The term data entry is used to describe the activity of data entry into an electronic device performed by an individual by typing on a keyboard or by automated systems. The data or information entered may relate to customers, suppliers, products, sales, finances and is used to maintain an accurate and up-to-date record of company data. If not performed accurately, data entry can cause many errors and not a few problems for companies.
The errors we are talking about can occur in various ways: simple typing errors, transposition of numbers or misinterpretation. Regardless of the cause, typing or copy and paste errors lead to incorrect or incomplete information. Furthermore, if this process does not include proper quality controls, errors are ignored and go unnoticed.
Errors can have a significant cost for companies. Let us look at the main costs associated with this activity.
- Loss of time: Identifying and correcting data entry errors requires a considerable amount of time, energy and effort, especially if large amounts of data are involved.
- High costs: Data entry errors can lead to incorrect transactions or duplicate invoicing, which in turn can cause financial losses for the company.
- Damaged reputation: Data entry errors can damage the company’s reputation if they lead to incorrect or unreliable information.
- Compliance issues: Data entry errors can also have legal and regulatory implications. If the company is subject to regulations that require data accuracy, such errors can lead to fines, penalties or compliance problems.
In conclusion, data entry errors can have a negative impact on a company. It is therefore of paramount importance to invest in reliable data entry processes and proper quality controls.
Errors reduction: strategies
To minimize data entry errors, companies can adopt a number of strategies.
First, companies can invest in software and tools that automate data entry, reducing the risk of errors. This includes tools that can automatically check the accuracy of data and report errors, or tools that directly correct errors that are detected.
It is very important to have a system in place to identify and correct errors. There are two activities the company can benefit from: designating individuals or teams responsible for monitoring data for errors and drafting protocols on how to handle errors when they are detected.
Another important step is the training of employees responsible for data entry. In this way, resources understand the importance of accurate data and are able to use the tools to enter data correctly.
In conclusion, data-entry errors can have significant costs for companies: wasted time and resources, lost revenue and customers. To minimize these costs, companies can invest in automation and training, as well as having a system for identifying and correcting errors.
By taking the measures seen so far, companies ensure precise and accurate data: essential for making better business decisions.
Automated Document Processing Solutions
We have seen so far the measures and strategies that companies can adopt to take advantage of, but companies can also overcome data entry errors through the use of automated document processing solutions. These are designed to automate and streamline document processes, including document classification and data extraction from documents. The above-mentioned solutions help to minimize the cost of data entry errors.
Document processing solutions include:
- OCR (Optical Character Recognition): technology that detects the characters contained in a document and transfers them into machine-readable digital text.
- Traditional and modern data extraction solutions: these technologies are able to automatically extract key data within the document, such as names, data, addresses, etc. Traditional solutions, based on rules and templates, have numerous limitations and high development and maintenance costs. In addition, this type of approach cannot in any way handle unstructured documents, as it is not possible to establish templates and rules on this type of document beforehand. Modern data mining solutions, on the other hand, use machine learning methodologies that have made it possible to overcome many of the limitations of traditional solutions. Modern solutions are entirely data driven.
All these solutions can considerably speed up the data entry process, as well as reduce the risk of errors. In particular, modern data mining solutions can be used by companies not only to retrieve specific information, but also to automatically verify and validate data, further reducing the risk of errors and ensuring accurate data.
Conclusion
In conclusion, document processing solutions can be a valuable tool for companies seeking to minimize the cost of data entry errors.
myBiros is a next-generation solution for the automation of processes involving document processing. myBiros leverages the latest deep learning techniques to overcome the limitations of traditional solutions. With our technology you can automate the process of extracting data from documents, reducing the need for manual data entry, the risk of errors and increasing the productivity of your company.
Want to find out more about our solutions? Contact us and try our demo, we are waiting for you!