Five Reasons You Should Use a Third-Party Data Analytics Solution
A few years ago, Big Data was heralded as a technology that would completely transform business, and this early prediction has mostly come true. When you look at the massive expansion of Amazon as the absolute e-commerce global leader, it becomes easier to understand the important role that data analytics plays in today’s highly competitive business world. Major corporations were the first to take advantage of analytics and incorporate them as a business process; however, companies of all sizes have been implementing similar solutions.
Why Now?
Ignoring data analytics is not recommended for the following reason: while you disregard this process, your competitors are likely using it to stay ahead of your business. Amazon has invested millions of dollars into analytics, and it does not plan on stopping anytime soon. With this in mind, here are five reasons you should get started with analytics by means of outsourcing:
Lower Your Costs
A comprehensive data analytics platform is not something that can be set up in your office for a few hundred dollars. First of all, you will need a data center with enough processing power and bandwidth to handle massive amounts of information. Second, you will need specialized software and skilled IT administrators. Finally, your managers may need to be trained in data science topics. When you outsource your data science solutions, you do not have to worry about these expenditures.
Convenience
Imagine being able to get accurate and actionable real-time information about your business by pulling up a custom dashboard; this is something that a third-party analytics provider can easily set up for your company. A single dashboard offers the convenience of not having to sit through weekly meetings and monthly presentations of company reports.
User-Friendly Solutions
Providers of business process outsourcing (BPO) services focus on delivering self-service solutions; for example, call centers that do not require setting up or direct management because they are ready to operate once contracted. BPO analytics solutions are very similar in this regard, and they can be remotely accessed through user-friendly interfaces that even non-technically inclined business owners, managers and employees can understand and operate.
Expertise
This is probably the most important advantage of BPO analytics. The complexity of data science makes it a business process that can be hindered by mistakes and inaccuracies. With a BPO analytics solution, your company gains a dedicated team of data science professionals who stand ready to execute on their contractual obligations, and who have access to analytical tools as well as computer modeling applications to help you monitor business activity and identify data patterns to improve your operations.
Instant Implementation
Once you determine the terms of the BPO service contract, you will be able to start reviewing data reports and recommendations. Instead of spending time setting up a platform for data gathering and analysis, you can start making high-level decisions to boost your bottom line, reduce inefficiencies and come up with solutions to previously unseen or misunderstood problems.