How to Data Analytics Outsourcing?
Companies and organizations outsource all IT and business functions, including highly strategic ones like data analytics, one of the more competitively advantageous technology areas. Organizations use data analytics outsourcing to hire service providers to perform analytics on data provided to the outsourcing company. According to industry research, demand for the service is increasing.
For example, the global data analytics outsourcing market was valued at $5,900 million in 2020 and is expected to grow to $60,348 million by 2028. Data analytics outscouring is a collaboration model in which a company entrusts its data to a service provider in exchange for insightful reporting.
It also opens up opportunities to capitalize on the professionalism and experience of the outsourcing team. This post will look at what happens when someone decides to outsource their data analytics, what comes next, and what to expect.
Why should you outsource your data analytics?
Most businesses desire better data but are unsure where or how to begin. The best data analytics outsourcing partner can handle the setup, allowing them to focus on strategic planning and accelerating their growth.
Bestarion believes that every company can benefit from outsourcing data analytics. Our team has compiled a list of the top six reasons why businesses approach us for data analytics outsourcing.
1. Outperform the competition
No company can afford to ignore the competitive advantage gained from a robust data analytics process in a world where data-driven decision-making is becoming more sophisticated by the day. Investing in data analytics can transform a business from collecting data for customer profiles to forecasting buyer behavior.
A top outsourcing partner can help you grow faster than your competitors.
2. Make use of much-needed expertise
When businesses outsource data analytics, they entrust one of their most valuable assets to highly skilled professionals who will achieve the desired results and understand industry best practices.
Data scientists, such as those at Bestarion, will assist businesses in leveraging trends that they were previously unaware of.
3. Cost-cutting measures
Hiring a full-time data scientist is prohibitively expensive for most businesses. Outsourcing data analytics enables them to leverage data analytics on a budget.
Analysis can be performed on a project or an ongoing basis as organizational needs change.
4. Quick data access
Business leaders must base their decisions on intelligent, data-driven choices. With market factors changing at such a rapid pace, there is little room for error. No company or organization can afford to waste time or resources on bad decisions.
Outsourcing quickly provides technical skills and specialist requirements, allowing businesses to capitalize on opportunities precisely.
5. Strengthen client relationships
The benefit of strong data analytics is that businesses can identify their customers’ needs even before they know what they need. Predictive analytics can assist you in developing one-of-a-kind relationships with clients who see that you understand them and can be relied on to meet their specific needs.
6. Increased Productivity
Relying on existing IT personnel is not a good long-term strategy for data analytics. While the IT team is helpful on a project-by-project basis, they are distracted by other development requests and their priorities.
With a data analytics outsourcing process, the outsourced partner will focus solely on an organization’s data analytics goals and outcomes, allocating all their resources to accomplish those goals.
Read more: Top 8 Industries Benefit from Outsourced Data Entry Services
I’ve Decided to Outsource Data Analytics. What Comes Next?
In most cases, outsourcing data analytics should not pose a problem for businesses of any size because it allows the company to focus on its core competencies. According to industry experts, most businesses would benefit from outsourcing analytics. However, when considering outsourcing analytics, it is crucial to conduct thorough research.
Step 1: Choosing a Partner and Defining Goals
This step covers how to choose a partner, what factors to consider, and what should be included in the contract and objective phases.
Choosing a Partner
Before choosing a partner, consider the following questions:
- Is the partner trustworthy?
- What are the partner’s references, and do they have a proven track record?
- What measures can be taken to reduce the likelihood of a data breach?
- What happens to the data?
The relationship between the company and the outsourcing partner is critical to the success of data analytics outsourcing.
Contract Signing – Risk Reduction
The primary focus of data contracts should be security.
No one wants their information to fall into the hands of a third party. Therefore, strict rules must be implemented to protect the company, its employees, its customers, and its data. NDAs should be used to mitigate these risks. If trust is lacking between the two parties, data access should be limited and, if necessary, restricted further.
Defining the Goal – Success Definition
Clearly defining the goal or what the partnership should accomplish is crucial. This helps both parties understand the precise needs and set expectations. It is likely that a partner will discover something beneficial to your company.
Bringing together professionals from various industries adds value as they can provide an external perspective and identify potential issues and opportunities.
Step 2: Forming a Partnership
This step involves collaboration, handling communication, and setting up processes to benefit both parties.
Collaboration
Companies that succeed in becoming digitally enabled and customer-centric are often those that collaborate effectively both internally and externally. According to research published in the MIT Sloan Management Review, focusing on collaboration—both within organizations and with external partners and stakeholders—is critical for creating business value and gaining a competitive advantage.
Collaboration between the company and the outsourcing partner is also essential. Outsourcing partners should be treated similarly to internal employees, which fosters better communication and results. Finding a reliable partner with whom you can easily collaborate and share expertise is crucial.
The Rhythm of Business (RoB)
Aligning and establishing RoB is a critical component of outsourcing. This should include stakeholders, project timelines, status updates, and other important processes. Once established, both parties will understand their respective dependencies, allowing for the implementation of specific processes.
Workshops and Handover
When outsourcing, it is best practice to keep the partner updated. Sharing information about the current state of the outsourcing process will help them catch up and provide value more quickly. These handovers and workshops should include knowledge sharing from both sides, promoting teamwork.
It is recommended to hold such sessions regularly to keep all parties informed and to share best practices.
Read more: Top 6 Data Services Businesses Should Outsource
How can Bestarion assist?
Bestarion’s Data Analytics Serviceshelps executives make their decision-making capabilities faster and more sophisticated. Businesses can create a competitive advantage by harnessing the power of data and analytics. Bestarion believes in long-term partnerships that allow both parties to grow. We currently focus on three services in the data world:
Our Core Data Analytic Solutions
01. Data and Analytics Strategy
We’ll well-defined data and analytics strategy aligns with the overall business strategy and guides the organization in effectively managing and leveraging its data assets.
02. Data Mining
We will grab all those records from one or multiple source to a structural database format (ex. Excel, CSV, Text or SQL) depending on your data processing service requirement.
03. Data Warehousing
Data warehouses power reports, dashboards, and analytics tools by storing data efficiently to minimize the input and output (I/O) of data and deliver query results quickly to hundreds and thousands of users concurrently.
04. Data Quality
Ensuring data quality involves various processes and activities, including data validation, data cleansing, data profiling, and data governance. Organizations implement data quality management practices to maintain and improve the quality of their data assets over time.
05. Data Analysis
Data analysis unravels the mysteries of your customer’s mind. It gives you a glimpse into the future, exploring past and present tendencies. No need for witchcraft, just pure math is what’s needed to be successful.
06. Data Visualization
A picture is worth a thousand words. Data Visualization is the key to unlocking the true stories that your data has always wanted to tell. Interact with data effortlessly and flexibly with our data visualization solutions and services.
07. Advanced Analytics and AI
Advanced analytics techniques enable organizations to gain deeper insights, make more accurate predictions, and optimize decision-making processes, ultimately driving better business outcomes and competitive advantage.
08. Data Governance and Security
Implementing policies, procedures, and controls to ensure data privacy, security, compliance, and governance throughout the data lifecycle. This includes measures such as access controls, encryption, data anonymization, and regulatory compliance.
Let us know if you need further assistance about our pricing or application. We will do our best to help. Email [email protected] if you’d like to schedule a free consultation. You can also contact us via our chat box or contact form. You can continue to do the most important work to you with our team’s assistance.