Data is an essential asset for organizations. Companies yield enormous data from various sources. However, regardless of the size of a database, only high-quality data matters. Since data comes from various sources and is mostly heterogeneous and scattered, the onus of quality management falls on the party that processes it.
Data quality management is a critical enterprise operation because quality data is relevant for research, forming a business strategy, managerial decision-making, and so on. But improving raw data for a specific context or goals or identifying useful data can be tedious and consume ample time. Also, some businesses find it challenging to handle the amount of data they collect and process because they lack the resources.
Outsource data quality management can help businesses to overcome these challenges as it is both cost-effective and time-saving. Here’s how!
Why Is Database Management Services A Critical Business Operation?
Dealing with a huge dataset comes with its own set of challenges. The data will decay with time. The parties using that dataset may diversify, depending on your requirements. It will need frequent updates, uniformity checks, consistency controls, and so much more if you want to continue using that data.
High-quality Data Positively Impacts Organizational Decision-making
High-quality data is gold for businesses. It is used to drive critical decisions, improve internal workflows, determine investment opportunities, predict performance, and so on. But, data gets obsolete and loses its value unless it’s updated on time.
Therefore, tracking data quality metrics is crucial for an enterprise to differentiate between quality and mediocre data and upgrade the value of its datasets.
Clean Data Drives Better Value
Usually, the data collected from multiple sources vary in formats, entries, and entities. From that huge chunk of raw data, you need to scrub out the entries which are incorrect, incomplete, duplicate, or erroneous. Otherwise, anytime that data is used in a business process, the outcome will be skewed.
Data cleansing is critical to ensure that your entire organization operates on a single, coherent, and unified set of data.
Even clean data (that you once considered being of high quality) can get spoiled. A few common examples of this can be postal addresses, phone numbers, designations, and companies in a database of leads. Since people can change their residence, contact numbers, jobs, or even names (in some cases), it is important to upgrade the data on such prospects. Through frequent data verifications, you can eliminate old data and ensure that every entry is current. Hence, the decisions taken using them (like cold calls or promotional campaigns) will be more effective.
How Can Outsourcing To A Data Quality Management Company Help Businesses In 2023?
Data quality management can be resource intensive. Or, if you rely upon in-house employees, the intrinsic complexity of the process may distract them from their core responsibilities and hamper their productivity. In contrast, outsourcing data management can help you to get access to database experts across the globe. You can choose from that lot based on your budget, requirements, and expectations. Outsourcing data management also yields better results in less time since you have a dedicated team working for you at a lower cost (than in-house employees).
As a trend, outsourcing data services has stayed mainstream for nearly a decade now. But, it is going to make more waves in the coming year because of the growing prevalence of Big Data. As businesses are growing more data-dependent, the need for quick access to accurate datasets (processed just as you want them ) will only increase. Outsourcing gives you a way out in such a circumstance.
Therefore, the trend towards outsourcing data quality-related services will remain relevant in 2023 for businesses because of the benefits it offers.
1. Get the Expected Results On Time
Timed decisions play a crucial role in making a business profitable. When you outsource data quality services, you get highly-relevant data on time. It helps you to analyze your current strategy & modify it if necessary. Equipped with all the required tools, a data management agency can process the data at a faster pace with accuracy. From data collection to processing, enrichment, management, and cleaning, such companies can manage it all while staying within the deadlines. This ultimately helps you to make important decisions on time.
2. Save Overhead Costs in Data Quality Management
Processing heterogeneous data in-house usually incurs more cost. You need to pay for the required software and infrastructure set-up, resource recruitment, training, management, and so on. Outsourcing data quality management has a distinct advantage here- such companies already have the setup and advanced infrastructure, tools, and technology support. Therefore, they can help you get clean and processed data at significantly lower costs.
3. Focus On Front Office Processes
For any business, it’s essential to focus on revenue-generating front-office processes. However, even though data management has been considered a back-end activity for years, its critical contribution to the success of a business requires you to delegate equal (if not more) attention to data management. Outsourcing gets you out of this dilemma and rids enterprises of concerns around back-office data management tasks. You can easily get the resources for data-related tasks and redirect your team to focus on the core functionalities.
4. Get Multiple Things Done at Once
Companies that provide data management services usually also offer connected support, like data mining, analysis, data entry, data conversion, etc. Such an association opens the doors for more; you can delegate more tasks to that offshore team while keeping your internal team focused on growth and profitability. Ultimately, that will have a significant impact on your ROI.
5. Get Flexible Support (at cost-effective rates)
Usually, when you outsource data quality management services, you have a project scope in mind. For instance, an existing database may need cleaning, and overall quality assessment or you may need data collection and enrichment support. Eventually, that requirement may shrink or expand. Depending on that, you will either need to cut down the team working on your project or grow it more.
That is difficult to achieve in an in-house setup but extremely easy in an outsourced one. You can easily change the team strength working on your project because most such firms will bill you on an hourly basis, so you are just paying for the work that you need. At the same time, they have an abundance of resources to avoid project delays.
6. Be Assured of Data Privacy And Security
Data privacy and security are major concerns that companies face when they think about outsourcing. However, that is almost never a concern with experienced and reputed data support companies. They offer data transfer through encryptions, authorized access controls, multi-point checks, etc. They adhere to data compliances, follow the best practices for data sharing, and ensure that every party accessing a client’s data is authorized for the same. Therefore, even when you share your data with an outsourcing company, your data remains secure most of the time.
7. Get Work Done Around The Clock
Outsourcing data management to India (or a similar country in another time zone) gives an additional time-zone benefit to your company. They will work while your in-house team is on a break and vice versa. This will give you additional benefits as any requested activity will be carried out overnight in your time zone, leaving your team free to further operate on it during their regular work hours. It helps in achieving results at a faster pace. Most outsourcing firms also have enough staff to facilitate shift-based operations, thus offering 24*7 support.
Data quality management is important for companies because it impacts their decisions, the strategies they form, and, eventually, the profits they acquire. However, since it is a resource-intensive process, maintaining an in-house data processing team is usually expensive. Outsourcing data management services provide an opportunity to access the best resources available and achieve data-specific business goals at a reduced cost.
Either way, the moral of the story is straightforward: you must maintain your organizational data through appropriate management.
About the Guest Author
Gracie Ben is a data analyst currently working at DataEntryIndia.in, a leading company providing data entry & mining services & other data-related solutions. For more than ten years, she has actively contributed to the growth of many enterprises & businesses (startups, SMEs, and big companies) by guiding them to utilize their data assets.
Having a keen interest in data science, Gracie keeps herself up-to-date on all the latest data trends and technologies shaping the industry and transforming businesses. She has written over 1600 articles and informative blogs so far covering various topics, including data entry, data management, data mining, web research, and more.