In the dynamic and progressive business landscape, data drives transformation and shapes destinies. It is no longer about whether to invest in data analytics and business intelligence solutions, but about how to harness the full potential of these tools, paving the way for growth and innovation.
As tech-savvy trailblazers and forward-thinking enterprises contemplate this strategic business game, the resounding question echoes: Does your business need data analytics outsourcing?” Let’s take a deep dive to get the answer to this nagging question.
The Data Dilemma
In the digital age, information is power, and businesses that know how to use the right information at the right place and time are always at the forefront of innovation.
According to McKinsey, 70% of enterprises believe that data analytics gives them a competitive edge in the market. Moreover, a separate study by Deloitte highlights that 96% of executives expect the use of data and analytics to become more important in the coming years. These figures are not mere statistics; they underscore the calculated moves data makes, positioning businesses for sustainable growth and market dominance. However, the dilemma is not about storing and collecting data but deciphering its secrets.
Developing an In-House Analytics Team
You might think by developing an in-house analytics team you would have better control over your data. Moreover, having seamless communication and immediate access to your data adds to the appealing advantages of having an in-house team. However, it comes with its own set of challenges, including:
- Talent Crunch: There is a shortage of skilled data science professionals.
- High Cost: A high investment in infrastructure, software, and technology is required. There are also overhead costs for recruiting, training, and management.
- Technological Agility: Requires continuous training and updates to stay relevant amidst evolving technologies and rapid advancements.
- Limited Scalability: It's difficult to swiftly scale resources up or down based on unique project requirements, potentially leading to inefficiencies.
- Risk of Attrition: Increases the risk of talent attrition due to extremely high demand for these specialized professionals, affecting the stability and continuity of the project.
Entangled in this perplexity, leveraging your data may not be as effective as you would like. Organizations like yours that are looking to develop or scale their data analytics capabilities are increasingly turning to outsourcing to get insights faster while staying within their budget.
What is Data Analytics Outsourcing?
With the global data analytics outsourcing market expected to reach a staggering $183.17 billion by 2032, it emerges as an engagement model that offers businesses flexible options to develop sophisticated analytics capabilities without the burden of extensive in-house resources and investments.
This signifies a massive shift in the business landscape. It reflects the growing awareness and recognition of the transformation data analytics outsourcing can bring to business operations. With data analytics services, companies can outsource their entire data science process, from data acquisition and integration to visualization and advanced analysis. While the service provider handles everything from infrastructure setup to data analysis, customers can tailor services as per the business needs and fill in the expertise they may have in-house.
According to the Deloitte Global Outsourcing Survey 2022, 75% of companies use data and analytics from external providers. Indeed, it highlights a substantial shift towards external expertise. So, how does this collaboration bring value to your business? Let’s explore.
Why Outsource Data Analytics?
Recognizing the vast scale, rapid velocity, and intricate complexity in the expansive information landscape compels businesses to opt for data analytics outsourcing. The business value this collaboration brings includes:
Swift Access to Insights
With data analytics outsourcing, you get a dedicated, skilled team working on your vast data repository. This helps you gain swift access to valuable insights without waiting for lengthy deployment processes. In a fraction of time, it provides actionable insights to help you make informed business decisions.
Higher Rate of Success
From the vast pool of talent and technology resources, outsourcing firms pick the perfect combination of talent and technologies suitable for your unique business needs. The external team also brings the right approach and methodologies to deliver high-quality reports and solutions, ensuring a higher success rate with data-driven decisions.
New Perspectives on Data
Outsourcing data analytics provides new perspectives and insights for solving critical business problems. This diverse approach and innovative thinking of the external team contribute to restructuring processes and tools, taking your business to new heights. This helps cultivate and nurture an environment of innovation and transformation.
Access to Advanced Tools and Technologies
Service providers seamlessly transcend rapid advancements in data analytics technologies. Moreover, innovations like Artificial Intelligence (AI), Machine Learning (ML), deep learning, and Big Data storage have further revolutionized the capabilities of data analytics. Easy access to these technologies and many others saves businesses from the hassle and expense of exploring and implementing these tech resources.
Cost Effectiveness
Data analytics outsourcing proves significantly cost-effective compared to in-house solutions. Businesses only pay for the services they render, avoiding separate investments in design, implementation, software licenses, and cloud subscriptions. It also helps eliminate the need to recruit, train, and retain full-time data science professionals for your in-house analytics team. So, you can leverage the outsourcing services in line with your predefined budget, ensuring financial efficiency and strategic agility.
Focus on Core Competencies
When you outsource data analytics, your internal team has more time and resources to focus on core business operations. Businesses can utilize the primary strengths of their workforce to drive higher growth. This is because the external team is highly equipped with the best resources and skills to streamline and optimize the process, bringing maximum efficiency and effectiveness.
Unlock Your Data's Potential with Delaplex
Given the value outsourcing data analytics offers, the decision to outsource data analytics should be easy. By outsourcing the services, you can transcend the limitations of in-house solutions with a fresh perspective and a higher success rate.
As you embark on the journey of data analytics outsourcing, Delaplex is your trusted partner in this transformation. We have been instrumental in helping businesses worldwide unlock the potential of their data. Leveraging advanced cloud technologies, including data science, artificial intelligence, and statistics, we empower organizations to generate valuable insights, optimize operations, and reduce risk.
Security is paramount at Delaplex with strict policies, procedures, and standards for every business function. Our development facilities adhere to ISO 9001:2005 quality standards, and we maintain compliance with ISO 27001:2013 for information security.
Like to learn more? Explore our case studies to witness the extraordinary results our data analytics solutions have delivered for clients.
Ready to transform your business with the power of data analytics outsourcing?
Contact us today.
