct,2021 Read More
Posted by maxbpoblog Aug 20,2021
The Global Pandemic Covid 19 had a major impact on the business scenario and has affected the Global Economy in three major ways. First of all, it has directly impacted production and demand. Secondly, it had a financial impact on firms and financial markets, and finally, it has created a disturbance in the supply change and market.
Covid 19 has also impacted the global market share as well as consumer behaviour, and accordingly, a change has also been noted in the industry share of the data entry service industry. Research on the Global data entry outsourcing services market size, has estimated the growth of this industry at a CAGR of almost 5% during the forecast period 2021-2023.
The regions where the growth is expected to be maximum are the USA, Canada, Europe, and some Asia Pacific countries. The industries where maximum growth is predicted are Manufacturing, BSFI, Healthcare, IT & Telecom, Real Estate, Logistics etc.
Let us now understand the reason why more and more companies are opting for data outsourcing services instead of having their internal team in place.
Why companies are opting for data entry outsourcing services?
Cost of Recruitment & Training: There is a cost involved in recruiting and training dedicated manpower for data entry.
Inaccurate Data: The work done by in-house teams is often inaccurate as data entry operators lack the required expertise.
Lack of Focus: Companies that do not have dedicated data entry staff are getting the work done by staff involved in other functions. These people are often unable to give the time and focus on the data entry job and the job remains pending. On the other hand, when they are focusing on the job, their own functions are getting affected.
Lack of Infrastructure: Companies often lack the infrastructure required for data entry work and do not want to invest in this as it involves a major investment. This involves the workstation, hardware and advanced technology software.
How does it help to outsource data entry services?
Data entry outsourcing helps companies in several ways:
Cost-Effective: Companies opting for affordable data entry services are not required to invest in infrastructure and manpower, which is a more expensive option.
Improved Accuracy: As the work in a data entry outsourcing company is done by a specialist, it results in fewer errors and improves the data accuracy.
Reduced Turn-around-Time: As companies outsource the data entry services to experts with experience, this results in the work getting done in a shorter period of time.
Improved Efficiency: Outsourcing of data-entry services helps organizations to improve their operational efficiencies as they are able to focus better on their core competencies and activities. The outsourcing of data entry services frees up more resources for the companies and they are able to utilize these resources for more important purposes.
Better Management of Human Resources: Data entry outsourcing helps companies manage their human resources more efficiently and allows them to focus on improving their core businesses.
It has been noted that the data entry outsourcing services has been driven by an increasing need for a cost-effective solution to improve efficiency.
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