Data Science Outsourcing Growth Trend: What Are the Top 5 Industries That Use Data Science Services the Most?
In today’s fast-paced, constantly evolving global marketplace, data-driven businesses have a leg up on the competition. Companies that collect, analyze, and process data effectively can predict customer behavior patterns, identify emerging trends, and make better business decisions.
Data science outsourcing has become an essential service for enterprises hoping to improve their business performance. In 2021, the global data science platform market was rated at $95.3 billion. But the growth doesn’t just stop there. Many businesses realize the advantages they can extract from employing data science. So, the industry will still develop in the next four years, reaching a staggering value of $322.9 billion.
Those figures show how in-demand data science services are in the modern business world.
This article will discuss how data science helps companies gain a competitive advantage and which particular industries benefit most from this service. Then, we’ll cover how you can find your ideal data science outsourcing provider among the many call centers in the Philippines.
Top 5 Industries That Benefit Most From Data Science Outsourcing
Due to ongoing technological advancements, several firms must use intelligent machines and software to navigate complex business operations. This leads to the booming demand for experienced data scientists.
Here are more studies supporting the upsurge in the global data science market:
- It is estimated to reach $115 billion in 2023 with a compound annual growth rate (CAGR) of approximately 29%.
- 76% of companies want to increase their spending on data science projects over the next two years—as surveyed by Deloitte Access Economics.
Data science is helpful for all organizations, but some industries may benefit from it more than others. Let’s discuss which industries gain the most value from this service.
The healthcare industry was once notorious for being reluctant to adopt new technologies, with many clinical facilities still relying on systems built decades ago. However, the widespread adoption of data science across different industries nudged the healthcare sector to join the digital revolution.
For instance, people can use mobile apps or wearable devices to monitor their food intake and physical activity at home. With smartphones and smartwatches, people can keep track of their family medical records.
Those apps and devices collect data, allowing healthcare providers to gain access to more detailed and in-depth patient records. Physicians with a 360-degree view of their patient’s records from any accessible system can generate more accurate diagnoses and offer personalized treatment plans.
In a field where a single mistake could mean the difference between life and death, data science has become critical for helping reduce human error during treatments, medical procedures, and surgeries. With the help of an experienced data scientist, hospitals can boost productivity in diagnosis and streamline workflows to reduce waiting time for patients and help them receive proper treatment on time.
Read More: 5 Biggest Challenges in Improving Patient Experience in 2022 That Healthcare Outsourcing Can Address
2. Banking, Insurance, and Finance
With the continual shift toward digital solutions, more and more people prefer the convenience of digital banking over traditional methods. Instead of visiting their local bank in person, customers can now use an app to pay their bills, set up new accounts, deposit checks, or send necessary paperwork.
The growth of online banking is also valuable for financial institutions because it is significantly more accessible and convenient. It reduces time spent on banking transactions and minimizes operational costs.
By outsourcing data science services, banks can access customer data and extract meaningful insights, allowing them to expand and customize their offered financial assistance.
For insurance companies, data science outsourcing can be exceptionally valuable because it allows them greater insight into how consumers move throughout a community. Consumer analytics can calculate insurance risk accurately and determine whether an individual or organization can be considered a liability.
3. Professional Services
Professional services are occupations that require specialized skills and training. Some examples include architects, engineers, accountants, and lawyers.
The professional services industry benefits significantly from data science outsourcing because it allows workers to meet the demands of a digital business landscape.
Unlike other sectors, the professional services industry may be more challenging to automate because it requires workers to have specialized skills and expertise. However, data science solutions can still allow these professionals to improve their analytical side and develop competencies that result in better outcomes for their respective tasks and duties.
For instance, in the legal industry, data science outsourcing tools such as artificial intelligence (AI) and machine learning can make risk assessments of contracts, summarizations of case law, or even legal judgment predictions. Evidence-based design is also needed to build energy-efficient and structurally sound buildings that meet the client’s needs and requirements.
If your company provides financial services, your outsourced data scientists can help you capitalize on advanced data analytics to identify the revisions or amendments made to tax legislation in your region. Then, they would utilize specific tools and software to learn which of your clients would be highly affected by the tax changes.
Read More: The Future of Law: Hybrid Jury Trials and Virtual Paralegal Services
4. Customer Service
From AI chatbots to cashier-less online stores, digital solutions are now at the forefront of every customer interaction. Every aspect of the customer journey can directly be measured and analyzed. Businesses can streamline processes and provide personalized services and recommendations with these data measurements and analyses.
The height of COVID-19 placed the spotlight on how crucial data science is for the customer service sector. The pandemic sparked a wave of investment in the increased digitization of customer service. Forbes predicts that finding new methods and strategies for translating consumer data into better customer experiences will be the focus of the data science outsourcing field.
At the same time, predictive analytics is transforming the customer service industry. Good customer service is no longer about waiting for a customer to directly reach out to you and provide feedback. Today, excellent customer service is about how companies can anticipate customer needs by utilizing data collected from digital interactions, social media activity, and purchase behaviors and preferences.
