The Importance of Accurate Data Entry in the Logistics Process
The logistics industry handles a lot of data on every supply chain transaction. A product should have the correct information to ensure that the entire supply chain process will be smooth and fast. A record of transactions, inspections, and inventories should be precise for better decision-making in the business. And to achieve that, a business needs clean and meticulous data entry management.
So, how important is it for a logistics process to have accurate data entry?
What is data entry?
Data entry, in a nutshell, is inputting data or information into a computer, a database, or a documentation platform. It is a process of transcribing data, either from hand-written forms or audio files, that can be performed manually or automatically using an electronic device.
This business process consists of data cleaning, data enhancement, and data extraction, to name a few. It has been around for so long, and it has been one of the most outsourced services in the outsourcing industry. A data entry job is time-consuming, and it requires great attention to detail to avoid errors.
A data entry specialist performs daily invoicing and maintains invoicing entries following procedures from the client. They ensure the correctness and completeness of the data. There are numerous services where you can count on a data entry specialist to effectively manage your data, from freight bill audit and processing to bill of lading, and to invoice processing.
Why is accurate data important in the logistics process?
Before we talk about the importance of data accuracy, let’s first tackle the effect of inaccurate data in the logistics industry.
Faulty data will affect a business big time since every business relies on data for its decision-making activities. Imagine a wrong inventory record or incorrect product information, it will cost a huge amount of revenue loss. In fact, research from Experian Data Quality shows that a company loses 12% of its revenue because of inaccurate data.
Why does data quality matter? It matters because it increases business efficiency. Second, it reduces costs. And third, it enhances customer satisfaction.
Improving data accuracy has been the major goal of companies to avoid delay and paying out of the budget costs for bad data. Furthermore, it was more expensive to pay for the wrong data than producing clean data at the first try.
Your financial reporting and business planning can also be affected by bad data. An accurate data entry yields good results making the supply chain operation successful. It boosts the companies productivity, resulting in a business that provides quality service to its customers.
Moreover, a 20%-40% increase in sales for a business can be shown when a data quality initiative is implemented. Therefore, accurate data is vital in any business industry.
But, what a better approach to managing your logistics data entry is to outsource. Outsourcing provides quick and efficient management of the large volumes of your logistics data.
When you outsource your data entry to a team of experts, it gives you peace of mind that your business is in the right hand. You get to focus on other aspects of your business plus more revenue.