Analytics outsourcing has come a long way since it took its first step about 15 years ago. It has now become a key component of the outsourcing sector. As more and more companies are jumping into the fray, this sector has become a hotbed of opportunities for the BPO community. The scenario thrown open in analytics outsourcing trends, 2013 has led to optimistic prospects being raised for this business area.
Since its inception, only a handful of specialized functions have been proposed for analytics outsourcing. On the other hand, a majority of business operations are keen on using this to their advantage.
The analytics outsourcing setting is undergoing a rapid development in all scenes of business activity. The amount of data captured has multiplied by the thousands and companies are finding it extremely difficult to manage these operations in an economical manner.
Analytics outsourcing steps into this uncertain picture to set things right and enable the smooth functioning of organizations.
In the background of such requirements, analytics outsourcing trends, 2013 have emerged, which are anticipated to fill out the blanks and lend a helping hand to businesses in need of this service.
However, outsourcing companies need to adopt and adapt strategies to match the changing environment. This requires BPO companies to move away from well tested and tried-out methods into new domains of research and development. They have to equip themselves with the art of creating or providing new services other than what they are commissioned to operate.
Progress forecast to reach new heights by 2016
The analytics outsourcing trends, 2013, predict growth to reach a new high in 2016. In a recently published report by the International Data Corporation (IDC), improved growth is predicted in this sector up to 2016. In this overview of the global analytics outsourcing trends, 2013, a 14.3% compound annual growth rate (CAGR) is predicted for a period of five years. The estimated spending worldwide in analytics outsourcing is forecast to reach $70.8 billion by the year 2016.
Several factors are anticipated to fuel the growth of this outsourcing industry. Going by the analytics outsourcing trends, 2013, a deficiency in in-house analytics resources such as statisticians, mathematicians, data modelers and scientists as well as business analysts will drive the path of organizations towards this inevitable destination.
In addition, companies are increasingly witnessing a scenario of fast-paced technologies that link to the social networking and mobile world. Investments on building infrastructure to this end, will prove to be a huge drain on the financial reserves of companies. Outsourcing business analytics thus offers an easy way out of the situation.
Business analytics is all set to make new waves in the outsourcing industry. The ripples generated by these new trends are anticipated to resonate in the corridors of the BPO sector, in the years to come.