Data forms the core of cyberphysical systems (CPSs), which are considered the backbone of the fourth Industrial Revolution. It is increasingly influencing decision-making. Experts predict that by 2025, there will be 163 zettabytes of data generated per year and on an average, an individual will have interaction with connected devices every 18 seconds. It is therefore, certain that the 2020s are going to witness unprecedented volumes of data being generated and made available for further analysis and insights. This is a huge opportunity for businesses, who realize that it is not just availability of big data, but its marriage with analytics that has the true potential of delivering actionable business insights, leading to growth in revenue and customer base. The key question, however, is whether an organization should develop in-house expertise to leverage this opportunity or if it should leave it to specialists by outsourcing Business Intelligence (BI)?
In-house Solution Vs. Outsourced Business Intelligence
Let’s examine the two options. In-house big-data solutions will require heavy investment in the three T’s – technology, training and testing. And while they are developing technology and training resources, they will lose precious time or will have to rely on manual means, which are inconsistent and susceptible to errors.
Outsourcing Business Intelligence to specialists, on the other hand, can enable them to take benefit of big data from day one. They can mine large amounts of data, filter and analyze essential information, optimize enterprise-wide performance and out-perform competitors within a planned budget.
Although there are challenges of data security introduced by engaging a third party solution provider, they will need to weigh it against the following hard truths – one, the volume and velocity of data is growing at a phenomenal rate, and two, business challenges are becoming increasingly complicated with rapid proliferation of customer touchpoints.
They necessitate accurate, predictive and prescriptive analytics coupled with advanced qualitative and quantitative analysis. And all this requires specialized knowledge, domain expertise and proven experience. These not only ensure accurate data analysis on relevant parameters but also deliver actionable business intelligence, which become the basis for crucial decision-making.
Case for Outsourcing BI
To summarize, following are the key arguments while making a case for Outsourcing business intelligence:
SAVE COST AND TIME
As outlined in the previous section, building BI capabilities internally can mean considerable time lag and heavy monetary investment whereas outsourcing BI allows you to derive benefits from day one. Outsourcing enables you quick access to primary and secondary market data, critical analysis of information, interpretation and recommendations. Moreover, there would be no additional requirement of hiring, training and maintaining teams of data analysts and scientists, easing ongoing operational costs while ensuring immediate and superior value.
FOCUS ON CORE COMPETENCIES
Outsourcing BI also allows businesses to maintain focus on their key business drivers, instead of getting distracted in building internal BI solutions. This is time well spent on improving internal processes, product and service offerings, or introducing new business verticals.
INCREASE ACCURACY AND ACHIEVE SCALABILITY
Organizations can benefit from speed, accuracy and efficiency of a credible and reliable outsourcing partner. This helps them focus on using accurate and actionable insights to make critical business decisions, which can enable them retain and gain customers, scale up operations and achieve crucial advantage over competitors.
In Summary, deriving real-time actionable business insights are critical to delivering personalized customer support services in a data-driven world. These can not only redefine customer journeys and customer experiences but can also add strength to an organization by helping them make informed strategic business decisions.
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