The Big Role of Data and why to Outsource It?
Translating small/big data into useful information is at the same time vital and sluggish. Yet data is everywhere and it drives the business marketplace and business growth. Data is used in different industries. What we do, the decision that we make as consumers are translated into data. Those are analyzed and used to make a decision that would have an impact on our choices. Big data is like a little element that makes actions and decisions to move around.
Data analytics offer significant and irrelevant insights and information, but proper and systematic analysis helps to make smart moves at the right moment.
Data analysis is the basis of every business decision. You have the data, but as long as you can’t process them, you’re missing the benefits.
Companies generally go for options. They establish a data analytics department or they outsource their data-related functions. Outsourcing enables businesses to capture all the data and be able to tell what can be translated into valuable decisions.
The outsourcing industry deals a lot with data. However, it is necessary to not confuse data entry, which is one of the most outsourced jobs, with data analytics.
What is data entry?
Data entry services are divided into two categories, online and offline.
Offline data entry consists of transferring information from one medium to another. This process is also known as transcription. People working in data entry jobs are responsible for updating and managing data without errors.
This task applied to different industries that require accurate data management such as accounting, legal, e-commerce, etc. Given the importance and tedious nature of data entry, most companies decide to outsource this function. The process requires foreign language proficiency and basic computer needs. Data entry is one of the most common services offered by BPOs all over the world. For those interested in nearshore or offshore where to outsource data entry functions, Albania is a great option. Besides the advantages related to the ease of doing business and qualified workforce, Albania has a legal framework harmonized with the European Union.
Proper management of data analytics helps businesses to stay agile in fast-changing markets, to generate higher profits, and to maintain great customer relationships. The collected data not only allows to understand external trends like marketing, but it also helps to find more about internal elements such as employee performance.
On the other hand, technology helps to better store and manage data without the need for investing in infrastructure. Technology makes data mining a simple process while saving time.
The key aim of data analytics is to make sure that a given product aligns with the needs of the customers and possible markets where the company plans to expand.
Why outsource data analytics?
When a business decides to run data analytics processes in-house, it can result in higher cost for the company. The creation of a team that deals with data mining will expensive in terms of money and time. The company will require a number of experts and the necessary technology to run the processes faster for better results. It is common that the new employees will require initial and on the job training depending on the type of the industry where the business operates.
These and many other reasons such as the employee turnover rate and access to a larger talent pool explain why many businesses decide to outsource data analytics functions to other nearshore or offshore companies.