All businesses rely on data – whether they know it or not. And the more accurate and in-depth your data entry and collection, the more powerful it is. High quality, reliable data can be used to help your business plan, change direction and analyse success.
Why collect data?
Data gives you evidence. And you can use that evidence to argue for or against a range of decisions. Data shows you where things are going well and where things could be improved. It shows where you could save money to improve margins or where you could potentially reach a new target audience for your product or service.
So data entry and processing is a key business task. But there’s no point doing it unless the quality and accuracy of the data is good. Poor data gives you the wrong impressions. It sends you down the wrong path and it can lead to bad business decisions. No matter how big or small your business, even the most basic data entry needs to be precise.
Here are the five key reasons to maintain accurate data throughout your business:
Improve productivity – good quality data lets you see where the gaps are in your productivity. From simple employee timesheets to more complex production data collection, you’ll be able to see where time could be saved or resources better placed. You’ll make your business more efficient.
Focus your marketing – data is key to successful marketing. And that’s particularly true across digital channels. Data lets you see who is visiting your website and when – and where they came from. It lets you measure the success of direct email campaigns. It shows you how many people are engaging with your posts. It helps you redefine and direct paid campaigns and it shows you what’s working so you can do more of it – and what’s not so you can stop.
Make better decisions – whilst lots of business owners might say that they ‘go with their gut’ when it comes to decision making, it makes sense to back those instincts with data. When you have to make a case to your management team, your funders and shareholders or your employees, it’s much easier to do so with accurate, timely and relevant data.
Increase margins – one of the huge benefits of good quality data entry projects is that they can show you how to improve your bottom line. Data will highlight the places where you could tighten your belt or be more efficient so that your costs come down relative to your sales price. In fact, you could even increase your margins by using data entry outsourcing services! Outsourcing is a cost-effective way to manage the task and frees up your time – or your employees’ time – to spend on generating business.
Keep to the rules – retaining data is important for many regulated companies or those who have to comply with particular standards. You’ll need to have processes in place both for collecting accurate data and then keeping it safely. You’ll also need to be able to generate reports that show you have been keeping documents, managing procedures, maintaining health and safety and much more. This data can be fundamental to your business’s reputation and success, so it’s a key task to get right.
Accurate data entry is about first collecting the right data from the right sources and then about entering it and maintaining it properly. Because it’s so important to the growth and success of your business, it’s critical to get it right. And that’s why many businesses outsource their data processing and management to virtual assistants with data expertise.
If you’re short on time and need help with managing data entry and processing, feel free to call us on 0800 994 9016 or use our contact form in the menu above.