Data analysts are responsible for organizing, analyzing and interpreting business information and raw data to assist in decision-making activities. These activities include suggestions to reduce business costs, improve on existing inefficiencies and increase revenue streams. They can collate statistical data in a way that non-technical stakeholders can easily understand.
Data analysts are also known as:
- Data scientists
- Business analysts
- Data statisticians
- 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, with a compound annual growth rate (CAGR) of 12.3% from 2019 to 2027¹. This can be attributed to the increase in data volumes and the adoption of “big data” tools to generate revenue growth. The increased complexity and volume of data globally are linked to mobile data traffic, cloud computing, and technology adoption, including artificial intelligence.
To keep up with this anticipated growth, data management companies need to identify ways to hire quality data analysts and keep employment costs low without jeopardizing quality. A solution; outsourcing.
A large number of data analyst tasks can be completed digitally, which makes them well-suited to being performed in an offshore environment. As long as your business is offshore ready, outsourcing data analysts to the Philippines is simple and cost-effective.
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What are the benefits of outsourcing data analyst tasks?
Cost savings:By hiring an offshore data analyst to support your local team with repetitive and time-consuming drafting tasks for a fraction of the price, due to the lower living costs in the Philippines, you can save up to 70% when compared to hiring locally.
Increase in output efficiency and quality levels:Sending routine data analysis tasks to an offshore team in the Philippines means your onshore team will have more time, budget and project scope to take on higher value work. Your business will notice a drastic increase in productivity levels within your construction and engineering services.
Business growth and scaling opportunities:When you send your time-consuming tasks to an offshore data analyst in the Philippines, your local team will have more time to focus on increasing profits and business growth and development opportunities. The additional capacity that your onshore team gets from your offshore team's support means you can grow your business sustainably.
What qualifications, skills and experience make a successful data analyst?
Data analysts require a statistical and mathematically focused mindset and high attention to detail. They need to possess the skills to interpret large data sets and investigate cost reduction strategies for businesses.
Data analysts need to be able to ‘marry’ their data interpretation experience with being able to use financial modeling tools to communicate recommendations for change to key stakeholders effectively.
In terms of qualifications and education, a degree or certificate in mathematics, statistics, computer science or information technology is necessary given the role's analytical and mathematical nature. Depending on the expertise required, previous experience in data analysis roles can help with the effective extraction of key points from data sets.
Data analyst roles can be categorized by years of working experience:
- Entry-level or junior: less than 2 years of data analysis experience, either supervised or unsupervised. Tasks completed could include implementing data collection processes, perform data matching and cleansing activities and occasional data entry functions.
- Intermediate: 2-4 years of data analysis experience. Tasks completed could include recommending ways to improve business processes, presenting to key stakeholders on data findings and managing junior data analysts.
- Senior: 4+ years of experience in data analysis. Tasks completed could include building and maintaining high-functioning data analysis processes, overseeing data analysis teams, and providing leadership to junior team members. Senior data analysts often decide to go into specialisms such as financial, digital marketing, or even insurance.
What tools and systems do data analysts need to be successful in their roles?
Data analysts rely on several systems and platforms to help collate data and analyze efficiently. Examples include:
Tips for employing Filipino data analysts
- Your data analysts must know your business's systems and software to provide the best level of support for your data management services.
- Ensure that you let your talent acquisition team in the Philippines know the size of projects and plans your ideal offshore data analysts will be working on. Employing an offshore team member who has had experience will better understand timelines and expectations.
- You can recruit as many data analysts as required from project to project and can even hire senior data analysts in the Philippines to manage your offshore teams. If/when you grow your offshore team to several staff, having one team lead can ensure streamlined communication and project updates are effectively delivered to your onshore team.
1 Global Big Data Analytics Market Size, Market Share, Application Analysis, Regional Outlook, Growth Trends, Key Players, Competitive Strategies and Forecasts, 2019 To 2027.
Interested in recruiting team(s) in the Philippines?
Since our inception in 2006, MicroSourcing has become one of the biggest providers of offshoring solutions in the Philippines. We can help you build a dedicated team in the Philippines, regardless of the roles and level of specialization you require. MicroSourcing is 100% owned by the Probe Group, one of Australia’s fastest growing offshoring solution and customer engagement firms. So, it’s safe to say we’re experts in outsourcing to the Philippines.
Call +1 888-731-0023 today or send us an email to discuss your company’s offshoring needs.
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