It is very common for organizations to turn their small data into useful information. The process is very hectic and requires a lot of thought process from the management to utilize their data in a very systematic way. The biggest problem is the process of data collection, analysis, and management of data because there are a lot of pending tasks in an organization that the management should take care of.
Data analysis is a very crucial part of any organization and this is the reason why they maintain proper records to take effective decisions.
In order to understand the effectiveness of data analysis, it is important to know what actually data analysis is. Data analysis, in simple words, is a process of collecting, analyzing, and evaluating data in order to derive meaningful information for the sake of taking effective decisions. This process is the key to get hands to valuable insights that can be used to correct the business’s direction in terms of policy making and marketing.
Types of Data
There are two main types of data that help in data analysis:
- Qualitative Data
- Quantitative Data
It is the raw form of data that can be measured in numerical form or can be assigned a value. This type of data may include height, age, price, length, area, and others.
Qualitative data is the one which deals with the information directly and cannot be measured or assigned a value. The best examples of qualitative data include color, texture, smell, taste, trends, etc.
Methods of Data Collection
There are two major methods of data collection. These are as follows:
- Primary Data – It is the data collected by the researcher or the data analyst themselves for the first time. A data analyst may take help from various sources including questionnaires, personal observation, interviews, and surveys.
- Secondary Data – It is the data that is collected by other researchers or data analysts and the data analyst uses it. Such data can be found in reports, books, news, journals, and magazines, etc.
Outsourcing Data Analysis
At first, it may not seem a good idea to outsource data analysis because it is a crucial task that helps in decision making. The decisions are not necessarily of operational level but strategic as well, which makes it difficult to outsource this function to a team of data analysts. However, it should also be noted that it is a lengthy process that requires a lot of time and expert help to derive the desired knowledge out of a data set.
Today, a lot of businesses including SMEs are utilizing the power of data analysis in their favor and why not, the advantages it has to offer in terms of profitability are surreal. The advantages of data analytical outsourcing encourage organizations to come up with better decisions by using the correct market statistics and valuable strategies.
5 Reasons to Outsource Data Analysis
If you want to gain a competitive advantage in your cut-throat industry, the best thing to do is to outsource data analysis to a professional firm. Some of the best reasons to outsource this function include:
No matter how experienced team you may have, the fact is a professional firm of data analysts have experts of the field who know how to collect and interpret a data set in order to derive the information out of it. This job requires industry knowledge as well as hands-on experience with data analysis techniques to come up with the perfect solution. By outsourcing data analysis, you are giving your company a chance to get help from a dedicated team of data scientists and professionals who are experts of their field.
A professional firm of data scientists has a plethora of data analysis tools that help in analyzing, interpreting, organizing, and visualizing data. If you are wondering any person could use those tools to arrive at a conclusion, you are being naïve. These are not the tools but the professionals using the tools to interpret your data. Think of it as can you create beautiful furniture if you have the required tools? Probably not!
A professional team of data scientists has years of experience in their arsenal and they know how they can derive reliable results. By outsourcing data analysis, you are getting your hands on high-quality services related to your data management, storage, and interpretation. Their quality services can help you take effective business decisions based on the reliability of the results.
No professional firm would harm its integrity by leaking out confidential information related to a certain business. If confidentiality is what’s stopping you from outsourcing your data analysis job to a company, you should completely rely on a firm because they take all the measures to secure your data.
As mentioned earlier, outsourcing companies have professional staff who know how to mine out information from data quickly without wasting a lot of time. They know what to do and how to do in a given period of time. Secondly, most firms are using secondary data for information derivation so that also saves a lot of time.
Hence, data analytical outsourcing is beneficial for your business to gather information, collect database and interpret meaningful information that helps your business in crucial decision making.
ITspresso is a trustworthy name in the world of data analysis. We have a team of highly experienced data scientists who know how to perform a job with complete precision and accuracy. Over the years, we have helped organizations get ahead in their competition by taking bold and calculated decisions. If you want to use data science to work in your favor and take decisions that can take your company to the next level, contact us today. Our team of data scientists will help you gain valuable insights related to your industry and help in the decision-making the process as well.