Data analysts play a crucial role in businesses by organizing and interpreting raw data to facilitate decision-making activities. They offer insights into cost reduction strategies, process improvements, and revenue streams. Moreover, data analysts can present complex statistical information in a way that is easily comprehensible to non-technical stakeholders. Data analysts are known by various names such as data scientists, business analysts, data statisticians, and data specialists.
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Data analysts play a crucial role in businesses by organizing and interpreting raw data to facilitate decision-making activities. They offer insights into cost reduction strategies, process improvements, and revenue streams. Moreover, data analysts can present complex statistical information in a way that is easily comprehensible to non-technical stakeholders. Data analysts are known by various names such as data scientists, business analysts, data statisticians, and data specialists.
The global data analytics market is expected to grow from US 37.34 billion in 2018 to US 105.08 billion by 2027, indicating a compound annual growth rate (CAGR) of 12.3% from 2019 to 2027¹. This growth can be attributed to the increase in data volumes and the adoption of "big data" tools for revenue growth. Factors such as mobile data traffic, cloud computing, and technology adoption, including artificial intelligence, contribute to the increased complexity and volume of data worldwide.
Outsourcing data analysts to offshore locations can be a cost-effective solution for businesses to keep up with the anticipated growth in data analytics. Offshore teams can perform routine data analysis tasks at a fraction of the cost compared to hiring locally, leading to significant cost savings of up to 70%. Moreover, outsourcing these tasks can increase output efficiency and quality levels, allowing onshore teams to focus on higher-value work. Outsourcing can also create opportunities for business growth and development by providing additional capacity to onshore teams.
A successful data analyst requires a statistical and mathematically focused mindset, a high level of attention to detail, and the ability to interpret large data sets. They also need to possess financial modeling skills to communicate recommendations effectively to key stakeholders. A degree or certificate in mathematics, statistics, computer science, or information technology is necessary, and previous experience in data analysis roles can be advantageous.
Data analyst roles can be categorized into entry-level, intermediate, and senior roles, depending on the years of experience in data analysis.
Data analysts rely on various systems and platforms to efficiently collate and analyze data, including financial modeling tools.
Employers should ensure that their offshore data analysts are familiar with their business's systems and software to provide the best level of support. They should also communicate the size of projects and plans to offshore teams to better understand timelines and expectations. Companies can recruit as many data analysts as required, and even hire senior data analysts in offshore locations to manage their teams. Having one team lead can ensure streamlined communication and project updates are effectively delivered to onshore teams.