Overcoming Data Management Challenges by Outsourcing

Overcoming Data Management Challenges by Outsourcing

In the Information Age, the nature of business and financial management has changed. The increased digitization of financial services has brought with it both the exciting opportunity, and the great challenge of managing vast amounts of client information. This data provides the means to improve decision-making, personalize customer services, improve customer acquisition, and align new business expansion initiatives to current market trends. The management of this data is essential to utilize it to its full potential.

This management, however, is highly resource-intensive, as it requires personnel, time, and can become expensive if efficient protocols are not put in place. So why not look at outsourcing instead?

Outsourcing Data Management to Remote Teams

In the financial sector, the majority of this data is unstructured, for example, text streams, images, audio, and video files. The data requires human analysis to make it useful. For most businesses, hiring full-time personnel for data management purposes is too expensive to be a viable option. This results in firms placing excess strain on existing employees, by adding additional data management tasks to their daily roasters. 

Outsourcing this task to remote teams has become an elegant and practical solution to this problem. Noon Dalton provides professional remote teams that can focus on tedious tasks, such as data integrity maintenance and web analytics, thus allowing your full-time staff to use their skills in tasks that require their expertise. Outsourcing is not just about cutting costs, but rather increasing your return on investment in your current employees, by giving them time to focus on business goals. 

Properly Managed Data can Help Direct Sales and Service Existing Clientele  

When data is properly managed, there is an opportunity to tailor and improve the client’s experience. Additionally, there is an opening for up- and cross-selling of products to clients, based on the data they have generated. For example, a client receiving a large influx of money into a bank account presents the opportunity to cross-sell an investment package. 

Due to large quantities, generating and following up on such leads may be too time-intensive for full-time employees to manage, whilst still fulfilling their primary functions. This is another area of data management that can be outsourced. Remote teams can process this data into leads lists for sales personnel, or do the follow-up themselves. 

In many countries, the demands of the government and other regulatory bodies on data collected in the financial services industry place great pressure on data management systems. Noon Dalton sources remote teams from, and has clients in, many countries across the globe. This, coupled with the onboarding process offered by Noon Dalton, helps to ensure that your remote teams are well versed in all technical aspects of the tasks required of them. 

This frees your firm of the burden of compliance data management, whilst ensuring that these processes are accurate and complete. Furthermore, the onboarding process offered by Noon Dalton allows the training of remote teams to happen without the time, input, and cost that is required to train full-time personnel.  

Accurate Data Collection and Management is Imperative

The accuracy of data collected is of the utmost importance, as this data will inform firm policy, sales strategy, and numerous other vitally important areas. By training remote teams to do the same repetitive tasks, as opposed to adding this to an already busy employees’ workload, accuracy will be improved. Noon Dalton’s on-boarding process helps to provide accurate work by ensuring remote teams are well trained, creating a more accurate and efficient workflow. 

As discussed, data management is often tedious and time-consuming. In the financial sector, however, the data analysis process is time-sensitive. Failure to follow up on potential leads may result in loss of future revenue. Failure to comply with regulations within the allotted time frame may lead to fines. New customers may even be lost to competing firms, without competitive, directed, data-based marketing strategies. Thus, data loses value with time. 

By outsourcing mundane data management tasks to remote teams, rather than full-time employees, you are expanding your workforce, therefore, increasing your capacity and decreasing time spent on analysis, whilst still keeping costs down.

Noon Dalton – Your Outsourcing Resource

The digitalization of the finance industry has given rise to high volumes of data, which has the power to transform your business. Your firm needs accurate, efficient, and cost-effective data management. Your employees should have the time to use their skills to grow your business, rather than be burdened by tedious and time-consuming tasks. 

The use of remote teams can offer your business the solutions it needs. Do you feel outsourcing is a good option for your firm? Noon Dalton is an experienced, multinational company that provides professional virtual assistance from across the globe. Contact us for more information.