3 Key Reasons to Use Automated Data Processing

Hectic workloads and tight competition in the corporate world have made data processing services necessary. But, handling non-operational activities is time-consuming. This has made us outsource data processing works to the best service providers available in town. The agencies offering data processing services use many methods to support their clients who outsource data processing services. And automated data processing is one of the techniques they use. So, if your company recently approached a BPO agency to support you with automated data processing techniques, you will have particular reasons for choosing that technique. Given below are a few similar reasons.

automated data processing

  1. Better Efficiency

Using methods of manual data analysis can be time-consuming and bring in a lot of inefficiencies. And while working on something as important as sorting data, focusing on other revenue-adding tasks can make things look complicated. On the other hand, automated data processing methods can relieve headaches, improve efficiency, and help you efficiently process large volumes of data. Moreover, it helps you manage data efficiently.

  1. Improved Data Security

As humans, there is a very high chance for us to make mistakes. Data processing automation is one of the options that can help you reduce such errors. And once certain activities are automated, you will no longer have to worry about spelling errors or the errors made while interpreting them. Of course, not all dangers the data is prone to happen by mistake, like in case data stored in unsafe are prone to theft. However, automated data processing is one of the ways to keep your data safe from such dangers.

  1. To Get Rid Of Data Silos

In every organization, there might be some data that fall under the category of data silos. One of the most straightforward examples of data silos is the emailing software (if any) used by your firm’s marketing department. Though each department has the tools to carry on its day-to-day work, making strategic decisions requires reports from multiple sources. But with data silos like this, it might be hard to collect necessary data. This is when an automated data processing system becomes helpful. Such systems in your organization will help you get the required information automatically and store it in an easily accessible location. This will help you speed up your work and offer the necessary services well ahead of time.

Every organization we know outsources data processing to a BPO agency offering data processing services for a specific reason. For which of the above reasons would you outsource data processing works, and why would you prefer the automated data processing technique?

Useful Excel Functions for Finance Professionals

In the present world scenario, data processing has become extremely important for many professionals. One of the leading professionals who have benefited from data processing, particularly excel data processing, is finance professionals. This blog will brief you on some of the critical excel functions helpful in solving financial problems. An important point to remember during excel data processing is that we can use some functions independently and other functions as a combination.

excel functions

  1. Effect

This function helps finance professionals calculate the actual annual interest rate in case of non-annual compounding. Professionals handling lending and borrowing-related activities are those who mainly use this function.

  1. XIRR

The XIRR function helps us to ascertain the internal rate of return for a group of cash flows on specified dates. This function is very important for finance professionals.

  1. MIRR

In this function, IRR undergoes modification. Calculated using the formula MIRR (cash flows, cost of borrowing, reinvestment rate), ‘M’ denotes modified. You can use this formula if you wish to invest the returns from one investment in another. One of the simplest examples from daily life to understand this concept is investing the returns from a privately run business in a government bond.

  1. PMT

Finance professionals who do financial modeling for real estate firms will know more about this formula. Once you have the interest rate, the number of years/ months or any other period, and the amount borrowed sum, say, mortgage, you can calculate the value of the mortgage payment.

  1. IPMT

Using the formula (rate, current period #, total # of periods, present value), this function helps us ascertain the interest of a fixed amount of debt. This function works perfectly well with PMT. Separating interest payments for every period will give you the principal amount you must pay every time.

  1. DB

This is another crucial excel function used by finance professionals. It helps us calculate the depreciation expense of every period. Analysts involved in financial modeling generally come up with depreciation schedules independently.

Do you feel like learning more? These days, we can see a lot of books and videos that will help anyone know more about excel data processing. Make sure you utilize those resources to the maximum to become an expert in the data processing. So, which of the above functions do you think will be most helpful for you at work?

Popular Data Processing Operations

We can rely on various agencies around us for expert data processing services. This expertise remains one of the top reasons we outsource data processing services to such firms. Don’t feel there is a need to outsource data processing works to an outside agency? Then you will know that provision of data processing services will involve a few processing operations. However, how the processing operations are applied will vary depending on the data processing method used. This blog will look at some processing operations used while performing data processing.

data processing operations

  1. Recording

Recording is the first processing operation done as a part of data processing services. It helps us transfer the required data in the form of intermediate facts and figures derived from calculations into some documents. For example, suppose you have spoken to the agencies to which you outsource data processing works; you will see that gross pay is an intermediate value we record for further application.

