The Importance of Accurate Data Entry

By Chad Perlmutter | August 26, 2014 | 3 minute read

Employees who work on data entry might not be hold the most glamorous positions a company, but these folks are very important to your business.

It’s a unique skill set that helps you maintain accurate records on everything from contracts to invoices.

This position requires a high level of attention to detail and accuracy, and an understanding that one little mistake could cost a company millions.

When you are completing repetitive tasks, it’s easy to transpose numbers and make a simple mistake that could be replicated thousands of times- and just one mistake can be multiplied and magnified.

Remember the ‘flash crash” on Wall Street in May 2010?  Rumor has it that it could have been caused by a trader entering a “b” for billion instead of an “m” for million in a trade that involved Procter & Gamble, a component in the Dow.

You might not be talking about the trillions that disappeared and reappeared that day, but consistent data errors can add up to significant issues over time.

Be sure to take the proper precautions and maximize the talent you have to minimize errors and maximize the time spent on data entry.

How To Help Minimize Errors in Data Entry

In reality, there’s no real way to eliminate 100% of data entry errors- but there are ways to minimize the risks.

The first step is to determine where the majority of the errors occur- is it a function of the process that’s in place?  Is the the actual data itself (is it hard to interpret, or hard to transpose?  It it human error?

Once you determine where the issues lie, then you can work towards a solution.

You can always consider outsourcing your data entry to a qualified, reliable service, but then, you have to make sure that your information is kept secure, and that you have the accuracy and quality that you’re looking for when the data is entered into the system.

The one way to make sure that you’re constantly improving is to measure the data regularly.  Create an interval and variables that you want to measure, then stick to it!

Within minutes of receiving your request, you will have free quotes from experts in your area that can help you find the right data capture services for your company.