How to Outsource Data Entry Services in 2024?

Exploring the Origins: Key Considerations Before You Outsource Data Entry Services

Let us quickly return to the basics to ensure we are on the same page.

Data Entry Services Explained in Simple Words

In a nutshell, data entry services involve a vast suite of business processes, such as entering, organizing, and managing information from different sources, like paper documents or digital files, into a computer system or database. What is the primary goal of data entry services? Since data entry services handle multiple business objectives under one roof, ranging from updating customer records and inventory details to transcribing handwritten documents into digital formats, the main reasons why businesses outsource data entry services are cost efficiency, time efficiency, and enhanced data management processes. Thanks to data entry services, companies can access, edit, and manage information in the blink of an eye since it is accurately stored and accessible.

Data Entry Services Market Analysis

Nowadays, data entry services take a leading place in the information technology (IT) domain, demonstrating rapid growth in terms of Compound Annual Growth Rate (CAGR). With the emergence of coronavirus in 2020, we have witnessed an increased demand to outsource data entry services. Hence, companies from diversified industry verticals turned to data entry services in order to reduce operational costs, boost efficiency, decrease maintenance, and improve the overall customer experience. Bearing this in mind, we can conclude that the COVID-19 pandemic has positively impacted the data entry services outsourcing market.

Zero Glitch Zone or Minefield: Confirm or Refute the Error-Free Nature of Data Entry Services?

Nothing is perfect; the same is true for data entry services. There is no doubt that data entry mistakes can significantly affect a company's potential success. Over and above that, data entry errors often lead to financial loss, which is extremely dangerous for newborn startups and small businesses with limited financial capabilities. Let us take a look at the top 5 data entry errors you should stay aware of:

1. Inaccurate data inputs (typically refers to manual data entry services).
2. Misinterpretation of data (numbers are mixed in with words).
3. Incorrect data formatting (entering wrong data in the correct field, etc.)
4. Transposition error (numbers or letters are swapped).
5. Representation/unit inconsistencies (inconsistencies related to time, date, or address).

Still, do not jump to conclusions. Due to effective data management strategies, companies can easily outsource data entry services without losing tons of money. In case it does not sound convincing after describing the top 5 data entry errors, let us consider statistical data. As reported by Docu Clipper, the accuracy rate of automated data entry is between 99.959% and 99.99%, while the accuracy rate of human data entry ranges from 96% to 99%.

Why You Should Outsource Data Entry Services in 2024

In recent years, the competition for talent, especially in the IT domain, has reached phenomenal intensity, contributing to the growing popularity of data entry outsourcing services. Since the modern business ecosystem is oversaturated with third-party providers, the Deloitte report highlights that most of them "supply knowledge, capability, and capacity by providing on-demand access to hard-to-source talent and expertise on technology and transformation that keeps pace with the continuously evolving business environment." Keeping an eye on trends, many forward-thinking businesses outsource data entry services and enjoy multiple advantages like:

Cost-Efficiency

At first, in-house data entry may seem attractive, especially for businesses that put an emphasis on management. However, building an in-house data entry team is an expensive initiative, and here is why. Think at least of expenses associated with hiring, training, attrition, and knowledge transfer. Needless to say about costly equipment and software programs. Luckily, when you outsource data entry services, you do not need to worry about all the mentioned aspects since the data entry services outsourcing vendor will take care of everything. Summing up, businesses that outsource data entry services can cooperate with best-in-class professionals without spending their time, resources, and efforts on recruiting, hiring, and onboarding processes.

Business Growth

Multitasking is a great skill, but let us be honest: when it comes to business, it is usually inefficient. A successful business is like a kid; it requires a significant investment of time and effort. And finally, after years of hard work, you can be rewarded with a great and kind human you have managed to raise (in our case, a successful business you have created). Still, when you have a kid, you do not try to take care of other people's kids (at least, most people traditionally do not behave this way). Same with business, if you spend too much time on additional, not core, business activities, you miss the opportunities, and finally, your company fails. That is why businesses that outsource data entry services are more likely to grow in the long term compared to those that host in-house data entry teams while ignoring their fundamental business needs.

Enhanced Quality

Working with best-in-class experts from the industry is always beneficial, especially when it comes to the data entry domain. Nevertheless, choosing skilled professionals for your in-house team may be a real challenge. Even businesses that conducted hundreds of interviews sometimes struggle to find that one expert they were looking for. Luckily, you can outsource data entry services to avoid the hardships associated with the selection process. Backed by years of experience recruiting and hiring data entry specialists, we can relieve our partners' stress by offering them the top 1% of talents regardless of a limited timeline. As a result, when you outsource data entry services, you get excellent quality while spending less effort.

