Day: May 20, 2016

Continued Growth in Data Analytics Outsourcing Market

http://www.datasciencecentral.com/profiles/blogs/analysts-forecast-continued-growth-in-data-analytics-outsourcing

Came across this interesting article and thought I’d share it…

The Trend of Outsourcing Data Analytics Activities

Over the past few years, businesses from all realms have come to accept the benefits of effective data analytics in understanding consumer choices properly and maximizing revenue potential. This has significantly boosted the demand for effective data analytics services in the global market.

However, not all organizations have the in-house knowledge, resources, and experience that it takes to analyze data effectively. What’s more, the resource pool of data analytics professionals has grown tight in the recent years, leading to a dearth of analysts who can develop competitively advantageous data insights. This has significantly boosted the global demand for effective data analytics services in the past few years.

The report on data analytics outsourcing market presents detailed insights about the major elements of the market and gives an overview of some of the factors that are impacting the market’s developmental prospects.

The data included in the report comes from a number of sources, including face-to-face and telephonic interviews, industry databases, and field observation data. Data pertaining to factors such as the primary concerns faced by the global data analytics market in the present scenario, the major growth drivers that are leveraging the market’s growth prospects, and the major trends that are defining consumer priorities in the market has been collected. The validity of the findings has been confirmed by cross-checking with multiple sources of information. The entire process of the research and development of the report also draws on the prior experience of researchers and inputs from industry experts.

I’ve sent up a couple of analytics team in the Philippines for clients in the U.S. and India. If you find yourself short on talent, resources and/or funding, I can help you get a team up in running in no time.

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Why Analytics Projects Fail: #3 – Lack of Management Support

Nothing sucks more for an analyst than taking on an analytics project without support from above. Great analysts are generally only great if they have bosses who advocate for more analytics.

If no one at the top really understands the benefits of implementing your project, if the leadership will continue to use their gut in decision-making regardless of what your project achieves, then start updating your resume. This outcome happens often when the company does not have a business culture supportive of data-driven decision-making.

In this day and age, good analysts are hard to come by…. You can make more money and be happier somewhere else. Trust me. The chances of you being able to turn analytics naysayers into big data believers is highly unlikely.

That said, if you chose to give it a try… here are a few thoughts on how to get management to become more supportive of your analytics project.

Watch the Brad Pitt movie Moneyball. It will inspire you. Read the book Enchantment by Guy Kawaskai. It will empower you. Im not joking. You cant do this on your own.

After that, then you need to do a few things.

First find the person in upper management most likely to get on board. Ask them to help you. Show them data that will outline the better new world after your project is complete. Tell them about analytics success stories (like Moneyball). Let them see your passion for data-driven decision-making. You need  Brad Pitt.

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Next, using the concept of Enchantment, determine what is it about you and your project that will build trust. Will it create more transparency? Will it mitigate risk? Something that demonstrates how this project will increase the level of trust between everyone.

You also need to be likeable. Your project needs to be likeable too. What is it about the project that will make people happy? Who gets a better report, faster and with more useful data? Who gets to start using a business dashboard to make quicker and better decisions? What will each of the stakeholders like about this project.

And then you roll out the great cause. The monetary value generated from implantation. The level of risk mitigated. The better intelligence on competitors or about your market. What will be that great cause?

So now you are in a better position to be Jonah Hiil and go start changing minds and swinging opinions about your analytics project.

Analytics Culture – The key to using analytics in a business is like a secret sauce. It is a unique combination of analytics talent, technology and technique that are brought together to enrich and empower an organization. A successful analytics culture is not easy to create, but DMAIPH can show you how. Contact DMAIPH now at analytics@dmaiph.com or connect with me directly so we can build a strategic plan to turn your company into analytics driven success story.