Introduction:
Outsourcing has become a necessity for big companies, especially in developed nations where onshore wages are high.
With more and more organizations looking to adapt outsourcing to third party outsourcing partners and vendors, capitalizing on offshore outsourcing companies is the right choice to make
But, what if you could arrange this work to be more time efficient and profit friendly? Let’s introduce data entry outsourcing – the new outsourcing era in the way companies deal with their info with information overload.
This article will walk you through everything about data entry outsourcing and its knowledge through this in-depth guide.
The Market Growth and Increasing Trends of Outsourcing
According to the global revenue report from Statista 2024, the IT outsourcing market is projected to cross more than US$541.10 billion in 2024. Apart from that, what’s even more amazing is that the future forecast is expected to cross over US$812.75 by the year 2028.
The focused regions other than the U.S are the Netherlands, Japan, Germany, and Italy
It is predicted to reach a CAGR of 8.48%, which may finally result in a market volume of US$ 812.70 billion by the year 2029.
Increasing Demand Of Data Entry Outsourcing: Know It’s Recent Stats
People in data outsourcing would likely be glad to know that the data entry outsourcing market is growing faster than ever.
According to the Technovia data entry services forecast market report, data entry outsourcing is expected to rise at a CAGR of 6.01% till the end of 2027.
Do you know why such a market rise in data entry outsourcing is happening?
Well, it is due to the increasing demand for various data entry services such as offline data entry, online data entry, image data entry, and multiple others.
On the other hand, eCommerce product data entry is yet another essential service that requires entering the product descriptions and specifications for a specific product into the online store or other online selling platforms.
By outsourcing eCommerce product data entry based tasks to an offshore outsourcing partner, companies can make sure to manage their core operations. In contrast, an outsourcing partner precisely handles their product catalogs and product descriptions.
Revenue By the Type of Outsourcing
When you compare the types of outsourcing from offshore outsourcing, onshore, and nearshore outsourcing, the percentage of offshore outsourcing outranks the other two.
Have a look at the statistical report of revenue by outsourcing type from Statista below to get a deep insights:
The above statistical data shows from Statista report is the latest one (April 2024)
How to Get 2X the Company Growth with Outsourcing
Every business aims to grow faster with a minimum cost and with an increased revenue.
Everest Group research shows that companies with solid outsourcing plans save 2-3 times more money than those with less developed plans. A flexible, growing plan lets you get the most out of outsourcing as your company gets bigger.
That’s where outsourcing comes into the big picture, as it helps to improve a company’s profitability.
Businesses can increase their significance with the usage of affordable through quality solutions; that is where offshore outsourcing outperforms onshore or nearshore outsourcing.
On a plus, outsourcing specific tasks makes sense from a financial point of view. It helps to optimize business profitability better. It will help boost the organization growth by outsourcing the tedious back office tasks.
Here are is a lookout on how to double the company’s growth with outsourcing:
- Recent Gartner says that by 2025, about 85% of all infrastructure plans will use a mix of on-premises, colocation, cloud, and edge delivery options. This is a big jump from 20% in 2020. This shows how important flexible, tech-driven approaches are to outsourcing.
- Make sure you’re getting quality work and measuring performance to get the most out of outsourcing, set up clear quality checks and performance goals. Keep an eye on how well your outsourced team is doing. As your company gets bigger, your outsourcing needs will change. So, it’s better to make an outsourcing plan that can change with your needs.
Want to Know How Our Data Entry Experts Can Help You Get 2X the Company’s Growth?
Problems Faced At the Time Of Offshore Data Entry Outsourcing
While outsourcing data entry eases up the burden to hire a costly in-house team, companies often face the challenges which need to be addressed carefully.
Here are the list of challenges offshore data entry outsourcing:
- Finding out the right outsourcing partner is the foremost challenge a company faces. They need to find an outsourcing partner that is good enough to respond at the time of emergencies.
- The second to none important thing faced is the cost of outsourcing data entry. That is where India is chosen as a preferred outsourcing destination, as skilled Indian talents are almost 10X cost-effective than their counterparts in countries like the United States, United Kingdom, Australia and other nations.
- Another yet challenging aspect is the availability of the support team. So, a better solution for it is to find a reliable outsourcing partner who has round the clock availability.
- Apart from the above challenges, quality work is yet another aspect to consider. Companies need to look for an outsourcing partner that has consistent quality standards.
What Best Practices Should Businesses Consider for Data Entry Outsourcing?
Outsourcing professionals from top offshore companies say that – keep training your outsourced team to see a scalable jump in productivity. Investing in training brings better quality, efficiency, and makes sure your outsourced team is on the same page as your business goals.
Companies can keep in mind the following things into consideration while they partner up with an outsourcing company.
- First and foremost, a company should look for an outsourcing partner that has a proven record in improved data accuracy, lower operational cost and offers a tailored solution that matches your company’s requirements.
- A data entry outsourcing partner should have a well-equipped staff that can easily align with your company’s goals. Better yet, they can define a KPI (Key Performance Indicator) to align the output as per timelines.
An outsourcing partner needs to be such, which builds the bridges between the language barriers. Any interactions with your outsource data entry partner need no language barriers.
Boost Your Companies Potential By Collaborating With an Data Entry Outsourcing Partner
Ultimately, an effective data entry outsourcing partner will have a positive impact on enhancing your business. From cost-effectiveness to the power of an expert team, your business will have a higher chance to grow the company fast.
To know how Abacus Data Systems data entry outsourcing can provide completely tailored data outsourcing solutions and grow your business to the next level, enroll now to get a No cost 8 Hours Free Pilot Project