How Data Entry Helps Businesses Succeed: Top 10 Sectors That Should Outsource Data Entry Services in 2022
Data plays a crucial role in staying competitive and innovative in today’s complex business environment. By maintaining and managing your database, you can more easily streamline your business operations, keep records well-organized, and enhance your company’s overall value and performance. And the first step to improving data management is through proper data entry.
This article will discuss how data entry adds value to your business in greater detail. Then, we’ll cover which sectors benefit most from outsourcing data entry services and how you can find your ideal provider!
What Is Data Entry?
Data entry refers to the process of inputting data and information into a computer system or other digital database, taking care to maintain accurate and error-free records. Data entry jobs encompass various services, including typing jobs, data cleaning, email processing, updating existing records, data formatting and correction, transcribing and coding, and more.
Why Should You Outsource Data Entry in 2022?
If you still aren’t sure whether or not data entry services can benefit your business, take a look at these powerful advantages that this outsourcing solution brings to the table:
Compete With the Big Players
Did you know that the most successful and influential companies have the most data? Powerhouse businesses utilize data to their advantage, extracting insights from basic information to determine what their customers want to see from their brand and figure out ways to influence consumer behavior.
If you want to replicate the success of the big players in your industry, outsourcing data entry can be your first step. By working with reliable data entry analysts, you can start gaining detailed analysis of consumer feedback, helping you improve your products and services and enhance your reputation among potential and existing customers.
Make Better Business Decisions
According to Deloitte, 49% of businesses believe that data processing and analytics help them make better decisions. When data entry jobs are completed precisely and accurately, it is easier for companies to extract actionable insights from the raw information, leading to greater innovation and efficiency.
Improve Sales and Marketing Efforts
Data is vital for improving customer satisfaction and experience, and getting data entry right at the start can make the process easier for your sales and marketing team. By collecting customer feedback and ensuring they are properly entered in your company database, you can utilize these insights to craft more targeted and detailed marketing messages.
Top 10 Sectors That Benefit Most From Outsourcing Data Entry Services
Now that you understand the importance of data entry in business, let’s talk about the specific sectors that benefit from this outsourcing solution. Here are just a few of the different industries that should utilize data entry services in 2022:
#1: Film and Video
The global film and video industry is massive, reaching a value of $234.9 billion in 2020, and it shows no signs of slowing down. Industry analysts predict that the value of this prolific market will reach $410 billion in ten years. One important yet overlooked contributor to the success of the film and video sector is the data entry clerk.
In this industry, data entry services are needed for various reasons. Data entry clerks often take on audio transcription and captioning for films and videos. Without their work, audiences, especially those with hearing difficulties or impairments, will not enjoy watching movies with subtitles.
#2: Travel and Tourism
According to Statista, the travel and tourism market size rose to $1.3 trillion in 2021 after a rough decline in the previous year due to the pandemic. Although most people may not realize it, data entry also plays a crucial role in this business sector.
Gone are the days when aspiring travelers had to go through in-depth research and piles of paperwork just to find unique travel destinations, accommodations, and activities. Nowadays, travel and tourism arrangements are made digitally, so travel coordinators and agencies hire reliable data entry clerks to make the process easier.
Having a data entry assistant can significantly lighten the workload of a travel agent by transferring paper-based applications and information into the company’s digital database and helping collate and send information to clients. Some data entry clerks also take on additional responsibilities such as researching new travel places, scouting accommodation prices, and organizing tour dates and packages.
#3: Insurance Providers
Another sector that utilizes data entry is the insurance industry, a large global market projected to reach $3,038.6 billion by 2028. Insurance companies regularly collect and process a ton of data and information, and making sure that all data is organized and accurate is critical to the organization’s efficiency and success.
Some data entry services specific to the insurance industry include applications, quoting and proposal, and insurance claims processing. Applications data entry involves encoding new policy requests, renewal requests, and policy amendments. Meanwhile, quoting and proposal data entry include encoding coverage details, premiums, and commission summary tables.
