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How Does Outsourcing Data Entry Benefit Financial Institutions?
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For every business, data is a very important asset. When it comes to financial institutions, accurate data is the most important asset because they deal with a lot of numbers that decide the fate of other businesses. Data entry in financial institutions is a meticulous task as they have to manage bulk data as well as ensure precision in data. Financial institutions, small, medium & large, consider outsourcing data entry services due to the multitude of benefits they offer to the business. Even though every business benefit from outsourcing, the financial institutions gain more from outsourcing due to the following reasons:
[/vc_column_text][/vc_column][/vc_row][vc_row][vc_column][vc_single_image image=”829″ img_size=”full”][/vc_column][/vc_row][vc_row][vc_column][vc_custom_heading text=”Manage Bulk Data Entry ” font_container=”tag:h2|font_size:20|text_align:left|color:%234486bf” google_fonts=”font_family:Hind%3A300%2Cregular%2C500%2C600%2C700|font_style:400%20regular%3A400%3Anormal”][/vc_column][/vc_row][vc_row][vc_column][vc_column_text]
Financial institutions often face urgent requirements of bulk data input, in terms of accounts and journal data entry. Managing bulk data is a challenging and meticulous process as such. When it comes to financial institutions, it would involve bulk data entry of financial transactions which would amount to huge volumes in terms of data as well as its money worth. It is hence, very critical for financial institutions to outsource data entry services to deal better with bulk data entry requirements on a regular basis.
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The data pertaining to financial institutions need to be accurate and precise. Even the smallest mistake can reflect exponentially which would lead to huge losses for the business and reputation damage. Typically, bulk data entry comes at a cost of compromised data quality and speed. With a competent outsourcing partner, the financial institution can ensure accurate and precise data which is reliable and secure.
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Financial institutions need data on demand. Every single transaction needs to be recorded in real-time. This would need a dedicated team of data entry professionals in-house which is highly expensive and difficult to manage all the time. When financial institutions outsource Data Entry services in India they gain from the expertise and speed of the outsourcing partner’s resources thereby ensuring on-time availability of data.
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Like every other business, the financial data also needs to be presented in specific formats for different purposes. As the data deals with money, most of the times, such institutions will have to file a wide range of documents and data in different formats to various government authorities. The outsourcing partner will offer quality data in different formats as required.
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Financial institutions have to present certain critical data in standard formats. Journals, accounts, balance sheet, profit & loss accounts, and other important financial records have specific formats which they have to mandatorily stick to. The formats may change from country to country. Data Entry Specialist India can help businesses with the right formats for a specific location and business.
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Outsourcing data entry is a commonly accepted method by businesses to save on cost of establishing and maintaining an in-house team. An accomplished outsourcing partner will prove to be the biggest asset for the business as they will be proactive in providing the right services required by the business at the right time without compromising on the data quality.
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Steps To Ensure Successful Outsource Data Conversion Services
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Data conversion is a process of converting unorganized unmanageable data into an organized format using digitization. In this digital era, change drives businesses and developments in the information and technology sector. These new changes have an effect on data conversion and modernization too. Hence, data conversion services help businesses in resolving data format challenges. Few key strategies that are required for successful data conversion.
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- Efficient planning
- Implement data standard
- Data profiler and cleaning
- Business engagement
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Outsourcing data conversion helps businesses in collating data from traditional sources like paper and file-based formats into digital formats. Data entry conversion, thus, prevents the data loss for any organization. Digital imaging conversion helps to store images in a digital format. Source data is available in different formats like catalog, periodicals, web data, PDF, database etc. The organization needs to convert data from these varied formats into other industry-specific formats. There are organizations who can help us with the professional requirement from the IT sector.
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Data is an important entity for all organizations. Data received from different organizations and the data that is already available may not be in the same formats and it is difficult to convert the required format in-house. To convert lots of data, an organization requires a lot of time, resource, and money. This can be managed better when you outsource data conversion services. By doing this we save on time, since there are varied options which result in cost cutting, quick output, and increased profit. You can save up to 75% in your capital cost when you outsource it to outsourcing services. It is better to outsource data conversion task to a trusted company as it is feasible. Today many organizations outsource such processes.
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Offshore companies mean organization situated outside the country. The reason why one would want to start a company outside the boundaries is to take advantage of laws that are not available in one’s country of residence. The advantage of offshore company is to avail tax savings, asset protection from lawsuits or to take advantage of foreign business opportunities.
