How Data Standardization Can Enhance Your Company’s Form Processing Activities

An organization’s centralized data system is supported by many data sources, forms being one of the significant ones. Business forms are of multiple types and differ on the nature of your organization but almost always contain crucial information. This is why form processing has such value as a part of a company’s data management strategy. The process helps manage numerous forms by organizing them into required categories.

 

Such organization of forms requires that their content adheres to a set of standards. Otherwise, data management professionals won’t be able to place these forms under the right category. It may affect their interpretation and completion too, thereby leading to adverse business consequences. Data standardization is the key to resolving this issue programming language interoperability into your process helps clear out the ambiguities surrounding data in forms so that they adhere to the required standards.

Curious to learn more about data standardization’s role in form processing and business in general? Then this guide is for you. Read on to learn more about how opting for data standardization in form processing will help your business. We’ll also discuss how outsourcing data standardization can help you here. 

The Need for Data Standardization

Enterprise data is the most important intangible asset your company can have. It determines the fate of your business and guides every decision you make for it. This fact has led to executives across industries pushing to gather as much data about every aspect of their business as possible. While volume certainly helps gather a lot of important data segments, it also brings in a lot of unwanted and erroneous data.

One of those data issues is a lack of or variations in data standards. Your data could be adhering to no standard, only partially to a standard, or to an incompatible standard. The large volumes of raw data make it difficult to isolate and correct them without experience and the necessary technical skills. This is where data standardization experts come into the picture. 

They comb through the data looking for standard mismatches, and correct them through various techniques. They apply the necessary standard that you want and that which is mandated by the regulatory authorities of the region. With their expertise, you won’t have to worry about the mixup of standards between forms of various regions affecting your business. The standardization process can convert all data to your specifications, including custom ones. 

This conversion has multiple benefits:

● It makes your internal and external operations seamless and efficient. 

● It reduces the cost of operations by cutting down the losses from redundant operations.

● There is a reduced chance of regulatory conflict, both legally and financially. 

● The turnaround times of projects go down due to increased efficiency and data trust. 

● Standardized data enables better data security as it is easier to apply the necessary encryption algorithms to it.

● Database management becomes easier due to easy categorization

● Inventory and supply chain management also increases efficiency and cost-effectiveness as situational awareness of goods and vehicles carrying them increases. 

● Employee engagement and productivity go up as they don’t have to waste time dealing with non-standard data for their operations. About 33% of workers waste their time each week with data preparation activities, of which getting it to a usable standard is one.

● Customer and supplier/vendor relationships improve as there will be confusion-free communication between all concerned parties about terms of engagement. 

You get bonus benefits if yo uoutsource data standardization services as it further adds benefits like quick access to expertise, reduced expenses for employment of data standardization experts, access to the best tools for the job, enhanced security from the go, and more. 

Data Standardization and Form Processing

Form processing is the complete management of business-related forms. It includes filling, correcting, converting, and storing forms (online and offline). These steps must proceed according to a set protocol to make those forms usable by the business and other concerned stakeholders. 

But that isn't always the case. For example, customer inquiry forms won’t always get filled according to set standards. A nickname may be inserted in the middle of a name, the address may be missing a few entries, etc. Such errors can also occur in the correction phase, especially if done by an inexperienced person.

 

Form conversion to a particular format is another major area where standards can go awry. The final format may not be of the required standard, there may be segments of data not adhering to the standard of the other parts of the document, etc. Document conversion from physical to digital may not go according to set standards. And storage can also fall prey to non-standard practices, especially if the other phases already have. 

Thus, data standardization needs to be implemented in form processing, as it helps prevent the consequences of non-standard form processing. Data standardization experts will tailor it to the various forms for the best results. 

1. Survey Forms

Customer survey forms have various contact information that can vary in standards inherently or by data entry. Experts will standardize this data according to the prevalent standards of the region. They may conduct language translation too, especially in the case of MNCs.

2. Change of Address Forms

This form is usually submitted to banks and other similar entities. Standardization here means ensuring that the new address is per the standard address format of the region, especially when relocating to a different country. If the form submitted is a handwritten letter, it must be scrutinized even thoroughly due to the large potential for standardization problems. 

3. Registration/Application Forms

Since registration/application forms are typically issued by respective authorities, there is little chance of deviation in the standards of their content. There could arise standardization issues concerning form filling and conversion. This is especially the case if the filling and conversion are not done by experienced personnel and/or done hurriedly. 

4. Supply Chain Forms

One of the biggest reasons for bottlenecks in supply chains is incorrect form filling. The issue is compounded as different countries can set different standards for the same purpose. And those standards may vary from the ones used in your company. Standardization, in this case, doesn’t mean sticking to one standard but ensuring that the various standards are adhered to without fail. 

5. Healthcare Claim Forms 

Healthcare is by far the most regulated industry, with multiple standards applied to every aspect. Respective healthcare personnel and patients should adhere to them for successful claims processing and regulatory compliance. Standardization here is an absolute must, as the lack of uniform medical and regulatory data can result in incorrect filing, interpretations, and decisions. With standardization, data accessibility and utility improve. This means improved operational efficiency. For instance, claims can get easily processed without any hassle. 

6. Customer Feedback Forms

Whenever a third party is entrusted with form filling, there is a high likelihood of them straying from the data standards you require. This is particularly true of customers. Customer feedback is a vital resource for your company, but it won’t be of much help if the content doesn’t make sense. 

Errors here include grammatical and syntactical, for the most part, along with issues in name and contact information. Data standardization experts can set the language and identification issues right so your CRM and other pertinent tools/teams can easily process and store the data. 

7. Bills, Receipts, and Invoices

Handwritten bills//receipts/invoices are still the norm in many businesses. If yours is dealing with one, then they may not be adhering to a set format or other standard. This affects your financial management, especially with taxes. With standardization, you can convert them to the right format and store them accordingly. It also saves you from the hassles of dealing with document processing from regulatory agencies. 

Conclusion

Forms symbolize security and assurance for a business. They are critical data sources as they improve your situational awareness about various aspects. This is certainly the case when those forms are processed with set standards applied. Your business can experience this reality if you outsource data standardization services to a competent agency. They can infuse the necessary data quality into your raw data when processing your forms, thus setting up your company to make smooth progress against tumultuous market conditions. 

Author Bio 

Gracie Ben is a data analyst currently working at DataEntryIndia.in, a leading data entry services company providing enrichment & data mining, web research, data quality management services & other data-related solutions. For more than ten years, she has actively contributed to the growth of many enterprises & businesses (startups, SMEs, and big companies) by guiding them to utilize their data assets. Having a keen interest in data science, Gracie keeps herself up-to-date on all the latest data trends and technologies shaping the industry and transforming businesses. She has written over 1600 articles and informative blogs so far covering various topics, including data entry, data management, data mining, web research, and more.