In 2020 alone, business conducted online increased by almost 28% as companies decided to move (or improve) their brick-and-mortar service to online communities. Digitized data has grown from being a fuel of companies’ growth to being one of the main prerequisites for their existence.
But until recently, especially in industrial processes, nearly half of enterprises have relied on manual data entry. Their reason was supposedly saving on costs that would otherwise come with implementing new systems and staff training. Some companies even resorted to outsourcing data entry gigs to keep the in-house costs low.
However, considering the recent substantial shift to e-commerce, online services, and overall digitization, manual data entry turns out to be anything but cost-saving, as it struggles to keep pace with business growth and customer demands.
Here is how manual data entry hinders your business growth and how automated data entry can boost it instead.
The cost of manual data entry is substantial
Digitized data is only valuable when it’s accurate and allows further management – be it for analytic purposes or to serve your customers better.
When you ask your customers to fill in paper forms, they often respond with frustration, even abandonment of the onboarding process, resulting in revenue loss. The process is lengthy for the users but possibly even more so for the employees that need to re-enter the written information within the company’s software or database. Double the work means double the risk of errors and time lost on both sides.
Also, when manual data entry is entirely your team’s job, this routine and tedious task is often met with a lack of focus, errors (either misspelling or incorrect entry into preset data fields), and delays. As your business grows, a large influx of data adds pressure to the team, leading to potentially even worse results, limited scalability of their efforts, and less room for accurate analysis from gathered data.
The cost that your business could suffer from clinging to manual data entry is multifold:
The price of manual data entry thus goes beyond the paycheck for employees in charge of it. According to research by Gartner from 2017, bad data, one of the main consequences of manual data entry errors, on average costs businesses 30% of their revenue.
Another estimate of expenses comes from the 1-10-100 rule that determines the cost of quality and applies to data entry, too. If the price to prevent mistakes and verify data is $1, it costs $10 to fix the error and $100 to repair the damage that arose from it.
With these numbers in mind, it’s evident that implementing a reliable and automated data entry mechanism is more of an investment into a company’s growth rather than a burden for its budget.
Automated data entry saves more than time
For your business to harness the potential of quality data, it must ensure reliable data entry from the moment you onboard a new customer. An optimal automated data entry solution must be capable of gathering the appropriate data accurately, sustain large volumes of data influx, and work fast across departments and in-house data management systems.
Regula’s robust Document Reader SDK meets all these requirements. At its core, a deep OCR (Optical Character Recognition) engine powers automatic data entry that completes the process in just a few steps:
All Regula SDKs are developed in-house, making them ideal for customization to your requirements and easy to integrate into your platform, application, or data management system.
To improve user experience, Regula Document Reader SDK allows for highly intuitive operation. Your customers can conduct the data entry process simply by scanning documents with the camera on their device (on a mobile phone, tablet, or webcam). Aligned with strict data protection standards, Regula Document Reader SDK also ensures the high security of user data. By having all data handled on-premises, personal information or other sensitive data never reach another third party.
Regula’s automated data entry solution can handle data in all capacities and works ideally across industries – from financial services, insurance, and healthcare, to shared economy services, retail, and e-commerce.
Reliable automatization means quality data
With automated data entry, you can shorten the data entry process from minutes to seconds and eliminate unwanted errors. For your business, this means lower costs and increased productivity, as staff can devote their time to more productive, even creative tasks. Better interaction with customers and increased data security ensure less abandonment during the onboarding process.
Quality data that is error-free and up-to-date is also an invaluable asset in business decision-making. You’ll be able to serve your clients better, including through better-targeted marketing efforts that produce higher ROI.
Easy implementation for evident gains
Changes are often met with caution, and moving from manual work to introducing new technologies into your current work practices could seem daunting, costly, and unnecessary. But in fact, companies risk more by sticking to legacy systems and unscalable data management methods.
With readily available Regula Document Reader SDK, the implementation of automated data entry into your business is straightforward, doesn’t burden your development team, and respects the settings of your application or product for further customization.
The result is greater productivity and a competitive edge in the market as you adapt to the new generation of customers.
Try it yourself today!
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