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India is highly sought after in the field of offshore outsourcing. Cost is one of the main reasons for offshore outsourcing. The future of a competent Offshore Company in India looks bright and it will only grow with time. Offshore outsourcing helps businesses of all scales to get more competitive and sustainable.
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Below are the benefits that firms get when they outsource to India
• Easy access to a large resource pool who speak good English
• Huge pool of fresh graduates every year compared to any other country
• Well-versed in Information Technology
• Lower costs due to abundance of job-ready resources
• Most companies are compliant with international quality standards
• Time zone advantage
• Advanced communications facilities and good connectivity with the rest of the world
• A stable political environment
• Favorable policies that help the BPO service providers
With all the above said advantages, outsourcing data conversion services to India would be one of the best options.
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Best Industry Practices For Data Conversion In 2019
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Data conversion involves translating data from one format to another to suit a target system depending on the requirements and it includes both software and human intervention. An ideal data conversion practice involves identifying risks, careful planning, effective and detailed communication, regular system backups, performing test conversions and data validation. Successful implementation of a new system depends on the ability to convert data from the old system to the new system. Data conversion services may be done for a number of reasons – hardware/ software upgrades, business expansions, combining systems, data centre moves, normalization of data etc.
[/vc_column_text][/vc_column][/vc_row][vc_row][vc_column][vc_single_image image=”813″ img_size=”full”][/vc_column][/vc_row][vc_row][vc_column][vc_custom_heading text=”Ensure The Use Of The Best Software Tools” font_container=”tag:h2|font_size:20|text_align:left|color:%23dda249″ google_fonts=”font_family:Arimo%3Aregular%2Citalic%2C700%2C700italic|font_style:400%20regular%3A400%3Anormal”][/vc_column][/vc_row][vc_row][vc_column][vc_column_text]
Whether a team uses off-the-shelf software to assist data conversion processes or develop an in-house solution or manual effort to do the work, it is dependent on the system and data types being converted. It is important to understand how data will be impacted when it is converted from one format to another. Only a good data conversion process can make that possible.
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Data Conversion can be a complex process. A lot of organizations find themselves relying on ineffective solutions for conversion of data. If there is no clear understanding of the source that the data is being converted from to the format that the data is being converted to, data can be compromised and with its integrity ruined the conversion process can be a major failure. The outsourcing service providers in India are one step ahead because they embrace challenges by combining human expertise with technological innovations and provide various solutions for data conversion.
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Smooth data capture is not only an essential characteristic but also critical to every data conversion. Outsourcing data conversion services have many benefits including but not limited to, cost-cutting, easy and hassle-free conversion, saving on resources and time. With almost no margin for error and data loss, quick turnaround time, customised services and technically sound experts handling conversion, India is seen to be the place to go to for data conversion. Data conversion has become more of a necessity rather than a preference. Companies find themselves amidst huge chunks of data that are of different formats, which can be very frustrating. Efficient services combined with the latest technological tools convert data from their native formats to formats supported by desktop applications, internet applications and word processing applications.
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Considering the fact that there is a huge availability of resources and manpower that is both cost-effective and efficient, many businesses prefer a competent offshore company in India for outsourcing data conversion. For every firm, no matter how big or small they are, the data is the heart and soul and it should be handled in an organized way. Inconsistent handling will almost definitely hinder the way the business functions. Data is always sensitive and every time there is an update in the system, data also needs to be converted to be in sync with the system. Each organization has different requirements and the formats change from organization to organization. Therefore, offshore companies are gaining popularity because it is not only convenient but also highly capable.
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Handwritten Data Entry Services – Surely Affordable To Your Business
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Digital data can transform businesses significantly. In a company, on a day to day basis, a lot of documents are handwritten such as forms, applications, receipts, invoices and bills. All such documents need to be converted into a suitable digital format for better storage and easy access. Typing them to digitize these documents is tedious and monotonous. Companies look for data entry service providers so that the huge volumes of handwritten data can be digitized. Outsourcing handwritten data entry services come as the best solution. It will help in managing such documents in a cost-efficient way.
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The experienced team of skilled workers with the outsourcing partner provide faster outputs for handwritten data entry, converting the paper documents to electronic form. This, in turn, saves the valuable time and resources of the company so that they can concentrate on core competencies. The process followed normally to perform the best quality handwritten data entry service is as below:
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The handwritten documents related to the business present in different formats like papers, books, files, bills, etc. are collected and the data entry requirements are understood properly.
