As with any sort of business, it’s fair to say that the value of good information can never be understated. It informs decisions that could be the difference between success and failure. For this reason, data analytics is so important, and so many organizations are willing to spend an incredible amount of money to figure things out on this front.
However, this facet of making business can be off-putting for organizations to do in-house. That’s why many would rather buy the services of data analytics outsourcing companies like N-iX rather than doing it themselves. Choosing to do this can be beneficial in several ways, and this piece seeks to lay these out.
Why choose outsource
The revenue generated from data analytics is excessive. As of 2018, it was nearly 168 billion dollars, with projections from then showing a steady increase. What this shows is that entities are more than willing to gain pay for the following to be done:
- Data to be gathered from multiple relevant, and verifiable sources
- Data to be organized for easy analysis
- Data to be cleaned to ensure that it is accurate and total
- Data to be analyzed, be it in the form of a statistical or a pattern-searching basis
- Data to be visualized via the use of the appropriate software
- Data interpretation, in which the organization in need of the service gains insight from the processed data
By looking at the above, it’s pretty fair to say that the teams hired to do all of the above thoroughly have a lot to do, and as businesses evolve, this will only become more taxing. This makes seeking out data analytics services seem wiser than in-house builds. If we’re going to look at individual benefits, the following are just among the most notable.
They’re built for the task
If you’re going to do everything in-house, chances are that getting your priorities straight is going to be a challenge, especially if your business has to do other things. This could make the job done by the in-house subpar, which is not what you want. If data analytics outsourcing firms are hired instead, the chance for higher quality work is enhanced because this specific task is their specialty.
As such, they have every bit of equipment and technology needed and can upgrade it rather easily as it is their specialty. Because of this, the results of the data analysis will be delivered to you in a timely fashion. This is overall much more convenient than an in-house operation in which the assembling of the teams alone will take more time than the ready-made solution.
They’re less of an expense
One needs only look back to the above list showing what is required from data analytics teams to see that it is not an easy and, therefore, inexpensive undertaking. Then, there’s the infinite amount of data that comes from multiple sources including the following:
- Internal sources
- The online landscape
- Digital devices through IoT
When you consider this as well, it is no wonder that an in-house team would be expensive to create, especially if personnel is fairly paid, and the technology implemented is standard. If a team is outsourced instead, these specific costs won’t be incurred and that would be money that could be spent elsewhere.
They allow you to focus on your job
Because you’re not spending a great amount of money on your analytics teams and aren’t allocating any resources to that area as it pertains to time, you can focus on things that are more of a priority. This means that you can be more productive than you otherwise would be if this aspect of operations was being handled in-house.
They’re of help post-job
He firms in question pretty much for the exact thing that an in-house team does as it pertains to how analytics is conducted. One difference is that after all is said and done, a good firm is still available to help with whatever problems you may be facing. These may include something like troubleshooting.
They’re much more adaptable
Because data analytics outsourcing services are built to handle the types of situations in that specific world, they’re quite flexible and scalable. This means that should your data analytics situation change, these firms are more than ready to cater to whatever it is you need at that moment.
Reasons not to choose outsource
The above benefits clearly show that outsourcing your data analytics situation operation to other firsts is beneficial on several levels. However, the opposite side of the coin must be highlighted as well because there are some outsourcing concerns. The major concerns regarding outsourcing companies include the following:
- Data security concerns: this is especially prevalent when you consider that under their job, access to your sensitive data is needed, putting it at risk of leakage immediately (if you’re going to solve the issue, due diligence gas to be conducted to find the firm with the best track record of quality and safe work)
- Communication concerns: because the teams aren’t in-house, giving them instructions will be difficult to pull off regularly and miscommunication is more likely, which is why proper channels should be established early on
- Integration concerns: there may be some issues of compatibility between the analytics solutions provided and whatever you have in-house (as such, it is important to find the most compatible provider out there)
However, the global data outsourcing market is projected to grow. It would actually reach around $183B by 2032. It shows significant potential even when considering the above cons.
Final thoughts
There’s no doubt that data analytics in this day and age is important for finding as many angles for a successful business as possible; however, doing it in-house can be far too complex and expensive, which is why garnering the services of data analytics outsourcing companies is a great way to go.
As the above has shown, it has a lot of benefits that could make life a lot easier for you on many fronts. This approach should be taken cautiously, as some disadvantages are in existence. In any case, the best thing you can do is weigh out your options before proceeding with a path.
