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Tips & Advice

Is Manual Data Entry Costing Your Business? Why Automation is the Solution

If you think that investing in software to automate your systems will cost you more money than doing everything manually, you’re not alone. Many businesses operate under the assumption that paying for automation is more expensive than paying people to do things. The truth is there are hidden costs to doing things by hand, and those costs can significantly affect your bottom line.

We’re going to look at the hidden costs you may not realize you’re incurring by doing your data entry manually. The magnitude of some may surprise you.

1. Increased error rate

Workers entering data manually, without verification, can have an error rate as high as 4%. That means for every 50 entries, two are wrong. In an experiment in 2009, it was shown that data entry workers made up to 10.23 errors when entering data from thirty spreadsheets. This is the nature of human data entry.

When errors involve money, the stakes are high. These errors could lead to over-and underpayments, over-and undercharging customers, disruptions to the accounting and auditing processes, and may lead to financial trouble. Data entry errors have cost companies millions of dollars.

2. It takes time

Manual data entry takes time. The average typist can perform 10,000 to 15,000 keystrokes per hour. Depending on the amount of data and its form, it can take even the fastest typist hours to perform data entry. If the data requires comprehension or analysis before entry, this slows down the process even more.

It could take a competent operator between 8 and 10 minutes to enter 400 units of data. This may not seem like much, but if the volume of data is high, it can cost your company valuable time that could be spent on other workflows, like analyzing the data.

3. Can’t focus on important business tasks

With so much time spent ensuring that the data entered is correct and finding and fixing errors, there is no time left to work on the business. Managers spend their time ensuring that the data they’re reporting is accurate and less time actually analyzing that data. A survey found that 37% of manufacturing professionals don’t trust the reliability of manually entered data when making strategic decisions. If you can’t trust the data you’re getting from your team, how can you grow your business or take on additional work?

4. Inhibits business growth

When management receives data, it often makes decisions based on that information, whether it’s correct or not. These decisions may inhibit the growth of the business. For example, a costly mistake can lead managers to believe a project is over budget when it’s not. They then make moves to cut company spending to protect the company, when instead, they should be investing in future growth.

5. Hidden costs

Most companies think automation costs more than entering data by hand. The truth is there are hidden costs to entering data manually. There’s the obvious labor to enter the data, then more labor to check for mistakes, and more labor to fix the mistakes. At each level, it becomes more expensive and time-consuming to detect and correct mistakes.

It has been shown that incorrect data can cost companies up to 30% or more of their revenue. In particular, a 2018 Goldman Sachs report stated that the direct and indirect costs of manual paper invoice processing are $2.7 trillion for businesses around the world. The hidden costs of manual data entry can be enough to make or break your business.

6. It’s boring

Continually spending days or hours doing mindless data entry can lead to employee dissatisfaction and turnover. When workers spend hours keying in the same information, they are bound to lose focus, which increases errors and leads to frustration. Data entry work is repetitive and tedious. 55% of employees in a survey cited the collection, uploading, and synching of data as the least productive part of manual data entry. When employees don’t feel productive, their morale lowers and they are then more prone to make mistakes.

Automation is the solution

How can companies save themselves the time and money that is lost through manual data entry processes? Automating as much as possible is one way to recoup these costs. By using machine learning and automation, the software can automate much of the data entry process, leading to fewer mistakes and speeding up the process.

Premier Software uses AI, machine learning, and automation to speed up invoice entry and other repetitive tasks, so you can spend time working on your business and less time entering data. For a demo of how our automation works to save you time and money, schedule one today.Author Biography:

Dawn Killough is a construction writer with over 20 years of experience with construction payments, from the perspectives of subcontractors and general contractors. Dawn has held roles such as a staff accountant, green building advisor, project assistant, and contract administrator.  Her work for general contractors, design firms, and subcontractors has even led to the publication of blogs on several construction tech websites and her book, Green Building Design 101.

 

Categories
Accounting Industry Insight Mobile Trends & Technology

Mobility in the Construction Industry

The construction industry is one of the largest and oldest industries in North America. In some areas it is at the forefront of innovation, and yet is oddly still hesitant to progress in others.  In today’s modern era of construction there are few features that can give as great of an advantage as mobility.

As mentioned in an article on Wired.com , the ability to access live data on the go allows Project Managers, Architects and Engineers to effectively operate multiple projects simultaneously and increase productivity during travel and out of office visits.

So what exactly is a mobile solution? Well for starters, it’s a system that when implemented, allows you hassle free access to live data in any setting and across multiple platforms I.E. your laptop and mobile device. True cloud based software allows you to enter live data and update on the go which ensures that everyone on your team is in sync and up-to-date. Cloud based Accounting and Project Management software provides you access to your data anytime, anywhere, on any device.

