Top 3 Significant Contributions of Data and Business Analysts in Your Striving Business

In this new digital economy wherein businesses are more competitively strategic, data analytics is now becoming part of the myriad of services that companies are opting to outsource. A study conducted by Global Data Analytics Outsourcing Market Report by Credence Research, Inc., the Compounded Annual Growth Rate (CAGR) of data analytics outsourcing is at 21.84% during the forecast period from 2019-2027. This makes the market value for data analytics outsourcing to increase from $2.73B (2018) to $25.56B (2027).

This increase in CAGR shows the demand for data analyst teams. This underlines the fact that most companies, especially small and medium businesses (SMBs) should integrate this to their organization to adapt to this data-driven economy.

Effectively leverage on data for profitable decision making

Because data is becoming the most valuable asset in business, having a team who can analyze these and convert them into usable information helps decision makers leverage on data to create effective strategies and business solutions.

A good example for this is the so-called ‘Amazonification’ wherein Amazon (and FedEx) used big data and a team of data analytics to build algorithms based around their customers’ daily needs. They used this information to create strategies on how to effectively target their customers with relevant products which multiplied the chances of a ‘buy’.

Have a more customer centric approach

Similar to the example above, Amazon not only leveraged on the data to create marketing strategies, but it also helped them be more customer centric. A team of data analytics helped the company reach out to customers in a scientific way.

Data analytics is essential in B2C companies to have a more customer centric approach. This allows businesses, especially SMBs to learn more about their customers and anticipate their needs.

In addition, they help in segmentation, targeting and positioning (STP) to effectively reach the right customers with the right message at the right time through the right channel.

Attain deep industry knowledge

When big data is converted to usable information, businesses will have better market insights, route optimization, fleet management and business foresights. This will help you gain more knowledge in your industry through the help of a team of data analysts.

Their domain expertise in analyzing data can give you competitive advantage by having a grasp on unique industry requirements of your business. Having enough knowledge in the industry allows you to conceptualize a predictive model where you can integrate in business applications for production to put in use.

But who can build a team of data analysts better? A third party outsourcing or you?

The great benefits of outsourcing to a 3rd party today is accountability and return on investment (RoI). The right partner creates a “value-driven engagement”. This engagement translates results as mentioned above. Other benefits include;

Access to large pool of Research & Data talent

Because of the demand for data analyst experts, various companies are facing a shortage of skilled professionals, especially hiring a team of skilled data analysts, data scientists and machine learning engineers in the local market.

But the right partner has access to world-class talent and their A+ recruitment process will build you great, high-performing data analytics in just 30-45 days.

And this is given – cost savings

Especially for SMBs, cost savings is a must. Note that hiring a full-time data scientist is expensive. A lot of operational cost needs to be considered such as salary and overheads cost (i.e. taxes, employee benefits, etc).

The right partner can offer you up to 70% operational cost savings.

Outsourcing data analytics

When it comes to building your data analytics team, outsourcing is one of the best choices to make due to its numerous benefits. A good outsourcing partner promises for the following:

Operational excellence
Build a great, high-performing R&D support team specifically designed for your security needs
Operational cost savings of up to 70%
ISO 27001 and 9001 certified, GDPR, HIPAA and DPA20212-compliant
71 Net Promoter Score: Sense of security and peace of mind

Partnership with Infinit-O

Infinit-O’s mission is to create endless opportunities for your company to realize its full potential.