Outsourcing Business Strategies to Accommodate the Rise in Big Data and Analytics
The recent rise in global data has left businesses scrambling to create effective strategies to accommodate this change. Experts are predicting a 4300% increase in annual data production by 2020. Businesses have to be equipped to manage the surge in data because it shows no signs of slowing down anytime soon. In fact, the amount of data being generated will only increase in the future, and companies must anticipate this rise in data.
Maintaining massive amounts of data in organized form is necessary to accommodate the rise in Big Data and Analytics. Therefore, companies are seeking alternative solutions to help them respond more efficiently and swiftly to this need. Large amounts of data have led to the need for Big Data Analytics strategies that can help businesses remain relevant in this modern era, and gain a competitive advantage that will result in the ongoing success of their business.
Businesses are eager to meet this data and analytics change head on and are developing different strategies to help them adjust to this surge in data and analytics. Outsourcing data-driven strategies to match the rise in Big Data and analytics is a smart, increasingly popular option for motivated businesses in any industry.
Outsourcing data management and data entry tasks can enable companies to have better control over data analysis and data governance, in addition to allowing time to focus on core business areas. Furthermore, internal resources can be redistributed to departments that require attention rather than devoting time, money, labor, and personnel on data entry projects.
Improved Decision-Making Capabilities
Big Data analytics business strategies revolve around the effective managing, organizing, and utilization of high-quality data. Business leaders can make more informed decisions, and develop better solutions by working with organized data.
Businesses need to maintain large volumes of data in organized form, which is extremely helpful in Big Data analytics if it’s organized in the correct form. Given that Big Data is essentially analyzing large datasets to uncover patterns and derive insights that reveal value for businesses, it’s important that the data itself be well organized, readily available, and usable.
Businesses are relying more and more upon outsourcing, particularly for large scale, data entry type of assignments that can be efficiently organized by an outsourcing team. Data can be cleansed, processed, formatted, and stored so that companies can access their information quickly and easily.
This directly impacts data governance in a positive way, because they are benefiting from the integrity and overall quality of data that has been managed by a third party outsourcing agency.
Data mining, collection, processing, conversion, formatting, and other organizational data entry and data management related tasks, are a fundamental staple for businesses, but these time-consuming ventures can strain a company’s resources, leading to additional challenges if not executed correctly. Organizations may want to consider assigning this non-value-added data related tasks to outsourcing experts.
Outsourcing Data Entry Tasks
Hexa Research predicts that between 2016 and 2024, the demand for outsourced data services is expected to increase to 30%. This is due in large part to the need for data entry jobs to be completed quickly and cost-effectively, something offered by knowledgeable data entry agencies.
Companies who reduce or eliminate non-value added projects can increase their value-added work, and ultimately be more successful. This concept applies to business strategies pertaining to Big Data and analytics, as businesses can be better situated to respond to this increase in Big Data if they allocate data entry tasks, and similar assignments, to an outsourcing company. This includes both complete and partial non-value-added data entry tasks.
Examples of data entry tasks that can be outsourced:
- Data processing
- Database data entry
- Offline data entry for spreadsheets
- Data mining
- Data cleansing
- Processing of forms, surveys, checks, and images
- Data conversion of files and documents
When a company can assign these critical, but mundane, assignments to an outside team, they can reap the same benefits as having completed them in-house, minus the expense and time. This enables organizations to more effectively address Big Data Analytics concerns while exercising better control over data governance and analysis.
Outsourcing business strategies can help businesses prepare for, and adapt to the rise in Big Data and analytics. The future global economy, market, and business model are going to be revolving around data. Business tactics must not be minimized by the lack of appropriate data and analytics solutions, therefore contact a professional, experienced outsourcing company and enable your strategies to continue forward successfully into 2017 and beyond.