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Data entry is performed based on the requirement with high accuracy and quality results.
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Strict quality checks are performed to see that data entry is error-free and ensured that it meets the standard.
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The customer support team normally hands over the completed files after the deliverables clear the quality check.
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The main reason to outsource handwritten data entry services to India is to get professional data entry operators at affordable prices without hiring inhouse resources. There is very low investment involved in outsourcing non-core activities to an India-based company. The business can leverage skilled workers and good infrastructure of the outsourcing company without any hindrance to their core works. Investing in handwritten data entry services will keep the company ahead in the competitive world. The major advantages are listed below:
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1. Better focus on the core business operations as the tedious work is handled by experts.
2. Saving on the non-core activities by outsourcing the same to skilled workers.
3. Easy access to handwritten data in the digital form.
4. Focus on core operations.
5. To make sure data entered is error-free and accurate as per the requirements.
6. The time range offered by the service provider will meet all the company deadlines.
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There are many different types of handwritten documents needed in various operations and require data entry work. Thus, service providers offer a wide range of handwritten data entry services:
[/vc_column_text][vc_column_text]1. Taxation bills
2. Vouchers
3. Journals
4. Magazines
5. Account sheets
6. Yellow pages Data
7. Research documents
8. Business cards
9. Periodicals[/vc_column_text][/vc_column][/vc_row][vc_row][vc_column][vc_column_text]
Businesses across the world prefer to outsource handwritten data entry services in India as it saves them time, energy and cost. So, when the company partners with the service provider, they can be rest assured about their productivity.
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Is Outsourcing Handwritten Data Entry Beneficial For Your Business?
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The world of internet has widened the scope of all the business sectors and organizations. To stay ahead of the competitors, today, every business firm approaches for multiple contemporary ways. Most of the firms deal with a huge amount of paper documents and records and a daily basis, which needs to be digitized significantly. This has aroused the need for outsourcing the handwritten data entry services.
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Digitizing the handwritten documents has become a frequent process within every business organization.
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India is regarded as the favorite hub for most of the global organizations for accomplishing their handwritten data entry requirements. The handwritten data is extracted from the various kinds of documents such as:
• Medical reports
• Claim forms
• Index cards
• Vouchers
• Legal documents
• Financial documents
• Questionnaire and CV’s
• Handwritten address books
• Handwritten account sheets
• Handwritten work orders and memos
• Journals, magazines, periodicals, yellow pages, dictionaries, and much more.
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Outsourcing the handwritten data entry service especially to an Indian service provider will endow you with a wide range of benefits.
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The outsourcing service providers, especially the ones in the offshore region such as India, possess an excellent and experienced team of data entry operators. Handling fonts such as Gothic, etc. needs a good amount of training or else, they might find it challenging to enter the document. Generally, the data from the handwritten forms includes contact information, city/state, pin code, etc. Each data entry operator will be offered with a list of hardcopy stating the fonts to avoid any hassles.
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You might be wondering that outsourcing handwritten data entry is an expensive procedure for your business. But, the reality is quite different! Outsourcing will help you to avail the valuable resources present at the outsourcing service provider. This will help you to save a good amount in terms of human resources and finance. Outsourcing the handwritten data entry service to an eminent service provider can offer you with significant data in a streamlined manner.
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Most of the firms lack in-house organizational resources or they might be limited. In such an instance, accumulating the resources to one area can have an adverse effect on the other areas. Unavailability of valuable resources in the necessary areas can affect the various elements such as marketing, etc. This can ultimately affect the overall productivity of your business organization. Outsourcing the handwritten data entry service to the right service provider can help you to equally distribute the resources and attention to all the core and non-core tasks.
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Today, there exists a large amount of market competition and thus, you need to stay ahead of your competitors by attracting the attention of your target audiences. Handwritten data entry service dealt by the right service provider can optimize the brand loyalty and thus, will facilitate a long-term relationship with the clients.
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Having a sound knowledge about English should be the prime criteria while selecting a service provider to perform the handwritten data entry services. The data entry operators having an excellent English can figure out the irrelevant or unnecessary words which can affect a sentence in the handwritten document.
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A handwritten data entry service provider is well-equipped with the right mix of infrastructure and other advanced facilities. The use of appropriate software or updated tools will ensure to deliver the accurate result within an affordable and user-friendly budget.
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Data Entry Export has emerged to be the leading service provider of handwritten data entry services, well-known for comprehensive quality assurance and output delivery within a short time.
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