Outsourcing and offshoring crucial business processes is a strategic move undertaken by many businesses. Offshoring data warehouse, data security, and data entry make a lot of business sense not just from an economical point of view, but reaping a host of other benefits of offshoring like talent pool, infrastructure, and technology. Find out how data offshoring benefits your business and what you stand to gain from IT outsourcing companies.
1. Focus on core competencies
Offshoring data entry frees up significant amount of time for your core business activities and makes for a good competitive strategy. It allows you to focus only on strategic issues and developmental activities. You don’t need to hire data managers, administer them, or rent office space to keep them.
When you outsource data entry, all your data management requirements are managed by data entry companies expert in handling data entry, scanning, processing, and indexing your data. Your data is always in good shape and accessible to you whenever you need it.
57% of respondents in a Deloitte survey said they use offshoring so that they can focus on their core business.
2. Access to world-class talent
IT outsourcing companies are very particular about what talent they hire. Data offshoring gives you access to a pool of world-class talent who is capable of handling all kinds of data. Highly skilled and experienced data entry operators know how to work productively and efficiently utilize both offline and online data entry solutions.
Data entry companies are proficient in data research and can comprehend and arrange large data sets so that information retrieval is never a problem. And you don’t have to worry about talent management when you have a trustworthy offshore partner. Nonetheless, here are some great ideas to energize your outsourced workplace.
28% of survey respondents revealed that they chose to outsource in order to access intellectual capital.
3. Leverage difference in time zone
One of the noteworthy benefits of offshoring is the difference in time zone between America and India. When you outsource data entry to India, you get an ability to work round the clock and serve your customers non-stop. The moment your employees wind up for the day, your work is instantly carried forward to an offshore company in India. So that when you return to your office the next day, there is an impressive amount of work already completed for you to review. Thus, you save a day and your project moves ahead with lightning speed.
4. Outsource your primary and secondary research
Primary and secondary research is fundamental to ensure that your marketing and strategic decisions are aligned with customer requirements. Outsourcing primary and secondary research services like business market research, trend analysis, and competitive business analysis help you gain first-hand market insights cost effectively.
Qualitative and quantitative research is applied to accomplish your business goals. Various means of research are employed in conducting telephonic interviews of top management executives, using online surveys and questionnaires to gather information from professionals to ensure your industry objectives are achieved effortlessly.
17% of businesses felt offshoring drives broader transformational change.
5. Financial savings
Data offshoring enables you to take advantage of global labor arbitrage phenomenon. Offshoring data services to India enable you to pay less for skilled labor, payroll taxes, employee benefits and overtime wages. Because the employees are hired by an offshore company, the onus of employee liability factors like health insurance, employee leaves, etc is not on you. Moreover, your CapEx (capital expenditure) is significantly reduced because you don’t need to invest in office space or buy equipments. Therefore, data offshoring is a smart business decision to cut down operational costs.
59% of respondents said they outsource as a cost-cutting tool.
6. Top-notch technology
Rapid technological advancement makes it impossible for any business to keep pace with it. Data offshoring is a wonderful opportunity for your business to gain access to state-of-the-art technology. Whether it is cloud infrastructure, dedicated servers or on-premise solutions, your offshoring partner understands your requirements more than you do. You don’t have to invest in expensive hardware or software. Your storage data is instantly available; you just have to plug and play it.
47% respondents agreed that outsourcing solves their capacity issues.
7. Converting raw data into meaningful data
With various sources of data from multimedia devices, software, applications, and corporate information systems, there is an accumulation of huge amounts of unstructured and structured data. Overwhelmed businesses fail to manage this exploding data load and end up creating silos of unusable information scattered across the organization.
One of the key advantages of offshoring is a conversion of this raw data to meaningful data for detailed analysis. Offshoring companies can easily manage meta-data files and make meta-data descriptions so that you access clean and usable data for reporting and analytics.
8. Minimize risk
Data management is a sensitive task and if you don’t pay sufficient attention to it, you end up losing it, which can prove devastating for your business. Data management woes like data backup, data recovery, data storage, data entry, and data arrangement may take a toll on your day-to-day business activities. Offshoring data operation allows you to mitigate risks associated with data management.
64% of survey participants said that they share security risks with their vendors. Sharing risks is a good strategy to minimize its effects.
9. Make use of pro offshoring laws abroad
Over the years, offshoring dynamics have evolved with the emergence of better laws in the interest of both the parties. Intellectual property rights, data protection laws, legal rights, labor laws, data security, dispute resolution, and simplified taxation have made it easier for businesses based out of America to exercise better control and get a real-time view of their data offshoring operations. With simplified government policies, doing business with emerging economies is a lot easier and beneficial.
20% of respondents felt trade agreements between countries played a role in their decision.
10. Business scalability and flexibility
Offshoring data services allow businesses to take advantage of scalability. Operations which are expensive to handle in-house like data entry, data analytics, data research and development are better off with offshoring businesses. Offshoring companies with latest technology, tools, and talent give you access to key expertise areas for specific data projects that help you absorb cost associated with in-house operations. Depending on your requirements, offshoring partners are flexible enough to upscale or downscale operations.
31% felt offshoring helps them increase client revenue growth, while 29% felt it increases provider revenue growth.
Be wise and outsource data services
Offshoring data lets you gain a competitive edge by allowing you to focus on core competencies and improve business productivity. Take advantage of time zone difference and keep the work going round the clock. Save operational costs associated with labor and capital expenditure. Effortless offshore research ensures that you have all the information you need to support strategic decisions. Get access to latest technology powered by superior infrastructure. Better laws, risk mitigation, and business scalability are factors too enticing to avoid offshoring.