How to Outsource Data Entry Services: Key Strategies

While the modern BPO market evolves at a rapid pace, there are many ways to outsource data entry services in 2024 and beyond. To help you find the right direction, we have analyzed the top 3 strategies to outsource data entry services. Let us take a closer look at each of them to help you make the right decision.

#1 Strategy to Outsource Data Entry Services: Freelance Marketplaces

If you want to hire data entry specialists here and now, consider freelance marketplaces as your potential option. Hosting a vast buffet of freelance professionals ready to get down to work, platforms like Upwork or Fiverr can be a great choice if you have time to filter through bids, choose professionals, and monitor progress. Still, freelance marketplaces are like two sides of a coin: even though you can outsource data entry services in a fast and easy manner, you should always stay aware of several potential threats, like security issues, plagiarized content, fake identity, fake location profiles, fake reviews, ignorance, etc.

#2 Strategy to Outsource Data Entry Services: Eastern Europe

In recent years, Eastern Europe has emerged as one of the world's largest and most prominent IT hubs. Well, that is definitely for a good reason: the perfect mesh of a skilled, highly educated workforce and low prices make Europe an ideal destination to outsource data entry services this year. Despite an unstable political situation, Eastern European countries continue to support the business domain, keeping their efficiency at the before-war level. Hence, if you want to outsource data entry services without compromising the quality, Eastern Europe, including countries like Ukraine, Poland, and Romania, is a great strategy to outsource data entry services at a reasonable price.

#3 Strategy to Outsource Data Entry Services: India

Another cost-efficient option is, of course, India. Famous for its extremely cheap services, this destination gained mind-blowing popularity during the last decade. Unfortunately, paying less does not always mean getting more. Avaricious pays twice — remember this. It does not mean all Indian companies offer low-quality data entry services, but you should never forget about this crucial aspect, paying extra attention to the selection process. After all, India is a great outsourcing destination for small startups with limited budgets since it can become a perfect starting point in the growth of your young business.

Data Alchemy: Why You Should Outsource Data Entry Services to Ukraine

Companies that outsource data entry services to Ukraine access a unique combination of advantages, ranging from unparalleled expertise to cost-efficiency. Located in the heart of Europe, Ukraine has emerged as a market-leading player in the outsourcing industry for several compelling reasons.

First and foremost, Ukraine offers a highly skilled and educated workforce. With a strong emphasis on STEM (science, technology, engineering, and mathematics) education, this outsourcing destination ensures that professionals in the IT domain possess the deep technical knowledge required for data entry tasks.

Secondly, low prices also can be a convincing factor for businesses seeking to outsource data entry services. Compared to the vast majority of Western countries, Ukraine enables companies to allocate resources more strategically, fostering overall growth.

Over and above that, time zone proximity to Western Europe enables real-time collaboration, ensuring smooth communication between the outsourcing partner and the client, reducing potential delays, and enhancing overall project efficiency.

Cultural similarity is another noteworthy aspect. Sharing common cultural views with many European countries, Ukraine facilitates similar working practices and business etiquette that, in turn, contribute to a harmonious working relationship and minimize potential misunderstandings.

Besides, outsourcing to Ukraine provides businesses with peace of mind, ensuring their sensitive information is in capable and secure hands. Prioritizing security measures as one of the most critical aspects of successful cooperation, Ukrainian outsourcing vendors always take care of safety.

Final Verdict on How to Outsource Data Entry Services in 2024

Hopefully, this detailed guideline has given you the right direction to outsource data entry services this year and beyond. Yet, it is always essential to remember that the perfect data entry outsourcing recipe requires a small pinch of creativity. Although you can follow the steps described in this article and choose the company or freelance marketplace from the abovementioned lists, the final decision depends only on your unique needs and preferences. Guided by your specific budget expectations, team size preferences, and even communication and management styles, you can assess your potential data entry outsourcing vendors to choose the one that satisfies all your fundamental requirements.

Summing up, the final verdict on how to outsource data entry services in 2024 rests in your hands. Equipped with the valuable knowledge from this guideline and attuned to the nuances of your business, you possess all the necessary tools to make an informed decision. Continuously adapt, innovate, and collaborate with your outsourcing partner to unleash the full potential of data entry services for your business growth in the years to come.

Seeking to outsource data entry services to Eastern Europe? Fortunately, you are in the right place at the right time. At devabit, we offer a vast suite of BPO services, including data entry, linguistic quality control, data verification & extraction, product information management, desktop publishing services, data cleansing, data conversion, and data processing.

Ready to harness the mind-blowing power of data combined with the exclusive potential of disruptive technology? Then, do not hesitate to get in touch with our skilled consultancy team. Let us make the first step towards a promising technology-powered future with the devabit team.