August 28, 2011: The challenges faced by many global companies in the IT and BPO sector are low brand loyalty and rapidly growing competition. Success of a company depends upon the proper utilization of data and information to leverage the strategic decision making of firms. Today the world is much matured and demands quality data and information for analytical decisions.
Here comes the role of business analytics.
In the percent scenario many companies are focusing on outsourcing business analytics to high profiled business analytics service providers. Recently held NASSCOM BPO strategy Summit 2011 discussed much on the analytical outsourcing. Roopa Kudva, MD and CEO, CRISIL spoke about some of the essential point to be noted in analytics outsourcing. She gave the opinion that analytics outsourcing segment requires professional and talented people. She added the requirement of talented human resource with skills in statistical techniques and programming skills. Moreover they should also be skilled enough to understand and deliver high end business solutions.
Many big players are finding it difficult to understand the high end complexity in data management. Issues such as quality and accuracy of the data, data security are the major problems faced by companies which have also ended up in the out performance. Data security is something which should be given much more priority, which many players are finding difficult to handle. Implementing data management system might not fulfill the requirement of handling data. Thus outsourcing to business analytics and knowledge processing units (KPOs) pop up as the most accepted option.
Understanding the importance of data management and its importance in strategic decisions; reveals the necessity of more knowledge processing units (KPOs). Cost effective knowledge processing units and business analytics firms which can provide right work done at right time with right professionals is something which the companies are looking forward to. It could also help them to fewer the dependencies on the internal sources, leverage rapid transactions with lower cost and increased flexibility which will ultimately reduce the over all data and information management burden.
Research analyst or business analyst can deliver better strategic solutions for decision making, analytical solutions in multiple verticals, and etc. The trend states that it is an evolution from Business Process Outsourcing (BPO) to Knowledge Process Outsourcing (KPOs) units. Business and research analytics is evolving as a basic necessity for many global players. In the current world, where competition is high and companies find it difficult to grow, the role of business analytic and research analytic is very crucial, who deliver high end business solutions.
Thus companies may find it more comfortable to outsource business analytics to some vendors who can deliver high end professional business solutions and researches. There is huge potential, untapped in the analytical outsourcing segment. The scenario is gradually changing and companies are becoming more conscious in unleashing the benefits provided by offshore and onshore research analytics.