By Robert Willson Data is not just a piece of record but information, which strengthens business position. Unfortunately, all businesses don’t value data that much. They don’t even manage it properly because it requires multiple hours and resources. If you look into a Forrester report, data professionals invest up to 80% of their precious time on preparing, cleaning, optimizing, and streamlining it. They know how powerful data is, which passively contributes to unprecedented growth and innovation.
Despite being this crucial, many companies fail to streamline data. Repetitive tasks and entries are hard to manage effectively. In this case, data-heavy tasks can be delegated to an expert, freeing up your in-house team to evolve something great that can truly accelerate business growth.
The Hidden Cost of In-House Data Handling
Before moving ahead, you should know that bad data costs a lot, maybe in the millions. A Harvard Business Review study throws light on the fact that bad data costs U.S. companies over $3 trillion per year. Overall, mistakes in crucial records like customer contact details, outdated inventory systems, or missed insights from analytics reports can turn your progress sluggish.
And for those who handle manual data input services in-house without specialised focus, it can end up in these things:
- Human-generated errors
- Sluggish project delivery
- Inaccurate reporting or misleading results
- Most time spent on non-strategic work
A full-time hired team may not provide flawless data when tedious data entry tasks consume its potential. The strategic part suffers in this case.
What Kind of Data Tasks Can You Delegate?
Everything that involves data, its processing, cleansing, management, or analysis can be aligned to data experts. Specifically, these tasks include:
- Data entry and cleansing
- Data mining and enrichment
- CRM database management
- Data Validation & Verification
- Lead list generation and verification
- Data formatting and migration
- Report generation and dashboard updates
Outsourcing or assigning these tasks to virtual assistants or specialised teams is a cost-effective alternative to achieve flawless data. The external partner attends to details to achieve accuracy and speed up processing while addressing scalable requirements. This is achieved without overburdening internal resources.
McKinsey research sheds light on a crucial finding, stating that companies that effectively delegate and automate back-office tasks, encompassing data management & entry, enhance productivity by up to 40%. Now that you know how beneficial it is, think of improvements like innovation, faster decision-making, and faster time-to-market for your business.
How Delegating Data Tasks Accelerates Growth
Data indirectly drives growth. Here is how.
1. Unlock Strategic Time
When your data analysts and strategists are free from capturing, cleansing, and formatting CRM records in Google Spreadsheets or Excel sheets, they spend valuable time on these tasks:
- Deriving strategies to hook more customers
- Evolving ideas to create new products or services
- Focus on maximising conversions or closing deals
- Building and strengthening relationships with customers
The support from external professionals spares precious hours for the core team to invest meaningfully in making constructive and productive strategies for growth.
2. Gain Real-Time Insights
Generating accurate reports and analytics more frequently is necessary to get insights into what’s going on in the back office. It guides in making better decisions corresponding to real-time data, but not on offbeat details. Overall, insightful reports simplify these tasks:
- Detecting trends faster than ever
- Predicting sales before any campaign
- Witnessing improvement in campaign targeting
These insights enable companies or businesses to earn a competitive edge that is the need of the hour in this rapidly evolving market.
3. Scale without Growing Overhead
Estimate the cost incurred on every data specialist hired for processing data. It can be huge. Plus, you cannot expect desirable outcomes, especially when the business is scaling, but not the headcount. No matter when you’re a startup or an enterprise. Incorporating with a third-party professional can help in expanding operations.
4. Reduce Error Rates
Specialised data teams often use tools and processes to automatically detect and fix errors. A single typo in a database or miscalculated formula can cost an arm and a leg as a penalty. Delegating tasks to a data expert promises to deliver consistent and accurate results.
5. Enhance Compliance and Security
The experienced outsourcing companies typically attain certificates, which confirm that they follow regulatory frameworks like GDPR or HIPAA. It ensures that they are professionally trained in handling data with care and security, reducing your legal and operational risks. Enhancing compliance and security is key to ensuring data is handled professionally.
Choosing the Right Data Delegation Partner
Selecting the right partner may seem easier, but actually, it’s not. Rather than incorporating with any professional, you need to follow these steps:
- Niche Expert: Explore and find a niche expert that has working experience of working with companies in your niche or industry. These professionals understand your data-based needs without deep discussion or explanation.
- Tools and Technologies: Discover if the prospective partner uses the latest tools and secure systems, such as Jotform, Google Sheets, Zoho Forms, etc.
- Alternative to Scale: Growing businesses come up with the request to scale up or down the request for processing during seasons. To meet, flexibility is a must. So, check this possibility also.
- Skilled Virtual Team: Discover the size & skillsets of the team the potential service provider has. Specify your requirements for skilled virtual assistants or data teams.
- Defined Quality Check: Align a sample to predict the quality it produces. Moreover, communicate about the regular quality checks and reports. Ensure that these details are shared in the Service-Level Agreement (SLA).
The Future Is Data-Driven. Don’t Let It Slow You Down
Did you know that the whole world will generate 175 zettabytes of data by 2025? A report by IDC spotlights it, showing a massive opportunity lying ahead to manage data effectively. But the staggering amount of records cannot be processed internally. It’s a costly deal. That’s why businesses hire experts that can efficiently achieve fast processing of a desirable amount of data.
Conclusion
Handling data as an expert is not like a walkover. It requires a lot of smart tools, strategies, workflow management, and resources. Hiring a third-party expert provides sufficient time to overlook progressive aspects like strategising the future and focusing on turnaround time and innovation, which give a business wings to fly high, sabotaging competition.
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