  1. Verification

Most of the time, recording is done by us manually. Therefore, any information entered manually can have some inaccuracies in them. The process of verification helps us identify such errors and ensure accuracy. Cross-checking typed reports are one of the most straightforward examples to help us understand the verification concept.

  1. Duplicating

Duplicating is essential in some situations. It helps us copy data into the required form of documents. We can do it while manually recording data or using a suitable machine.

  1. Classification

As you can make out from the name, this operation lets us separate the data into different categories. Here we group data with similar features into a single category.

  1. Sorting

This process helps us arrange the classified data in the required order to enable easy processing.

  1. Calculating

Here, we alter the available data using mathematical formulae and operations. For example, it helps us calculate the employees’ monthly income and other related information.

  1. Summarizing And Reporting

This operation helps condense the data to enable easy understanding. Finally, we can represent the conclusions drawn after outlining the available data in simple formats.

  1. Merging

During this operation, more than two data sets use the same key and then combine to form a single data set.

  1. Storing

We then save the merged data for future reference via manual and electronic. For example, electromagnetic methods like ledger books, punched cards, magnetic tape, etc.

  1. Retrieving

This operation helps us get back the stored data.

  1. Feedback

If you wish to compare the goals set and the output, feedback is an operation that can help you with it.

Top 10 Benefits of Electronic Data Processing (EDP)

The sweeping changes in technology have revolutionized the functioning of offices over the last few decades. Offices have switched to paperless technology and digital data processing that has brought in a marked shift in quality, accuracy, and timeliness of tasks. Businesses generate tons of data during its daily operations and Electronic Data Processing will make it easy to gather and process any kind of information and data sets including invoices, images, archives and more.

Top 10 Benefits of Electronic Data Processing (EDP)

Electronic Data Processing (EDP) involves databases, typically stored on a shared server that offers simultaneous access to all parties. Information stored and managed through EDP can be retrieved almost instantly thereby saving a lot of time and effort of the users. Reports show that in conventional offices, substantial productive hours are lost while searching for misplaced files and documents. EDP solves this problem completely. The best part is that EDP makes a high value for your money investment as once it is set up, it will continue to manage data for a long time without any repeat investment.

Top 10 benefits of Electronic Data Processing

1. Reliable back up

Lack of proper backup mechanism will make it difficult to retrieve data if the content is lost due to some reason. EDP will ensure a reliable back-up system once your data has been digitized, which can store off-site to ensure safety during natural disasters, theft or proliferation of data.

2. Enhanced data Security & Control

It is essential to ensure adequate data security and control over people who authorize to access the information. A traditional filing system may not be sufficient at times. During EDP, your data can move to the cloud that will allow you to set permissions to each document. And it clearly identify the time of retrieval and the person who retrieved it.

3. Better coordination and workflow

EDP will help you to create and execute workflows of your information thereby enhancing internal and external collaboration. Thus the employees will know the status of a file in the approval process at any given time.

4. Improved Timeliness

EDP makes it possible for your staff to work from the office and remote locations and to gain instant access to information they require. Digital files are easy to access than traditional paper files and can be shared among different users easily.

5. With EDP no Emails

Electronic data processing systems remove the need to view content via email, removes the security and overdue storage with improving control over regulated content.

6. Lower Archiving Costs

While archiving of paper documents take time and effort, EDP ensures easy processing, storing and retrieving of archived records.

7. Increased Efficiency & File Management

EDP will relieve your employees the task of rummaging through tons of files to find a particular piece of data, which may take up many productive hours. Digital data offers the convenience of data at your fingertips as you find any document, read it on screen or get it print. As documents don’t get misplaced or lost there is no need to re-file as well.

8. Easy access

Finding information easily from the indexed content will ensure improved decision making and reduce the amount of time lost looking for information. Data management software like Optical Character Recognition will enable you to convert different types of documents, such as scanned paper documents, PDF files and more editable and searchable data that is easy to store and organize.

9. Consistency in Content

EDP will make sure that the content is consistently formatted, named and controlled. The digital workflows allow you to design how you want your documents filed, which will ensure consistency in content.

10. Enhanced Task Management

Digitizing the information makes it easy to assign tasks to the users across the organization and track their progress and subscribe to email notifications on their status.

If you are planning to implement electronic data processing in your organization. Talk to our friendly team at Data Entry India Outsource to know about its scope and possibilities. We have state of the art technology and a well-balanced team that will offer custom EDP solutions to cater to your needs.

