How Manual Rekeying Is Costing Your Organization
Many statements and exclamations around data emphasize its importance. Quotes such as:
Data is a valuable resource that can be used to gain insights, make informed decisions, and drive innovation. The amount of data generated is increasing, so the ability to collect, analyze and use data effectively becomes increasingly important.
Data is collected, ingested, and stored in various systems to create a comprehensive view of the business. Manual rekeying may be required when data is not imported automatically from one system into another. However, this can be a time-consuming and error-prone process.
Problems with Rekeying Data
Having to manually rekey data into multiple systems increases the chance of errors and inconsistencies and is essentially redundant work. Every time data is entered, there is a chance that it will be entered incorrectly and rekeying data, by definition, doubles the risk. It can result in poor data quality, which can have significant financial implications for businesses. Rekeying data is also costly for organizations in terms of money and time, as it can cause delays in crucial business processes.
Impact of Rekeying Data
There is a high cost to be paid for low-quality data, and organizations are starting to notice the impact on their bottom line. A Gartner survey found that organizations believe poor data quality is responsible for an average of $15,000,000 per year of losses. Gartner also found that 60% of respondents did not know the cost of bad data to their business because they didn't measure it. As stated above, if data is king or the new oil, organizations need to consider poor data’s impact on their operations.
When it comes to using data to make decisions, the information is only as good as the data going in. Rekeying data can lead to inaccurate data, resulting in poor decision-making. It can also delay critical business processes, impacting the organization's bottom line. And rekeying data can be costly, as it requires additional resources to manually enter data into various systems.
According to a report in Harvard Business Review bad data cost Americans $3 trillion a year in 2016. Imagine that cost today.
Capture data once, and use it efficiently
To avoid the dangers of rekeying, organizations should capture the data once and automate the flow of information into multiple systems. Automating the process can help organizations reduce errors, improve data accuracy, and accelerate critical business processes.
Enter Kim. In just a few short hours, an organization can create a Kim application to automate the generation of documents, use the captured data to generate additional documents or use the data to populate existing systems. You enter the data once and then use it multiple times. Kim's APIs can also pull data from other systems and populate applications in Kim.
Customers can generate web applications from existing documents without any training, and the data can be used to provide straight-through processing for customers without having to write a single line of code.
If data is the new currency, are you spending it wisely?