The healthcare sector is one of the largest industries in the world, taking more than 10% of the GDP of most developed countries. Analysts predict that the global healthcare industry will be valued at over $10 trillion by 2022. Data management is critical in keeping healthcare facilities and companies afloat, given how large the healthcare sector is.
Data entry professionals take on various tasks in the healthcare industry, some of which are more specialized than regular data entry jobs. Medical transcription is one of the most common data entry services in the healthcare and medical field. In this task, data entry specialists must be familiar with advanced medical terminology to encode the information accurately.
Medical coding, which involves translating medical reports into the shortcode used in the healthcare industry, is another task for data entry specialists. Healthcare facilities can ensure consistency and accuracy in their medical reports and billing by outsourcing this function to capable providers.
#5: Real Estate
Despite the challenges brought about by the pandemic, the real estate market grew to $10.5 trillion in 2020. And one of the reasons for this industry’s success is the hard work and dedication of data entry professionals.
Real estate owners, agents, and realtors must manage data from different sources, including property valuation details, sales and commission reports, property listings, and legal documents. With help from the right data entry clerk, this information can be kept well-organized, accurate, accessible, and up to date.
#6: Legal Industry
In 2020, industry analysts valued the global legal services market at $849.28 billion, and this number is expected to continue rising through 2022 and beyond. In this industry, data is critical. Since law professionals typically work with various legal documents and papers, data entry specialists can help ease their workload and allow lawyers to focus on nurturing trusting relationships with clients.
Some tasks that legal data entry specialists take on include reviewing and fact-checking information in legal documents and papers, fixing errors when found, and indexing and filing invoices. Because of the nature of work, data entry professionals in this field must be familiar with and knowledgeable about legal terminology.
Banking is becoming increasingly digital, with more and more individuals and businesses relying on online banking methods to control and manage their daily financial transactions. In fact, the global digital banking market size is expected to reach $1,610 Billion by 2027, growing from $803.8 Billion in 2018.
Because banks and other financial institutions handle so much sensitive data and information, there can be dire consequences if these are not handled properly and with care. As such, many banks partner with reliable and trustworthy data entry professionals to encode and organize client information, banking details, financial transactions, and other such data.
Another industry that benefits from data entry services is the e-commerce sector. With its global revenue of $4.28 trillion, the e-commerce industry is one of the biggest and fastest-growing retail sectors. With demand for online shopping continually growing, e-businesses have to find ways to innovate and keep up with customers — and this is where data entry workers can be of service.
The nature of a data entry clerk’s work in the e-commerce field will depend on the type of business being run. For instance, online retail businesses may hire data entry workers to create and manage an inventory database or update the online store to reflect the availability of certain products. Some businesses may outsource product data entry, which will involve creating detailed listings, shipping information, and descriptions.
#9: Data Mining
Data mining is becoming a more widespread practice in our increasingly digitized world. More and more businesses are reaping the benefits of collecting raw data and extracting valuable insights from it. As such, industry analysts expect the global market for data mining to rise to $1,376.8 million by 2027.
Unlike other data entry jobs focused on typing and encoding, data mining is more specialized. Utilizing top-of-the-line software and tools, data mining professionals analyze patterns and relationships in data, concluding about consumer behavior through the insights found.
The global logistics market is valued at $8.6 trillion, making it a profitable and lucrative industry. This sector is also complex, requiring many organizations and coordination from different people and facilities. Given the massive planning necessary to transport goods or manage warehouses, proper data entry is vital to running operations smoothly. Data entry tasks may include inventory management, encoding order processing, and fulfillment papers, and creating inventory reports.
Turn to SuperStaff for Innovative Data Entry Solutions for All Industries!
Whether you need data entry for your e-commerce business or healthcare facility, you can count on the professional team at SuperStaff to provide the services you need. Our goal is to enable companies of all sizes and types to make confident decisions based on actionable data and insights to impact their growth and success positively. Reach out today, and let’s talk about how our data entry services can empower your organization!