5. Supply Chain Management
The last two years have brought unexpected events, from the coronavirus pandemic to the Ukraine-Russia war, that disrupted the global supply chain. Various industries, including important sectors like food, retail, and healthcare, experienced significant logistic problems and delivery delays.
The good news is that many established and emerging logistic firms are investing in data science solutions that may help minimize future disruptions. Logistics companies can easily monitor raw material availability and swiftly react to supply troubles and challenges using artificial intelligence and other technologies.
During the pandemic, 70% of supply chain management companies said they accelerated their digital road maps. Meanwhile, a more recent survey found that 43% plan to digitize their systems further and incorporate innovative technologies into their operations.
How Data Science Services Help Companies Build Their Competitive Advantage
The data analytics industry witnessed rapid growth during the COVID-19 crisis. When businesses transitioned to remote work during the pandemic, workers increased their online activities, which created additional raw data for enterprises to work with. So, more companies realized the advantages of data science services.
Seeing how fierce the business ecosystem is, entrepreneurs should effectively strategize ways to be on top of their game. And one solution for this is by outsourcing data science tasks.
So, here are the benefits businesses reap when they opt for data science outsourcing:
You may wonder, “What do data scientists do?” The more data you gather and analyze, the better you understand what your customers want and expect from your business. Thus, you can make decisions aligned with your target market’s needs and wants through data science tasks, creating better business outcomes.
Collecting customer feedback and using it to improve your products and services is an age-old tactic, but the process was slow and inefficient. With the technologies available today and data scientists’ expertise, data analysis has become quicker and more accessible, allowing businesses to keep up with shifting market conditions and trends.
Optimizes and Refines Operations
In addition to helping companies understand what their customers want, data science outsourcing can also allow them to revamp and improve their operations. All business processes generate data, whether through the number of sales made through customer ordering systems or employee productivity software, that tracks the hours workers spend on specific tasks.
Businesses can identify and analyze operational inefficiencies through data science services, create improvement plans, and refine their processes as time changes. Leveraging data to optimize operations can help companies improve productivity, streamline processes, and create a better customer and employee experience.
Read More: A Complete Guide to Data Science Outsourcing and Why Your Business Needs It
Facilitates Recruitment Efforts
As an employer, you want to choose the right candidate for your company. Furthermore, it’s always time-consuming to shortlist and pick professionals who match the skill sets and expertise you’re looking for. By outsourcing data science specialists, you can get access to top talents for your firm in no time.
First, data scientists can help evaluate job seekers’ information and pick the ideal candidate. Also, when you outsource data science services, the specialists can create comprehensive profiles for you to analyze the talent pool. With that, business owners won’t exhaust as much time and funds in hiring an employee, making the recruitment process more efficient.
Increases Cost Effectiveness
When comparing in-house and outsourced data science, the latter is often more cost-effective. Also, reducing the budget in certain areas of your company is beneficial regardless of size. And with the help of data science experts, you can streamline your expenditures and avoid unnecessary spending.
For instance, outsourcing data analytics can help you establish accurate, repeatable, and credible metrics to examine your energy consumption—whether in your office, marketing strategies, advertising accounts, or even staffing. From the data collection and analysis, you can determine the areas that could be financially cut down without straining the overall business processes.
Improves Customer Engagement
To be on top of your game, you must study your customers and their needs. And without reliable and precise data science, it’d be challenging to beat your competition.
One of the benefits of outsourcing data science experts is that they can come up with market trends by tracking particular behaviors, tendencies, and consumer norms. For instance, you’ll be able to determine the frequency of your customers visiting online sites and physical stores if you observe higher traction on your online platforms, which will enhance your web page presentation. Or even better, your company may offer a free shipping deal to them.
Especially for marketing transactions, understanding your consumers’ wants and needs based on your data allows you to sell products or services that they’re more inclined to buy. On top of that, data scientists can leverage predictive analytics to foresee and anticipate what your consumers might need in the future.
Data Analytics: The Forefront for Business Resolutions
In 2001, the term “Data Science” was introduced and then popularized in the subsequent years. However, it only took less than two decades to become a global phenomenon. The financial sector pioneered using data science and then leveraged the benefits of data analytics when no one could. It helped the department screen and evaluate massive volumes of data and offer opportunities for savings.
Currently, the data science industry is booming—and many firms plan to outsource data science services to maximize their business potential. And the truth is this number will only rise as data science models and equipment become more dependable and affordable.
But, as an entrepreneur, you still need to understand industry-specific situations better, learn the analytical features of each field, and then complement the market demands with their respective solutions. This allows you to make the most out of the services provided by your outsourced data science specialists.
Partner With a Reliable Data Science Outsourcing Provider
Data is a powerful tool that businesses of all sizes and industries can utilize to their advantage. When you’re having trouble transforming the raw facts and figures you’ve collected into actionable insights, data science outsourcing can be of service.
If advanced analytics and scientific data are not within your team’s field of expertise, reach out to trusted data science outsourcing providers. They can offer knowledge process outsourcing services and work on your data science projects.
By outsourcing data scientists from the right service provider, you can enjoy the privilege of utilizing top-of-the-line technology and tools and allowing them to perform complex and advanced data analytics with precision.