It is not only data, but quality ensured data bring your business success. In other words, inaccurate or dirty data is not only a waste but will push you into wrong business decisions and several organizational hurdles. Data cleansing is the only solution to avoid this when poor quality data costs almost 3.1 trillion dollars per year in the U.S alone. On average, it is nearly 12% of a company’s revenue. So, by developing effective strategies for data cleansing, we can solve this. But how? First, we define data cleansing and then move on to its business benefits in optimizing costs.
Defining Data Cleansing
Data Cleansing is the process of analyzing, identifying, and rectifying errors in a database. It is done with many tools and techniques that help to validate data. As a whole, it makes the data up to date and relevant. For example, consider that you have the contact details of a regular customer. If he/she has changed the address, then keeping their old address will create two issues. First, efforts associated with reaching them in the old address become an absolute waste. Second, keeping such an address in your database will waste your storage space. So, it is essential to make the database relevant enough to save costs and boost business growth by data cleansing. Here, we discuss how data enrichment services help resolve these issues. Also, let us see how to implement them in various industries.
Healthcare Industry
The Healthcare industry has become the focal point of the entire world after the pandemic. Here, developing data-driven insights will help healthcare workers to make strategies that can handle the enormous pressure generated by unexpected events and health issues. With data cleansing outsourcing, healthcare institutions with collected patient demographic details, behavioural patterns, macro details of disease outbreaks, etc. can ensure their database is accurate. Also, they can ensure that moving in the right direction for reducing risks. It improves operational efficiency and saves costs associated with wrong steps they take. In addition, data cleansing outsourcing will enable the health workers to get free from handling in-house data management projects and focus more on patient care.
Financial Institutions
Financial institutions are always associated with dealing numeric data related to payments, interest rates, consumer patterns, etc. With the increased usage of digital channels for accessing financial or banking facilities, we can gather data from different sources. Data enrichment services help validate them for futuristic use. In addition, it is vital to be updated so that regulations and policies are under rigorous changes with an unstable market. Data enrichment services do here is to make sure that only relevant data entered into the database. They will be in touch with the latest industry updates and easily stay compliant with the different data-related laws such as GDPR, CCPA, ADA, FCRA, etc. It makes it easier to analyze data patterns and develop strategies to foresee futuristic economic trends.
Logistics and Retail Industry
After the increased popularity of eCommerce, the logistics and manufacturing industry cannot tolerate the slightest delays. Errors in processing data will always result in delays in shipments or delivery. With n number of options to get their required products, both online and offline, it will tempt your regular customers to jump to other purchasing options. Offshore business process outsourcing is the best solution for this. Since logistic firms can have departments or branches all across the globe, time zone benefits offered by offshore business process outsourcing will allow them to get an increased efficiency in data handling. It enforces revenue generation and reduces time delays at the same time. The net result will be an enormous increase in productivity by ensuring a business’s smooth run. You can then move on by gaining more customer trust.
Wrapping Up
Data inaccuracy is something that happens for companies all across the world. There is no wonder in it because millions of data get produced with every human interaction in the world per second. A mouse clicks, a voice message, an email, and a phone call will produce data that pile every day. In fact, the rate at which the hike in data usage is exponential. So, in this digital age with many facilities to find the best solutions to handle this, no need to make delays in finding the best data enrichment services. With years of experience in data cleansing outsourcing, Data Entry Export can help you get it. Reach us at [email protected] to know the rages of offshore business process outsourcing services we can provide.