Businesses can Lose Customers and Revenue Due To Mishandling of Data

Businesses can lose Customers & Revenue due to Mishandling of Data

A reliable data entry services helps business to turn digital without compromising the quality of your data. It improves access to data and also enhances the operational efficiency.

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(800) 670 2809

Errors while entering data can undermine the ability of your organization to work efficiently,

comply

with

government

regulations,

and

earn

revenue.

Business

organizations have to handle large volumes of data, ranging from invoices to supply orders, and more. An error in any financial or transactional data can cause huge losses to the organization. Proper handling of data is important in all levels of a business organization. A reliable data entry service provider can ensure that all data is entered correctly.

Data is the essence of any business and using refined, clean, validated data is crucial to drive

operational

success.

Proper

management

of

data

provides

the

following

advantages: •

Supports decision-making: The better the quality of data the better will be the decisions. It lowers the chances of risk and improves efficiency.

•

Better productivity: Good data improves employee efficiency and it helps workers focus more on their core mission.

•

Fosters compliance: Almost all industries have their own sets of regulations that govern relationships or trade with certain customers to maintain good quality data. Being compliant is essential as new regulations continue to emerge.

•

Boosts marketing: In marketing, accurate data ensures accurate targeting and communications.

The Greatest Enemy of an Organization: Mishandled Data According to a new Dun & Bradstreet report, around 20 percent of businesses have lost customers due to inaccurate and incomplete data (www.demandgenreport.com). Around 15 percent of the respondents said that they failed to sign a new contract with a customer due to poor data. Following are some of the findings of the research: •

22 percent of respondents said that their financial forecast data were inaccurate.

•

More than 10% of organizations stated that they have been fined for data issues.

•

17% of organizations offered too much credit to a customer due to a lack of information and lost money.

The survey included 500 business decisions makers and almost half (46 percent) said that data is “toosiloed” to comprehend. The biggest challenge the at respondents faced were: protecting data privacy (34 percent), having accurate data (26 percent) and analyzing and processing data (24 percent). The main reason for these challenges could be lack of data structure and support. As per the survey 41% of respondents said no one in their organization was responsible for data management and 52% said they do not have enough budget to implement data management practices.

www.managedoutsource.com

(800) 670 2809

Proper handling of data is crucial for any business. Every year, the volume of data is rising and the ability to do new things with these data are also expanding. So it’s hardly surprising that businesses are finding it difficult to catch up with new changes and make most out of them.

Here are some tips to avoid mishandling of data: •

Offsite storage of all business data combined with barcode tracking technology can help locate files easily. Make sure that only authorized users can access these files. This will enable a complete audit trail of information and discourage negligent data handling practices.

•

Sometimes employees have the habit of taking files home, but this increases the risk of theft and data degradation. So it is important to apply inventory management controls and monitor the flow of documents.

•

Confidential and sensitive material may be accidentally tossed out and paperwork is carelessly thrown away. Such critical data needs to be discarded properly using a shredder. The use of document conversion services for rapidly digitizing business data has reduced such risks.

Reliable data entry services can help businesses turn digital without compromising the quality of their data. Quality data entry improves access to data and also enhances operational efficiency.

www.managedoutsource.com

(800) 670 2809