With current technology, it is very simple to implement a mobile solution for your construction business of any size.  Devices like the Microsoft Surface or the Chuwi ci8 Plus are capable of running full versions of Microsoft windows which gives you access to the full functionality of software that is too complex for a smartphone, while also maintaining the portability and ease of use of a tablet.  In addition to cloud based software, there are also Mobile Apps that will allow subcontractors to do time entry, daily job logs, and photo captures from the field that update to your projects in real time.

The time to take your business mobile is now. It is 2016 and there is no excuse to limit your own productivity or the productivity of those you employ, to traditional Construction Project Management and Accounting systems. The demands of today’s construction industry are higher than they have ever been before – Mobile Solutions represent the best way to reach new possibilities.

 

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Resources Uncategorized

Premier Team Hits the Field – Habitat For Humanity GTA

On Tuesday May 19th, the Premier Team put on their hardhats, construction boots and gloves and made their way over to the Brimley Rd. Construction Site to partake in the “Adopt-a-Day Program”. This program offers volunteers the chance to adopt a “build” day and participate among many other volunteers across the GTA. With the combination of teamwork, optimism and dedication, by the end of the day the drywall component at the Brimley Rd. Construction Site was well on its way. Volunteering time and providing financial support can create a tremendous difference.

 

An impact study conducted on Habitat Toronto Partner Families in 2012 revealed how affordable home ownership strengthens communities and opens doors for low-income youth:

 

  • 76% of homeowners report an improvement in children’s school grades
  • 81% report an improvement in children’s social lives
  • 92% of respondents say they will remain in their HFHT home for a very long time or can’t imagine ever moving

 

Everyone on the Premier team can agree that this experience was very positive and provided them with an entirely different outlook on how important it is to help break down the cycle of poverty. This program also offers anyone the opportunity to continue to volunteer- simply sign up online using the volunteer scheduler.

 

Remember, a little bit goes a long way!

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WHAT IS HABITAT FOR HUMANITY ALL ABOUT? Habitat for Humanity Greater Toronto Area (Habitat GTA) is a non-profit housing organization that mobilizes volunteers and community partners to provide affordable housing and promote home ownership as a means to breaking the cycle of poverty. Founded on Christian principles, we welcome all people without discrimination to join us as we build simple, decent, and affordable homes in partnership with low-income families. By owning their own home, families are able to achieve greater stability, and improve their overall health, while building equity for their future.

Categories
Mobile Trends & Technology

Jonas Premier Announces the Launch of their New Mobile Application

Jonas Premier, a division of Jonas Construction Software, has announced the launch of their new mobile application, which was officially released on March 1st, 2015 for Android devices. The application will later be available in the Google Play store at a one-time app cost of $14.99 and a monthly fee of $25/user with Jonas Premier.

 

The goal in releasing their mobile app is to allow for easier access for field technicians to perform their job autonomously while improving communication with the office. The Jonas Premier mobile application will act as a ‘daily job log’ where technicians can input all aspects of the job within one clean and simple to use application. Currently, Jonas Premier has launched the mobile preview program with a few select clients and has received positive feedback thus far. The app is developed in-house and provides real-time information. Most importantly, it is specifically designed for Project Managers, keeping it simple to use, incorporating large, easy to read icons, making the app very intuitive and easy to learn. With Jonas Premier being a leader in construction cloud software, all actions performed within the app are integrated back into the Jonas system to update payroll and the daily job logs.

 

The Jonas Premier field mobile application has three major components. The first component is the daily job log, which allows technicians to enter hours directly from the field for themselves, or for an entire crew, and is automatically linked to a specific job or cost item in real-time. The second component is the daily job log information. This feature allows for job descriptions to be entered, how many subcontractors were on a specific job as well as how many hours they worked, what material was used or purchased, what equipment was used or rented, any safety issues that occurred, and any weather delays experienced. This component also has a custom field section, whereby any additional information, customized to any business, can be entered. This information can be in the form of an open text field, date, and numeric or drop down field. The third component provides users with the ability to take pictures directly from the job site. When a picture is taken, the image is automatically saved and integrated into the Jonas document management system and is tagged to that specific job.

 

Karoline Lapko, Vice President of Jonas Premier, is excited for the release of their mobile app, “At Premier, we are committed to empowering people and organizations to achieve more. Today’s mobile app release is another step on our journey to re-inventing the mobile and cloud world in the construction industry. Real-time daily job logs and time entry are now just a tap away. We expect a tremendous response, and customer feedback is critical to ensure high quality and to help us refine and improve the app. We’ve only scratched the surface of what is possible as we intend to re-image new ways to build out the product to help with automation, collaboration and integration. Stay Tuned!”

 

While the Jonas Premier mobile application has numerous components and features already, there is still room for growth. The next phase of the app will allow for RFIs (request for information) for quick photo capture and ability to create a new RFI directly from the mobile decide. The app will also be able create a deficiency or punch list. With the application currently available for Android devices, an iOS version is set to be released within Q2 of this year

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Read the official Press Release HERE.