What Are the Hidden Costs of Manual Manufacturing Data Transcription?
As your business grows, the need for moving from manually typing in and managing data growth increases substantially. In the given post, we will help you unravel the importance of data transcription and how manual data entry in the manufacturing sector might be costing you significantly.
How much time are you spending on manual data entry in your manufacturing business? You should also analyze about your remaining business and the involved hidden costs in the given process. Now you should contemplate this –in the modern fast-paced digital economy in which businesses continue growing in complexity:
- Is the process of manual data entry & transcription in your manufacturing unit going to increase?
- Is it going to be less time-consuming or more time-consuming?
If your answer is a ‘yes’ to both queries, then it is high time that you should start searching for advanced alternatives.
What are Some of the Costs of Manual Engineering Data Transcription?
Some of the common costs to look out for are:
- Cost in Monetary Terms: With your business growing, manual data entry serves to be a commonplace. In the beginning, it is going to all make sense. This is because manual data transcription appears to be a simple solution while ensuring that processes are getting completed seamlessly. However, as time advances and the overall manufacturing process becomes complicated, the manual method is known to become less cost-effective and less scalable.
- The Overall Impact of Human Error: A study report recently evaluated that the overall costs of human error in the United Kingdom & the US is costing around £315 on a per employee basis every year. The same is amounted to around £18 billion dollars for subsequent economies. Another report study revealed that the overall cost of human errors to businesses in Canada is estimated to be around 1,100 CAD for every employee annually.
Then, there is the factor of the total time spent in double-checking existing information. If you are double-handling data or correcting the mistakes manually every year, it is not going to be feasible as it is only going to double the overall cost of data entry.
There is also the requirement of factoring in the overall tangible costs of resolving errors like courier costs for correcting orders or refunding incorrect orders. If you would go forward with adding the estimated costs of errors due to manual data handling, the entire burden is going to increase substantially.
- The Cost of Delay: When you tend to enter information manually across multiple systems, it is going to take a lot of time. You will end up spending a significant amount of time in waiting for information updates across multiple stages of the given process. You are also required to factor in the fact that the more systems you have for entering data, the more is the likelihood of the occurrence of human errors.
Ensure that you hire reliable services from an authorized data management software for maximum outputs.