Can I outsource big data to vendors? Before going to the answer of this question let us look at the different terms used in this question i.e. ‘Outsource’, ‘Big Data’ and ‘Vendors’.
What is outsourcing? Outsourcing refers to the contracting with another company for business purpose. It can be international and domestic contracts. Sometimes outsourcing also refers to exchange or transfer of employee and assets between different firms. It helps the firms in reduction of cost and improvement in quality.
What is Big data? Big data is the hottest buzzword in today’s market. Every industry wants to adopt it. Big data is nothing but huge volume of unstructured data with different varieties & velocity. But this data contains a lots of valuable inside it. After processing & analysing it helps companies to take better & accurate decisions.
Who are Vendors? A vendor is an enterprise that provides goods or services to a company or individuals. Terms refers to a supplier of any good or service.
Now come to the main question and the answer is “Yes”. Yes, we can outsource big data to vendors.
According to an information of “Pharmaceutical Big Data Insights: Harnessing Real-Time Data to Drive Making & Innovation” about Pharma companies, 69 percent of Pharma companies are outsourcing their Big Data collection to third party vendors and 51 percent are outsourcing their data analysis.
Why and How?
It is always good to focus on your core competency and outsource the rest to a reliable partner. When you are going to launch a product then you should mainly concentrate to do what you are good at. If you are great in creating products then focus on it and leave the other field for their respective field experts to execute.
According to a recent survey by database vendor RainStor, 75% of respondents said that managing big data was important to improve business value. But it is important to realize that you can’t built everything in your house. As mentioned earlier that we should concentrate on only those part at which we are expert and keep focus there.
Some key points to remember while outsourcing Big Data:
Cost saving– To collect, store and analyse big data needs a setup, Data analyst, and tools which needs a huge amount. So, Outsourcing of big data will help you as massive saving.
Saving of time– For collecting and analysing of data needs setup and skilled analysts. In all these things you need to spend a huge time. But outsourcing will save these time.
Improvement in business– If you save your time by outsourcing the data then you can pay attention on your main area of your business.
Innovation– Technologies are becoming advance day by day. So, Vendors are under pressure to innovate and up to date with new technologies.
Companies often outsource their big data activities in three stages:
Data Collection– As we know big data is huge amount of data comes from different sources. So, it’s a challenge to collect those data for the business use. So we can outsource to vendors for data collection.
Data Storage– After the collection of data the next stage is storing them. Data should be stored in a well mannered way so an analyst can analyse those data. We can outsource this stage to vendors.
Data Analysis– The main aim to work on big data is analysing them to get useful information for business improvement. This stage needs analyst who can work on the data to analyse it. Companies can outsource the data for analysing.
Big data support or outsourcing becoming big business. Big Data & analytics revenues will grow from nearly $122B in 2015 to more than $187B in 2019.
There are many companies and consultants who will help you in big data outsourcing. The challenges in big data are collecting, storing, searching, sharing, transfer, privacy. These challenges are so heavy that a specialist vendor can handle these challenges in better way with up to date technologies and analysts.