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3.                  5 Best Practices of Effective Data Quality Management

For Information On How Data Entry India Outsource Will Deliver Value To Your Business Through Data Processing Outsourcing Services, Please Contact Our Team On IND +91-97-4710-9911; Or Write To Us At info@dataentryindiaoutsource.com.

How is Business Intelligence Data Becoming More User-Friendly?

One of the biggest assets for any organization is high-quality data, which will give many clues and insights for reinforcing their brand presence in the market. Companies have to sift through tons of fragmented data and sort it to make it useful. Reports show that over 70% of organizations lack the necessary tools and expertise in handling the colossal task of data management.

business intelligence

Sorting data which comes both in structured and unstructured format requires a lot of time and expertise and that is where user-friendly methods of data processing come to the picture. The industry experts are of the view that a combination of IoT, Cloud, and data will help businesses to access the right information.

It is interesting to note that the recent technology innovations have led to the user-friendly evolution of Business Intelligence and its self-service solutions, which will relieve businesses from the challenging tasks of dealing with the colossal quantity of diverse data items. Gone are the days when business intelligence used to be all about massive spreadsheets that needed a humongous human effort to manage and maintain it. However, with the recent developments in self-service options, companies can navigate huge amounts of data easily and get a competitive advantage over the rest of the players in the field.

Data in the unstructured format require a lot of effort to convert it into valuable data. However, self-service Business intelligence will help the organizations to get an accurate set of information relevant to their business and targeted market segments. Having the right data at easy access will give the power for organizations to make well-informed decisions.

Challenges of Data Management

The main challenges involved in data management include volume, variety, velocity, and veracity of data. Having an effective business intelligence solution is the most sensible way to turn the huge volumes of data into accurate information and to contextualize their data better.

Managed IT Services Are a Rage

There has been a tremendous demand in Data warehousing and Managed IT services among businesses as it gives them an opportunity to focus on their core activities and save their time and resources that would otherwise go into developing and maintaining an IT infrastructure. By outsourcing this strategic task to the experts, businesses can also ensure the integrity and confidentiality of their data due to the state of the art data security systems and procedures in place.

Though the sheer amount of data on offer has thrown open the floodgates of information to companies, often they fail to figure out how to structure the data and generate actionable insights. Business Intelligence (BI) makes the crux of the long-term business strategy of any organization as it ensures the optimum utilization of data, which in turn can have a big impact on any operation.

Discovering the Sheer Power of Centralized Data Management

Bits and pieces of data holed up in different departments are less effective and the best way to make the full potential of data is to maintain a centralized data bank. Organizations are already bracing up for this transition, which will help companies to effectively leverage data insights by managing different data inputs.

Data Entry India Outsource has been providing data management solutions to clients all over the world to help them stand out in the competition. We offer a wide range of data related services like database creation services, competitor analysis, risk assessments and a lot more. If you think it is time for you to restructure your database to make it more effective, contact us to know more about our services and bespoke solutions that are tailor-made to suit the specific requirements of our clients.

Robotic Process Automation to Streamline Manual Data Entry Process

Robotic Process Automation (RPA) is likely to change the way humans carry out their mundane tasks that took many hours. Human labor is increasingly being replaced by RPA, leading to some incredible advantages including enhanced productivity, higher precision, and savings in costs.

RPS platforms ensure optimum customer care and support to their clients at feasible rates. The best part is that RPA can easily integrate into existing hardware and software, which means there is no need for upgrading the existing system. To put it simply, RTA is a software that’s programmed like a human operator that can understand computer programs in the same way as humans do. This automation software can be easily integrated into the existing business processes and operations. RPA can be employed effectively in job sectors that involve huge volumes of repetitive tasks and that do not need any decision making. The big plus of RPA is that it can enhance the output and accuracy manifold.

robotic process automation

RPA thus will not replace humans but will work in coordination with humans, which will make it a smart choice for businesses that cannot bring about full automation in their data entry processes because of its high cost and time involved. RPA will add value to organizational activities by making sure that people and software co-exist and complement each other.

Data entry indeed requires human judgment. However, RPA can enhance the speed and accuracy of the process by supplementing routine manual data entry actions with a degree of automation, which makes it a win-win situation for both employees and employers.

