February 9, 2016 7:27 pm | Updated 5 years ago.
Ability to analyze big data, in the coming years, will hold the key to success of business organizations. Data analytics is concerned with digging deep inside data sets to unravel market trends, customer’s likes and dislikes and important business information. Analytical findings can give companies an advantage over their competitors. These findings can further help business organizations to take better decisions, formulate new marketing strategies, opportunities to generate more revenue, to enhance productivity, improve customer service and also develop unexampled business ideas.
Should organizations outsource?
Big data analysis is usually done by data scientists, who use statistical software and predictive analysis to delve into unstructured data to provide meaningful responses. Organizations today are facing the dilemma of whether to develop an in-house data analytics team or outsource their analytical work. According to an article published in MIT Sloan Management Review, confidence in analytics has helped large organizations like FedEx and Wal-Mart to sustain their position as market leaders for decades. Both these companies have a team of analytics professionals who have helped them to consistently reduce cost and increase revenue.
Internet of Things, increased use of smart devices and development of smart cities is generating a huge amount of data and is bolstering the need for an analytic workforce. A report titled “World Data Analytics Outsourcing-Market Opportunities and Forecasts, 2014-2020