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 through 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 business data. Data entry activities, if not performed accurately, can result in many errors.

The errors we are talking about, can occur in a variety of 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. Moreover, if this process does not include proper quality controls, errors are ignored and go unnoticed.

Errors due to data entry can have a significant cost to companies. Let's look at the main costs associated with this activity.

• Waste of time: Identifying and correcting data entry errors requires significant amounts of time, energy, and effort, especially when large amounts of data are involved.
• High costs: Data entry errors can cause incorrect transactions or duplicate billing, which can in turn cause financial losses for the company.
• Damaged reputation: Data entry errors can damage a 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 penalties, fines or compliance problems.

In conclusion, data entry errors can have a negative impact on the business. Therefore, it is of paramount importance to invest in reliable data entry processes and proper quality controls.

Reducing data entry errors: strategies

To minimize data entry errors, companies can adopt a number of strategies.

First and foremost, companies can invest in software and tools that automate data entry, lowering the risk of errors. This includes tools that can automatically check the accuracy of data and report any errors or tools that directly correct identified errors.

It is very important to have a system in place in the company to identify and correct errors. There are two activities that 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 identified.

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 accurate and precise data-essential for making better business decisions.

Automated document processing solutions

We have seen so far the measures and strategies that companies can take to take advantage, but companies can also remedy data entry errors through the use of automated document processing solutions. These are designed to automate and streamline document processes, including the extraction of data from documents. The solutions just mentioned help minimize the cost of data entry errors.

Document processing solutions include:

• OCR (Optical Character Recognition): technology that detects characters 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 present within the document, such as names, data, addresses, etc. Traditional solutions, based on rules and templates, represent numerous limitations and high development and maintenance costs. In addition, this type of approach fails in no way to handle unstructured documents because templates and rules cannot be established a priori on this document type. Modern data mining solutions, on the other hand, use machine learning methodologies that have made it possible to overcome many limitations of traditional solutions. Modern solutions are entirely data driven.

All of these solutions can greatly speed up the data entry process, as well as reduce the risk of errors. Especially, 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 forautomating 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 your company's productivity.

Want to find out more about our solutions? Contact us and try our demo, we are waiting for you!

‍