Robotic Process Automation in Data Entry Operations

Robotic Process Automation will ensure a higher output and accuracy in data entry processes. Some of the applications of RPA in the data entry process include the following

  • Ensuring a high level of accuracy that complements the structured data entry by humans
  • Enhance the speed of data collation while compiling huge volumes of data
  • Accuracy, integrity, and consistency of the highest standards
  • Linking external systems to ensure better coordination and productivity
  • Ensuring faster integration and accurate processes for human performance in manual data entry.
  • Enhancing data integrity throughout the process to help avoid errors and promote quality and consistency.
  • Better optimization of productive time of the personnel as they complete their task easily.

robotic process automation

Robotic Process Automation can be applied to various data related applications like data cleansing, data extraction, data enrichment, and data mining. Outsourcing partners can effectively incorporate RPA into the entire data processing cycle to ensure a perfect flow of data right from entry to report generation.

Probably the biggest advantage of applying RTA in data entry operations is that it ensures a very high degree of accuracy especially in areas like re-keying which are prone to errors. By ensuring automation of part of the processes, RTA enables humans to take diligent decisions during the manual data entry cycle.

RPA thus will not pose any threat to the labor force but will enhance productivity and accuracy in the operations. RPA can effectively chop down the various complex tasks into actionable segments, thereby helping companies to take optimized decisions. RPA is a technology that can enhance the human capability by complementing their tasks all the while ensuring the advantage of the state of the art technology that will add pace and pulse to the data entry operations.

If you are looking for an outsourcing partner that employs RTA technology to outsource your data entry processes, then Data Entry India Outsource will be a safe bet considering our track record and hands-on experience in ensuring the best data processing results. For more information, call us or send an email and leave the rest to us.

Outsource Your Mortgage Loan Processing Services To A BPM Expert

An ensured return on investment (ROI) is the benchmark that every business will aim even within a few years of inception. Businesses get the actual ROI figures within the first few years of inception, based on which, they plan strategies and improvements required to ensure the expected returns. In the mortgage industry, which involves high-value transactions, every loan given can be treated as an investment, which means that ROI should be calculated before finalizing every transaction. This is precisely what makes outsourcing mortgage loan processing a feasible option because it will be a smart option to go through this time-consuming task before each loan application is processed without having to employ the in-house team on it. While outsourcing makes sure to choose a team with a BPM expert, which can be critical to its success.

mortgage loan processing

What does a BPM Expert do?

Business Process Management (BPM) expert is a person with a high level of industry experience and is competent enough to handle the process in an optimized way. While customer satisfaction plays an important role in ensuring timely payments proper documentation and verification to ensure mitigation of risks.

See How Outsourcing your mortgage loan processing services will ensure a better ROI?

Maintains Security

Mortgage industry deals with a lot of confidential documents with personal details of your customers, which require a very high level of security and confidentiality. By outsourcing, you rest assured of state of the art security features. Choose a service provider with PCI compliance and ISO Certifications for quality checks.

Reduce costs of operations

Setting up a Mortgage industry involves a lot of operational expenses and setting up costs. Outsourcing will help you to reduce the overheads by over 60% while you can utilize your well trained in-house team for revenue-generating tasks. Outsourcing is a highly cost-effective option because it’s done off-shore where cost-effective and well-experienced labor is available. The latest WorkForce Management tools will ensure optimum results at the lowest investment.

Customer support

Mortgage industry will have to deal with a lot of customer inquiries, emails, and calls. Outsourcing partner will ensure round the clock support services thereby ensuring a high level of customer satisfaction. A happy customer base is the best way to build up a successful business and having a foolproof customer care service will play a crucial role in ensuring this.

mortgage loan processing

Ensure an optimal process flow

Outsourcing will ensure an optimal way of a process flow for loan processing, foreclosure, and post-closure services to create a perfect data flow within the allocated resources. This, in turn, will enhance the quality and productivity of the business processes and ensure the timely completion of mortgage loan processing.

Faster turn around time

Mortgage loan processing is a highly competitive niche where businesses vie for the attention of the customers. The best way to retain and engage your existing clients would be to offer the fastest turn around time. Customers consider mortgage finance as an emergency financial option and by ensuring a quick response, you can leave a lasting impression in the minds of your audience.

Ensure Comprehensive and verified documentation

Error free documentation has a key role to play role in the mortgage business. If you choosing to rope in an outsourcing partner, all documents get verified and validated in the supervision of a competent BPM Expert to ensure a complete documentation which smooth process flow.

Outsourcing will improve productivity, ensures better customer engagement and retention and increased transparency of your business transactions, which will help you to improve the ROI decisively.

If you wish to outsource your mortgage loan services to improve your ROI, we at Data Entry India Outsource can help you with some best solutions that will match your specific needs and budget. For more details call us and our friendly team will take you through the process in easy steps.