Outsourcing Data Analytics
Author: Max InfoThe business data and the analysis of the business data are quite important for any Company. The company has to collect business data and analyze it in order to get benefit from the business. With the development of internet there is a rise in the data collection of the companies as companies started to offer their business online.
Various companies collect different data according to their type. For example, Banking companies and banks collect the personal information of clients and employees, transaction data, etc. The analysis of the business data has a great value for any company. The data analysis is important to understand the behavior of the customers. The patterns found in the customer behavior can be used for planning. Big companies will have a large amount of data and the analysis of this much data takes a lot of time. Although it is not suitable for the companies to outsource the analysis of their personnel data, there are many companies which have started outsourcing data analytics. Many of these companies are from western side. They have started to outsource the data analytics to India, Philippians, China, etc.
The importance of data analytics outsourcing for the outsourcing companies has been increased due to the rise in Knowledge Process Outsourcing. Following are some of the vertical businesses where data analytics outsourcing have been extensively used.
Credit risk analysis
The Credit Risk Analysis is outsourced by Banks and other financial institutions on their customer data. Based on their client requirements, financial and statistical professional creates mathematical models to identify potential risk factors in sanctioning loans or credit cards to customers. Using the mathematical models, equations can be formulated to identify high risk and low risk customers in risk analysis.
Supply chain analysis
Logistics and manufacturing companies use supply chain analysis in optimizing Supply Chain Management (SCM). In SCM, various processes of moving goods starting from customer order through the raw materials stage, supply, production, and finally distribution the products to the customer. With the advance of global sourcing companies started extending the supply chain to include global suppliers, partners and other interested parties around the world.
Pharmaceutical analysis
Data analytics outsourcing in Parma industry has been growing for several years. Companies like Icon clinical research, Quintiles Transnational, Acunova, etc, have created clinical data management infrastructure in India to provide various data analytics solutions to drug companies in US to reduce drug discovery and approval time. There are also niche players started emerging in pharmacy data analytics market, Marketrx(acquired by cognizant) specializes in marketing and sales analysis in pharmaceutical industry, their custom build data analysis solutions helps drug companies in enhancing sales and marketing processes.
Data analysis outsourcing Trends
Sensing the KPO trends and to leverage the availability of skilled workforce in India, companies like Citibank, American Express, Prudential Insurance are outsourcing several parts of their data analysis work to their captive centers in India. Genpact (formerly known as GECIS) started by GE Capital has been doing data analysis work since 1997. Genpact started working with simple business processes like customer demographic changes in the beginning, due to the cost saving and quality of work Genpact started getting more complex analytics work like credit risk analysis, business opportunity assessment, etc.
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