More and more, companies are seeing the value that comes with outsourcing their data analytics and operations by focusing on the lifted weight it creates across their budgets, bandwidth, and process bottlenecks.
Back in 2020, the data analytics outsourcing market was valued at USD 3.04 billion, and by 2026 is expected to reach USD 9.46 billion at a CAGR of 21.5% during the forecast period from 2021 to 2026.
A common myth of data outsourcing is that you lose sight of your business by giving up control of the informational systems within it. In reality a successful outsourcing partnership allows businesses to feel a greater sense of control over their data because it is now completely standardized to provide a holistic view and they have continued insight from those partners analyzing the functionality and workflows of their data solution. Another common myth of an outsourced data insights team is that it’s not sustainable long-term as the business evolves. Again, this does not have to be the case. By collaborating with the right fitted team for your business, the outsourced solution and service you invest in will scale with you as you endure inevitable market fluctuations and make changes for business continuity purposes.
While we’ve “debunked” what an outsourced data insights team doesn’t necessarily do, here’s a quick snapshot to answer the question, what does an “outsourced data insights team” do?
- Drives real-time insight into correlations within your data you may have otherwise overlooked
- Monitors and alerts areas where there are data errors, gaps, or inaccuracies so you can get back up to speed without wasting additional resources
- Frees up your time to focus on high-priority matters when an in-house solution may have consumed the bandwidth of multiple team members at once who are simultaneously trying to put out fires as they occur
- Gives clarity through an outside expert perspective that is looking at your data and operating systems with fresh eyes to see areas for improvement
- Provides new ways to structure and clean your data to meet each leader’s unique decision-making needs
- Supports your team ongoing, not just through a one-and-done transaction
Deciding whether to outsource your data analytics is a critical decision to make when many factors are involved and often it comes down to a matter of when, not if. With an outsourced data insights team suited to your needs, new opportunities for growth are achievable without the fear of barriers to entry, higher costs, or lack of sustainability. See what’s possible when you outsource with forward thinking in mind.