Data science analytics outsourcing is defined as the expert management and manipulation of an organization's data to provide deep insights for strategic planning and decision-making
Sound reporting of your organization’s business metrics equals sound strategic decision-making. Data science analytics outsourcing – provided by experts in business data insights – can position you to expand products and services to grow your business.
To lead a thriving organization, you need to be able to monitor its health from a variety of touchpoints. This guide is an overview of the process of outsourcing business data analytics and steps to get started.
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Basics of Outsourcing Data Science Analytics
Analyzing information regarding past costs, revenues, and facility maintenance is critical to your ability to know what is going on with the company in real time.
It is also critical to your ability to create proposals and detailed budget justifications for strategic initiatives – especially if you have a board of governors or other group of stakeholders that must be persuaded.
Many Organizations Do Not Have Dedicated Data Scientists
Even if your team produces periodic reporting of business statistics, you may not have personnel with the experience needed to do a deep dive into the data for customized reporting.
They may not have time to provide the complex reporting you need for strategic analysis and planning, either.
This is where outsourcing can save the day.
A top business process outsourcing (BPO) company can securely and confidentially access your data and tease out reliable information for decision support.
Data Science Analytics is SO Much More Than a Spreadsheet
Unless you lead a very small business, the statistics you need are likely to come from a variety of internal departments and external sources. The data you need may even reside on multiple computerized systems.
A skilled data scientist can hunt down the information you need and pull it together into one place for quick comparisons and what-if scenarios.
For example, let’s look at a large company called XYZ Incorporated. It is headquartered in France but has locations in the UK, North America, South America, and Africa.
XYZ’s CEO wants to know if outsourcing all of the data entry and sales support functions across all operational sites would be cheaper than continuing to operate these administrative departments in-house.
The Process of Business Data Analytics & Reporting
What must the business data analytics consultant do to provide the CEO of XYZ Incorporated with the information needed to create an outsourcing proposal for the board of directors?
A. Compile a list of statistics to be gathered:
Annual labor costs for data entry and sales support workers
Annual labor costs for managerial/supervisory staff for these departments
Cost of equipment provided in each workspace for these departments
Facilities costs – lease rates, utilities, maintenance, etc. for the two departments
B. Identify each computer system used across the entire organization that contains the data to be gathered:
At the main headquarters location, all data can be extracted from one system
In Africa, there two separate systems that contain labor cost data – one in the HR department and the other in the accounting department
The Africa location pays sales support workers a combination of hourly wages and commissions on sales, and there is a third computer system for tracking and paying commissions to salespeople and sales support employees
In the UK location, a recent merger means that there are two computer systems that have not yet been integrated into one
In South America, office space is leased from a third-party contractor; facility maintenance and utilities are included in the lease, but XYZ Incorporated provides furniture and equipment
In North America, there is one computer system for American workers who are non-exempt (paid by the hour), another system for exempt (salaried) managers, and a third system for all Canadian workers and managers
C. Extract the relevant raw data from various databases in each of the eight computer systems:
Download the data and its database structure from each system
Use stringent protocols to verify the downloaded data is an exact copy of the original
Normalize the data – meaning that each data file is reorganized to fit a standard format such as transaction date first, department name second, transaction description third, transaction amount fourth, etc.
Validate the data for completeness and appropriate normalization
Pull the normalized data from each source into a single database
Re-verify the accuracy to ensure all information is available and accurate
D. Create customized reports based on the XYZ’s specifications
Create SQL queries to answer XYZ’s questions
Finalize formal reports of the resulting data as requested by XYZ’s CEDO
This is a simplified description of a very complex process, but it gives you an idea of the scope of a business data analytics project.
What Do The Numbers Mean?
Mis-reading or misinterpreting the data used for decision-making can be catastrophic. This is why top BPOs not only provide reports, but they also engage in consultative meetings with you to be sure your expectations are met and that you understand the significance of each metric or total you see.
Credentials of BPO Data Analytics Personnel
Mis-reading or misinterpreting the data used for decision-making can be catastrophic. This is why top BPOs not only provide reports, but they also engage in consultative meetings with you to be sure your expectations are met and that you understand the significance of each metric or total you see.
Profile of a Data Scientist/Business Data Analytics Consultant
Data analysts are educated, well-trained, and experienced professionals.
Qualifications & Skills
Secondary education
College degree in IT-related field
Relevant certifications
Several years of data management and extraction experience
Mastery of SQL and other database tools
English fluency in speaking, reading, and writing
Expertise in report design
For an interactive look at what data science analytics can do for you, click here.
Responsibilities of Your BPO Project Manager for Data Science Analytics Outsourcing
In most cases, your data analytics consultant will also serve as your project manager. Project management duties vary depending on the services provided by your contract, but generally include:
Monitoring and reporting of your project
Rapidly optimizing your project as needed
Frequently checking in with you
Managing BPO personnel involved with your project
Carefully staffing to be sure your project is completed on time
Equipping and maintaining the remote workplace
Real-World Applications for Data Science Analytics
A top BPO like LOGIN SERVICES™ can transform organizations by taking on and streamlining routine administrative processes – usually at a lower cost than the organization can perform the work in-house.
Using Data Science Analytics to Know if Outsourcing is Right For Your Company
To answer the question, “is outsourcing right for you?”, you need to know your current revenues and expenses, breakdowns of labor costs, and sales trends over time.
This is the most elemental example of critical decisions that should be informed by sound analysis and reporting of your business data.
If you have in-house employees devoted to monitoring and reporting your company’s operational metrics, you are in great shape.
If your in-house team is not specifically trained and experienced to provide sophisticated insights about your company’s activities, you should seek the services of an expert.
Finding an Expert Data Scientist to Analyze Your Business Performance Data
High quality BPOs that provide IT services are typically lead by business data analytics consultants.
If you want to know if outsourcing is right for your business, consider hiring a consultant from a BPO to complete a short-term analytics project. This accomplishes a couple of things:
You get the data you need to determine if you can save money and make your in-house team more effective by outsourcing
You have the opportunity to work with a senior BPO executive to see if their company would be a good fit for your outsourcing needs
Hiring a BPO for Outsourcing Data Science Analytics
What matters most is the experience of your business data analytics consultant and the quality of the BPO they represent.
Do you have questions? With over 15 years of full-service outsourcing experience and specializing in data science analytics, our founders are happy to answer them.
Murthy and Suresh can show you the benefits of professional data analysis to help grow your business, and they would be happy to brainstorm with you about your current needs and future plans.
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