Why Enterprises Should Opt for Data Analytics Outsourcing in 2023
Data analytics is exponentially becoming a vital part of any sector. Regardless of the size or nature of the business, it is crucial to have a robust foundation in data analytics. With the increasing volume of data being produced from numerous sources, its effective use is important for success.
Enterprises often find it difficult or overwhelming to put in place the tools for effective data management. It can be due to the existing priorities, lack of time, or technical expertise. The fact remains that many enterprises are unable to harness the power of data. Some enterprises opt to outsource data analytics to ensure that the focus remains on core operations and stays ahead of the competition.
In a recent survey, the global market of data analytics outsourcing has touched $3 billion in 2022. This fact alone is enough to prove that outsourcing data analytics services to offshore companies can bring a variety of benefits to enterprises.
Introduction to Data Analytics
Data analytics is the process of analyzing data from a range of sources to discover insights and trends that can help enterprises make optimal business decisions. Data analytics relies on multiple data sources, such as enterprise applications used to handle internal operations like customer relationships and inventory, as well as social media accounts and web pages. Data analytics can help enterprises better understand their users, evaluate their campaigns’ performance, personalize content, and enhance services. In simple words, organizations can use data analytics to modernize their core operations and improve efficiency.
Why Data Analytics Outsourcing is Effective
Generally, a transformative asset like data analytics isn’t easy to implement. Establishing the framework and structure without adequate planning can be time-consuming, expensive, and challenging for enterprises. Though, there are data analytics applications that function automatically or that only require lesser human intervention. But the most impactful ones need the administration of professional data analysts, a role that enterprises might hire in-house or through outsourcing.
Data analytics outsourcing allows enterprises to get the work done without performing talent screening, onboarding, and training. By outsourcing data analytics services, enterprises can get access to dedicated analysts, who undertake multiple responsibilities and fulfill the analytics objectives.
Benefits of Data Analytics Outsourcing
- Access to Talent
As stated before, the talent search, employment process, and training can take a long time. To get valuable business insights and make critical decisions, data analytics offshore firms can offer seasoned data analysts, data scientists, and Machine Learning experts to build data lakes and organize data loads. As a result, enterprises can bridge the gap in the skillset landscape by outsourcing data analytics.
- Industry Expertise
Not only can enterprises hire talent quickly from data analytics offshore providers. They can also get exactly the experts they need for their specific industry. These experts may have rich expertise in one particular field, so they understand the need of enterprises effectively. Accordingly, experts apply ideal strategies, develop the right products, and help enterprises surpass the competition.
For instance, healthcare providers require insights that allow them to improve processes, optimize budgets, reduce employee burdens, and enhance patient care. Dedicated analytics professionals understand how to acquire the right information to support these objectives and correlate them with domain standards while eliminating common pitfalls.
When enterprises outsource a service like data analytics, they obtain flexibility in running their business. For instance, enterprises may already have analysts working for them, but for a large project or the requirement for a specific type of assistance could prompt them to take on additional temporary staff. In such a scenario, enterprises can easily get assistance from an offshore data analytics agency and meet their needs.
When handling and examining massive amounts of data, enterprises might encounter the risk of non-compliance with security standards like the General Data Protection Regulation (GDPR). Whereas, dedicated data analytics experts from offshore companies are aware of these issues and can ensure enterprises overcome common errors by using appropriate frameworks and accelerators. This approach enables enterprises to use insights gleaned to their advantage without concerning about compliance difficulties that would nullify those efforts.
- Cost Savings
As mentioned above, hiring full-time analytics professionals is a time-intensive and expensive process. Whereas the process of hiring dedicated analytics professionals from an offshore company doesn’t include that overhead, so it results in costing less than insourcing. Enterprises can also save costs when they make smart business decisions based on insights gleaned from the work of dedicated professionals. In addition, effective setting up of workflow by dedicated analysts helps enterprises avoid additional software or equipment purchase costs as well.
- Focus on Core Competencies
Typically, when enterprises outsource mission-critical services like data analytics, they free up their core business team to concentrate on high-level activities. This way, enterprises can improve product and service development, streamline processes, and enhance customer relations that lead to greater revenue. When these activities incorporate the market trends and other critical data discovered by data analytics, the outcomes have the potential to be even more powerful.
Enterprises embracing data analytics will be in a better position to realize user needs and become equipped to leverage innovative technologies like Machine Learning and Big Data. With data analytics outsourcing, enterprises can have a better understanding of the market, and acquire incredible insights and forecasts. The early execution of data analytics helps enterprises gain a competitive edge in the market.