Businesses need to see long-term value in data processing
Companies may choose to utilize data capture services to digitize their paper records, but after these processes are completed, what’s next? Not much, and staying at a standstill in the data capture process puts many of these business at a disadvantage, according to CFO Research.
Just because the entire organization has taken steps to utilize these technologies to improve overall efficiency, the work does not stop once the transition is complete. About 56 percent of chief financial officers found that a lack of sufficient data has prevented them to think of ways to increase revenue. Despite the fact that 90 percent of these respondents also told CFO Research that there is value in implementing IT services.
“Finance executives envision helping their companies prevail not just by supplying management with more information, but also by translating that data into valuable insights” CFO Magazine contributor David Owens wrote. “By getting more out of technology, they can devote less of their time to compiling reports from spreadsheets and other sources of data.”
Taking the steps to implement these advances comes with initial costs, licensing subscriptions and time spent to train the staff. For example, Big Data has become a resource for organizations to understand customer behavior, but 36 percent of participants are unsure how to use analytics around Big Data to benefit the business. If an executive decided to purchase Big Data programs out of the blue, these professionals would be at a disadvantage, regardless of the fact that this is a new technological development in the data capture process.
Tab Service Company is a Chicago based company with over 53 years of experience as a data processing service provider. We provide business with outsourcing solutions for document scanning services, data entry services and mailing/lettershop services. As a SOC2-approved organization, we apply industry-best practices to our approach with clients.