Why Big Data Analytics Services are Absolutely Necessary for Businesses?
Big data analytics services have become an integral part of every business. But it is best outsourced just like the customer support or technical support services. Outsourced services offer accurate insights that help make good business decisions.
Businesses can no longer afford to pay a deaf ear to their customers’ conversations, especially when it is regarding their brand. Digital era has signaled new paradigms into customer engagements. Customers are engaging and speaking about the brands in various online mediums. In the wake of intense competition that each and every business faces, all these conversations are important. Hearing the customers speak is more important than it ever was. Business analytics has come a long way from being a purely IT activity. It has become the crux of business activity in the present era. Listening to the customers is as much important (if not more) as R&D, marketing or corporate strategies. This is why, compiling data is not sufficient anymore, the insights that data provide needs to be interpreted and that too quite quickly. The importance of data analytics can be decided from the number of companies providing such services.
What Led to the Rise of Data Analytics?
Big data has only one strategic goal: to derive insights from a large range of random sources helping businesses make better data driven decisions quicker than the competition. The core competency of business analytics surrounds three important business facets such as:
When these three core business areas are evaluated in-depth it can be found that Infrastructure and Visualization capabilities can be easily achieved by spending a small sum of money in creating an effective partnership or by outsourcing. But domain specific analytics is a special capability that needs to be cultivated over a period of time. If the analytics capabilities are cultivated over a long span of time then it can serve as a strategic asset for the organization. The decisions that are instigated from the insights present in the data, help businesses strategize in a new and more effective way. The strategies set on the basis of big data are bound to succeed and bear fruits. Businesses using analytics services to reach important business decisions are 75% more likely to make right business decisions each time.
Why Data Analytics Services need to be outsourced?
If you thought that call center services or technical support services were the processes that need to be outsourced, think again. In the present times, business in the US is heavily outsourcing their data analytics to reputed partners. Just like the core customer support services, analytics is also a specialized field of work. It needs years of expertise to understand the trends and gain insights from vast pools of random data. While a novice might not be able to make sense from such a data, the experts at outsourcing companies can create insights that help businesses reach important decisions that could tilt the competition in their favor.
• Cost: Most of the companies do not have the financial strength to get the data analytics tasks done in-house. Setting up analytics in-house needs immense hardware and software procurements. These procurements may cost a huge fortune for the companies. So, setting up the in-house team for business analytics is not a viable option.
• Resource: Arranging for data accumulation is one thing, but getting it analyzed by someone really knowledgeable is the only way Big Data will give businesses full value for money. This is why companies need to look for experienced data analysts, who can make sense from all the data. Mind you making sense from data becomes that bit more challenging when you consider important business decisions that are made upon it. Apart from paying high salaries to the expert, it is important that the right experts are found in the first place.
• Time: To get both these aspects right, a lot of time will be spent by the company. In this time your competitors would have already gained the useful insights and used it to create their distinct advantage. The strength of business analytics lies in the timing of decisions based on insights.
• Frameworks: Companies already have an existing framework which makes the task of establishing or operating systems for internal data, next to impossible.
• Overruns: As the companies do not possess adequate experience in this technology so overrun of cost and time are common for in-house projects. Companies will often exceed their schedules, thus the interpretations are not viable by the time they come.
Apart from this, if data analytics is not among your core competencies then you are spending a lot of valuable time that would be better utilized in business operations. This is why outsourcing the analytics services is as much important as any other customer service functions.
As you can see big data should be an integral of any business operations. But performing the analysis in-house is a waste of potential. This is why leading companies outsource their data analytics services to a reputed partner with adequate experience in the process.
Alicia Gray Marketing Manager
Alicia Gray is a BPO and outsourcing industry analyst, and writes about technology. Currently she is working as a marketing as well as customer service manager with Vcare Technology. Her role has been instrumental in assisting businesses to choose the right BPO Services.