In recent years, many companies realized how much competitive advantage big data analytics can bring to their business model. This has drastically increased the demand for big data professionals. Since top talents in this field are already hard to find, companies often need to outsource big data analytics in order to bridge over labor market’s skill gap.
Many companies invested huge funds in data science in order to follow new analytic trends. Unfortunately, in some cases, these investments produced much smaller ROI than expected. This is one of the reasons why many entrepreneurs decide to completely outsource this department.
Adding big data analytics department to company’s business scheme is not always the best thing to do, and this move can slow down company’s development on many different levels. If hiring top big data experts requires drastic budget cuts in other departments, you might end up with less competent production, sales or marketing teams. This will definitely have an effect on your company’s overall profitability and outsourcing big data tasks is definitely the best solution. Of course, you won’t be choosing this option if the data you want to analyze is critical for the survival of your business. In this case, you will need to conduct in-house big data analysis.
When deciding to outsource big data analytic work, entrepreneurs should have very precise goals in mind. Goals like ‘increasing sales’ or ‘cutting delivering costs’ aren’t well formulated, and may result in no meaningful analysis conclusions. Changing your company’s business process with big data requires you to give very strict and precise orders to future partners, which should include due dates, percentages etc. So, before you ask some third-party agency to do your business data analysis, analyze your needs and determine the things you expect them to do.