Data is quickly becoming the most valuable commodity around the world. Thanks to mobile phones and other computational devices capturing billions and trillions of data every second, harnessing it has become key for businesses to stay ahead of their competition. Which is why, many businesses around the world are hiring data analytics companies to achieve their targets faster, earn more revenue, and operate more efficiently. But if you are still not sure how a top data analytics company might help your venture, read on. First, we will look at what is better – having an in-house data analytics team or outsourcing.
In-House vs Outsourced Data Analytics
Data analysis can be an asset for your company if leveraged well. When looking to take advantage of the benefits robust data analysis can provide. It is important to figure out whether your company is capable of hiring an internal data analysis team or would it be better to outsource the job to another company.
In-House Data Processing
Data processing and analysis can be a tricky job, especially if your company isn’t inherently tech-based. In order to create an in-house data analytics team, you will need to hire trained professionals who are experts in the field and can take over their responsibilities without much guidance. You will also need to invest in sophisticated and expensive tools and a support team will need to be created to ensure uninterrupted data processing. You will also need to ramp up hiring, onboarding, and training, which can end up in increased costs and lower revenue.
Outsourced Data Processing
Outsourcing data processing and analytics can enable your business to focus on core strategies and improve productivity. A top data analytics company can handle your data storage, processing, and analysis tasks, and provide you with actionable insights. After all, insights is why you want to analyze data. Instead of hiring a dedicated team, work can be done on a contract or value-driven basis. Wherein the payment will be done after a certain milestone is achieved, not every month. In this method, businesses won’t have to worry about increasing infrastructural costs, hiring more employees, or increasing cybersecurity. Everything will be taken care of by the company you are outsourcing to.
Benefits of Hiring a Top Data Analytics Company
Devices arond us are getting more and more connected and communicative. We are connected to the internet at all times and are generating 1.7 MB of data every second, as of 2020. That’s close to 146 gigabytes of data every day from a single individual. This figure alone is enough to understand the importance of high-quality data processing and analysis. By hiring a data analytics company, your business can enjoy a whole host of benefits.
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· Talented Professionals
Analyzing big data provides access to a large pool of talented candidates who you can hire immediately. Candidates can be automatically shortlisted based on several criteria so that you don’t have to sift through undesirable candidates. It can also provide you with a list of missed opportunities in the form of previously rejected candidates, internal hires, or potential profiles available on recruitment boards.
· Prediction of Future Trends
With machine learning, neural networks, and natural language processing. Machines can analyze past data to predict what would happen in the future. This could mean predicting increased customer visits, the possibility of defaulting on loan payments, future fashion trends, students dropping out, and more.
· Enhanced Customer Experience
A top data analytics company will provide you in-depth insights about customer data, which you can leverage to enhance customer experience. Predictive analysis, intelligent chatbots, and automated feedback systems can help your business to understand customer behavior better. You can create personalized marketing strategies, informed sales and promotional deals, and make changes in product development and other processes that engage customers better.
· Better Business Decisions
Business decisions are predominantly based on the intuitions and experience of the decision-makers. While most of the time the decision is correct, not backing that up with data can have dire consequences. Data analytics can help your company make better decisions based on solid, accurate data. This way, you will gain knowledge about department-wise performance, bottlenecks during manufacturing. Potential new markets for expansion, when does a certain product sell more during the year. Employee attendance and performance records, discrepancies in billing, and much more.
In a nutshell, though data analysis essentially means collecting and analyzing data to extract useful information. It is not as easy as it seems. Analyzing huge amounts of data to come up with insights and conclusions, predict future outcomes. And identify patterns and trends can be a massive challenge for most businesses, especially those that are non-tech in nature. This is where a top data analytics company can step in and cater to your needs by using their years of experience and diverse solutions.