The Unknown Benefits of Outsourcing Data Conversion Services
Are you struggling with bad data after conversion and find it difficult to clean it?
If this is your case, outsourcing can answer your questions the best. It enables you to hire a certified data company that employs experienced and qualified data specialists. This alternative allows you to leverage their expertise and updated technologies that you may not have in-house. With the introduction of globalization, this practice is increasingly becoming common. It is simply because of the ton of advantages that outsourcing data conversion services bring along.
Let’s check out how hiring a specialist or company proves advantageous below.
Benefits of Outsourcing Data Conversion
These benefits are commonly observed, which companies enjoy once they hire a third-party professional company to refine data.
- Cost Efficiency
Certainly, the most obvious benefit is affordability. Outsourcing enables beneficiary companies to save millions of dollars. According to a study by Deloitte, 70% of businesses are inclined toward outsourcing for cost savings. This is obviously a smart and right decision because of onboarding. Maintaining an in-house team and assets for conversion requires substantial capital investment in OCR tools, updated technologies, training, infrastructure, and skilled personnel. Hiring a third party can prevent investing this much. This alternative requires beneficiaries to pay only for the services, not for the entire unit and assets.
Considering cost management, outsourcing companies hire experts located in regions with lower labor costs. It means that they save millions of people with their support who perform the same tasks. Countries like India, where the skilled labor cost is significantly lower than the US, the UK, or any other western country. Employing talent via outsourcing from such places can certainly be low-cost.
- Access to Expertise and Advanced Technologies
Technology is changing every second. Every company wants to leverage the updated technology, which is way faster, more enhanced, and more effective than its previous versions. In the context of data conversion, outsourcing companies also stay updated and deploy talent with extensive experience and technical knowledge. Hiring them can be too expensive and challenging for a company.
With technologies like optical character recognition, transforming paper-based data into a digitally accurate version is easy. It minimizes the scope for errors. A report states that 54% of companies that leveraged IT services from a proven third-party professional improved quality and efficiency. This is how any business can obtain advanced conversion solutions, leveraging the expertise of its outsourcing partner.
- Focus on core business activities
Contract-based conversion services enable beneficiary companies to focus on evolving innovative ideas to enhance their core competencies. These beneficiaries are majorly small-sized enterprises, or SMEs, that desperately require time to spend on core activities but not on non-core data transformation practices.
The effectiveness and benefits of outsourcing are confirmed by the fact that the business process outsourcing market is likely to be worth $525 billion by 2030, as per research. These companies are efficient enough to allocate more resources if required, so that the beneficiary company can boost their production, efficiency, and customer service. Moreover, they can evolve new ideas to expand or scale their reach.
- Scalability and flexibility
It is hard to see steadiness and consistency in a business, especially when it deals with data conversions. Sometimes, new launches or events like mergers and acquisitions may increase demand. With an outsourcing partner, one can easily scale the size of its operations and, hence, fulfill these demands without requiring walk-ins to hire and train additional staff.
Even in the opposite scenario, when demand turns down, such businesses can discontinue their contracts and optimize their costs. A study conveys that over 1 in 3 small businesses contract with a third party to do at least one business process, which means the demand will be on and off there.
- Enhanced Data Security
Every entrepreneur expects data security, especially when he hands over sensitive papers to convert into digital copies. For that, ISO/IEC 27001 certification is a must for those who have data in the mainstream of their business. This certification ensures that the company maintains international data security protocols. It may be an additional expenditure for those companies that don’t deal in data.
In this case, outsourcing conversion services to a certified partner can mitigate the risk of malicious attempts or data loss.
- Improved Data Management and Accessibility
If the data is transformed effectively, it can be handled and accessed without glitches. The third-party conversion specialists are efficient in transforming, managing, and transmitting digital data. The substantial thing is that the possibility of data loss is minimized and operational efficiency maximized. Even if a piece of data is missing, it can be retrieved digitally, and outsourcing companies are equipped with data retrieval applications. They have mature teams to handle such instances.
According to a report, IDC confirms that 80% of mature teams are able to answer data-based queries within minutes to hours, but not in days or weeks. This efficiency is possible because of the digital data infrastructure.
- Reduction of Operational Risks
Operational risks are always there when data is involved. Even in-house conversion teams can cause delays in project delivery, which eventually add to the overall cost of the project, no matter if it was a technical fault. Considering the case of outsourcing partners, they have specialized skills and experience to effectively eliminate prospective challenges like technical faults. To overcome such incidents, 92% of G2000 companies employ IT outsourcing, according to a report.
The service level agreement (SLA) clearly guarantees the timely delivery and premium quality of the processed data. This contractual obligation makes it mandatory for the outsourcing company to provide quality service without any glitches.
- Faster Turnaround Times
Third-party vendors provide a dedicated workforce and advanced technologies to employ and quickly complete tasks. Certainly, the fast turnaround time is a crucial factor, especially for businesses that want lightning-fast responses to market changes and demands. A study confirms that nearly one-quarter of SMEs rely on outsourcing to increase efficiency.
With these benefits, it’s obvious that hiring an external professional company can integrate cost-effectiveness, improved efficiency, fast turnaround, risk-free solutions, and more.
Conclusion
Outsourcing data conversion services has many positive sides. It does not cost much to get your data converted. You can easily access advanced technologies under the pay-as-you-go model. You win flexibility to scale up or down the demand for conversion, and many more.
