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Things You Need to Know About Data Analytics Services

By : eDataMine - 2-10-2021
Data Analytics Services

“It Is a Capital Mistake to Theorize Before One Has Data.
Insensibly One Begins to Twist Facts to Suit Theories, Instead of Theories to Suit Facts.”
–Sherlock Holmes (In a Story by Arthur Conan Doyle)

Data Analysts, Don’t You All Agree?

This concept is the essence of Data Analytics. Living in the 21st century, you would have come across this term as it is one of the most buzzing terminologies at present.

Data Analytics Vs Data Analysis: What’s The Difference?

Data analytics is an umbrella term that incorporates complete data management. It doesn’t just include analysis but also data compilation, classification, storage, using all the necessary tools and techniques. Data analysis is a part of it. It is the process of cleansing, converting, evaluating the data to extract valuable insights. A successful analytics exercise provides a clear picture of the business, like where it has been, where it is and, where should it go. Effective analytics can help you find trends, uncover opportunities, predict risks & make better decisions.

Why Is Data Analytics Important?

The raw data has no value. What you do with that data determines its value. Data Analytics accelerates productivity, efficiency and revenue growth by providing valuable insights. These insights help the businesses to find out what areas & which processes can be optimised, which processes can contribute more and which processes are idle. The company can decide which resources should be utilised to their full potential and which can be done away with. Areas that are unnecessarily holding company’s finances can be pinpointed and decisions can be made to reduce operational and production costs.

The imminent problems which could lead to losses can be quickly foretold and resolved. In this way, data can help make informed business decisions and overcome losses. Multinationals can improve their performances by identifying more dynamic ways to do business. A firm can also use analytics to understand current trends and client satisfaction, which can lead to new or perhaps better products/services.

Reasons Why Your Organization Needs to Outsource Data Analytics

Extracting meaning from the data empowers us to make better decisions. More than anything else, analytics provides businesses with a competitive edge. With a data-driven approach, corporations become less prone to errors. Even if they can’t afford an in-house team, outsourcing is always a wise option. Analytics is an immense help for enterprises in today’s cut-throat business environment. This article will explain few reasons why you must opt for data analytics outsourcing.

Who Will Do the Job Better- A Professional Company or You?

The prime benefit of outsourcing data analytics is – accountability. When you outsource with a data analytics services company, your ROI is defined in the beginning. A successful output by the company turns into success for the client which is a beneficial relationship between the client and the company. Plus, analytics is an external function, it’s probably not worth your time and effort to hire anyone predominantly for it. eDataMine provides specialized and cost-effective data analytics services that meet global standards.

Boosted Performance, Productivity and Ultimately, Revenue.

Have you heard the term — Amazonification? You will understand “Amazonification” better if you know what Amazon did. Giants like Amazon and FedEx have been utilizing data analytics for over a decade now. With their army of in-house data scientists, they have built algorithms based on their consumers’ daily needs. They utilise the vast volumes of customers’ data to target them with relevant products, increasing the purchase possibilities. Therefore, there’s not an industry left that Amazon can’t disrupt. All of this is because of data. That’s the ‘Amazonification’ of data. Other players look enviously at Amazon and are keen to execute analytics but don’t have the resources. For them, outsourcing marketing analytics is an option.

Gives You Client-Centric Insights

Analytics lets you reach out to your clients in a systematic manner. Every entrepreneur that deals with customers daily know that segmentation, targeting, and positioning (STP) is the smart way to approach the right consumers with the right message at the right time through the right channel. Accurate Analytics facilitates companies to learn more about their clients, and even predict their needs.

Of Course, Cost-Effective

Money is always a main factor. Even if a company can afford to hire a full-time data scientist/analyst, it is an added expense. Here’s how- technology, equipment, infrastructure, taxes, employee benefits and the list goes on. You suddenly realise if that was the right decision. Plus, what if you need more than one analyst? Therefore, outsourcing is the way to go. Those who are still sceptical about outsourcing must do a cost-analysis and see for themselves that value of the profits exceeds the value of expenses when data analytics services are outsourced.

It’s time to invest in data. Talk to our experts about your data analytics outsourcing requirements today. info@edatamine.com