Businesses hold more information about their organization, employees, customers and competitors than ever before. There is an urgent need to improve the quality of the information for a better data analysis and actionable use, and to find new and innovative ways to efficiently collect this data.
We all know that data is worthless without meaning. Most businesses hold a wealth of valuable data, but accessing and using it to its full potential is often a fragmented, frustrating process. It is needed to take complex data sets and turns them into meaningful information with a visual representation.
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What are the benefits of outsourcing data services?
As companies across the fintech, edtech, SaaS, blockchain, and mobile industries have begun to incorporate AI and machine learning into their data collection algorithms, the need for outsourcing services has increased. This includes natural language processing, computer vision, and image annotation, among other services, which train their software at scale and derive more value from virtual assistants, chatbots, facial recognition systems, and other software.
According to Deloitte’s “2020 Global Outsourcing Survey – Outsourcing Trends and Strategies Shaping the Future“, cost reduction is the primary objective when companies choose to use an outside partner. The impact of COVID-19, the report says, has a big impact here. The insecurity of the global economic environment is switching the focus back to the numbers. Flexibility, speed to market, agility, and access to tools and processes were also named key reasons for outsourcing services.
Outsourcing complex tasks with a data analytics company are still seen as an enabler of business transformation. It can help a business to scale up the quality of their data, and also empowers them to derive more meaning from it, turning complex datasets into accessible, usable information.
Using an outside resource help companies to fully utilize their data by organizing, cleaning, and updating datasets, leaving them with information that is free from errors, duplication, and corruption. Also, it is fundamental to power better decision making, ensure compliance, and assure accessibility.