Statistical and predictive data analysis is a powerful tool business can utilize to create more innovative methods and transform business processes. While collecting and analyzing data can be a done in-house, ensuring that the data entry is accurate, clean, and normalized makes this a much larger task.
Bill Su of the Medium explains that there are 5 key factors why small businesses have a difficult time utilizing data. The overall consensus is that businesses lack the resources to effectively collect, clean up, and utilize data for the best return on investment.
Outsourcing efficiently overcomes the many roadblocks to administer, collect, and process data in order to make sense of large data sets to promote business growth.
Outsourcing Data Analysis Overcomes Challenges
Understanding data trends allows for more insight-based decision-making to bring a competitive edge since market trends can change quickly.
Quality vs. quantity is not an issue – Outsourcing offers both as a standard so that you get the most with your data.
The challenge many businesses come across is the lack of resources and skill sets required for efficient data analysis. According to a Hugo Moreno of Forbes, a recent study showed that 55% of organizations reported working with third-party partners based on the lack of specific skill sets and resources.
Outsourcing data analytics is more than just cutting costs; it enables businesses to utilize statistical data to see the different factors that contributed to past trends for use in predictive modeling. From this data, different statistical simulations are made to find the most efficient and optimal investments.
ARDEM Adds Value to Your Data
Data comes in all different shapes and forms, which means being able to interpret and normalize data is crucial for analysis. ARDEM offers high quality and accurate data analysis services with a quick turnaround to add value to your strategic goals.
In a previous blog post we address how outsourcing can streamline the method of measurement for utility bills allowing quick and easy insight for energy management. Each provider measures utilities in different measurements, making it difficult to properly visualize data without having this data cleaned up.
Outsourcing becomes a great all-in-one solution because it offers quality, accuracy, and quick turnarounds to ensure that you utilize data while it is relevant!
Contact ARDEM today to find out more!