The amount of data in the world continues to grow at an explosive rate, and this explosive growth is both a challenge and an opportunity for businesses. Contained within that data are the insights needed to improve decisions, enhance productivity, drive innovation, and produce new products and services. Big data analytics examines large amounts of data to uncover hidden patterns, correlations and other insights.
Big Data Analytics Defined
When it comes to big data analytics, it useful to divide the phrase into two parts: “big data” and “analytics”.
“Big data” can be described as the gigantic amount of information that organizations have gained access to over the last decade or so. Technological advances make it far easier to collect data from a wide range of sources, not just traditional business sources, but new sources such as social media, digital imagery, the Internet of Things (IoT), and many more. This vast assembly of data can reveal all sorts of insights.
“Analytics” refers to the challenge of finding the insights in the data quickly enough to inform decision-making and identify new opportunities.
Advantages of Outsourcing Big Data Analytics
Insights gained through big data analytics can reduce costs, often significantly, though obtaining these insights can be a complex and costly proposition. That is why outsourcing your data analysis to experts in the field is the preferred way to go. And, of course, as is with all outsourcing, not having full-time employees on staff means savings on benefits, payroll taxes, etc.
Getting expertise from an experienced data analytics firm will result in not just the right data mining, crunching, and analysis, but it will usually be accomplished much faster than a business could do with an in-house staff. Data analytics companies have all of the big data technology at their fingertips, as well as the experience.
CONSTANT FOCUS ON CORE OPERATIONS
Data analytics outsourcing allows your business to focus on core company operations. Your outsourcing firm presents the data analytics results to you in a nice package that allows you to quickly make sound decisions. Self-service solutions are time-consuming and seldom as effective.
Arecent report looks at five real-world examples of how big brands are using big data analytics to grow their businesses. These examples include:
- Boosting customer acquisition and retention
- Use of big data analytics in advertising
- Big data analytics for risk management
- Data analytics to drive innovation
- Analytics in supply chain management
Outsourcing your data analytics can provide you with the same advantages of the big brands.
Importance of Big Data Analytics Outsourcing
Big data analytics outsourcing has shown considerable growth over the past few years, as an increasing number of companies are taking advantage of the benefits of data analytics outsourcing. These benefits include lowering your cost and allowing you to focus on core business expertise.
If you are ready to explore the benefits of data analytics outsourcing as they relate to your company, Sequent Solutions is ready to help with its highly trained staff and competitive rates. Data analytics outsourcing allows your company to access a big talent pool and scale your business faster. Contact us today for more information.