What does it take to extract business insights from data?

What does it take to extract business insights from data?

While outsourcing, one of the biggest concerns for the outsourcing company is the privacy and security of its business data. It could be about customers, it could be about product composition, it could be about business strategy or it could be about anything else.

Rapid advances in digital technology are creating huge storehouses of information and data. Leveraging this data for business benefit and to stay a step ahead of competition is now an important factor for companies to consider while making decisions. It is also creating more need for employees to be reskilled in the use of data.

With deep ties with leading technology providers, oWorkers is at the forefront of technological innovations and in a position to deploy the latest technologies in suitable client projects. With a large number of our global clients being technology companies, including unicorn marketplaces, we don’t have a choice but to be sharp in our technology solutions.

 

The value of data

Data is the lifeline of the modern business where the advances of technology have sought to create information symmetry and level the playing field, leaving data and business information as one of the key competitive handles for businesses.

When a company faces a slowdown in sales, what does it do? Look for data on the trends.

When a company faces increasing rejection rates, what does it do? Look for data.

When a company finds it challenging to hire the right people, what does it do? Look for data.

When a company finds that costs are increasing, what does it do? Look for data.

Data holds insights and answers that often separate a successful business from the unsuccessful. It has the potential to create long-term value for a company. It is the bedrock on which digital transformations are built.

As a new age provider of data-based BPO services, oWorkers has carved out a name for itself in a short period of time. It is, today, counted among the top three providers globally for its chosen set of services and specializations.

 

Who should be responsible?

However, while it may be there, it still needs to be used which is done through a process of extraction, processing and analyzing.

As the importance of data started increasing, many companies set up teams to oversee and manage this data and unlock its potential. This may have even been the beginning of the function known as Data Analytics. People with specialized skills and knowledge were accountable for maintaining this data and coaxing from it the valuable insights that would provide a competitive advantage to the company.

The relevance of data runs through each aspect of modern business. Hence, it needs to be the responsibility of everyone in the company, at least to the extent their job and function use and generate some parts of that data. They need to be a participant in the activity of using data and unlocking its potential.

While the specialized team was adept at working with data and drawing insights from it, including extracting, processing and analyzing information, they were not well placed to understand the business requirements, especially in large organizations. They had to be guided by, or asked by, relevant people on the ground, to do this as and when the need was felt. The modern organization is increasingly distributing the access to data to people who are best placed to coax these insights out. This way, actions can be taken quickly, and directly by the people who need the insights for their own business function. They can even experiment and do trials and errors before hitting the right keys. In the earlier model, they may have to keep going back and forth with another team, and, depending on availability, delaying the process.

oWorkers follows a policy of job rotation and job enrichment for staff members. Employees are supported in taking up higher responsibilities. This is one of the reasons oWorkers has been able to develop a layer of supervisory staff completely based on internal promotions which gives its operations an edge over others. Whether the client’s preference is a specialized team of data analysts, or a distributed, empowered workforce, oWorkers is able to support both types of requirements.

 

Achieving success with data

While the same size may not fit all companies, there are certain core principles that successful companies have found useful in the process of data analysis and modeling and leveraging it for the good of the business.

Allow customers to lead your efforts

While data will yield important insights, the eventual goal of a business is to be relevant for its presented and future customers. That reality never changes. Hence, data analysis efforts need to be guided by the value they can create for clients, either directly or indirectly. Even if a direct outcome is not evident, the intended outcomes should be driven by the potential of their value for customers.

The customer is at the center of everything that oWorkers does. Many of our clients, especially the ones in the US and Western Europe, claim savings reaching almost 80% when compared with their pre-outsourcing costs. When coupled with our offer of a choice between input and output-based pricing, it becomes a winning combination.

Empower teams and people

With the present philosophy favoring the arming of a wide cross-section of employees to work with data for releasing insights, it makes sense to empower people across the organization to make use of data for their work. Since they are closest to the work processes, they are best placed to understand how insights gleaned from the extraction and processing of data can be leveraged to deliver business benefits. Show them the power that data possesses. Tell them that you trust them to use data judiciously for the benefit of the business. Promote a culture that is driven by data.

It becomes easy when you work with employed staff, as opposed to the strategy adopted by some of our competitors, of employing contractors and freelancers. It might give them a cost advantage, but when it comes to empowering teams and watching them step-up for the company, they cannot compete with oWorkers. Our loyal, competent staff is one of our core strengths. We regularly get satisfaction scores in excess of 4.6, on a scale of 5, from staff, both present and past, on external platforms like Glassdoor.

Training is important

Good intentions are a great place to start, particularly in data analysis, but knowing how to do it is also an important aspect. In any competitive human area, many organizations and people compete with you and try to do it better. All efforts result in experiences that become the baseline for future generations, rather than learning by making the same mistakes all over again. Investing in training of resources who will be using data and trying to derive insights from it, can increase the value of the effort manifold. It can speed up the processes, as well as open up new avenues of thought for exploration through data. Using data should be a purposeful activity, not one driven by notions of randomly occurring bursts of creative thought.

Our centers are equipped to operate on a 24×7 schedule for client requirements. Each center has a dedicated training team that equips the staff to prepare for client projects, including the ones that require data extraction and analysis.

Keep pace with changes

Businesses and companies will keep changing and evolving with the passage of time. The processing of data will also need to keep changing with the times. If a certain form of data extraction and analysis has yielded results earlier, it does not mean that it will continue to do so forever. Newer ways of looking at data will need to be found. It is also natural that as the proficiency of the people increases, it will also lead to the exploration of newer angles and fresher perspectives, even from old data, to create new outcomes. Of course, as the formats of data and the methods of storing them change, so will the exercise of data driven insights. A team that has the capacity to renew itself and continue to expand its capability is the dream for any organization.

oWorkers operates out of super secure facilities and protocols for the security of client data. Our ISO certifications (27001:2013 & 9001:2015) form the backbone of our technology processes and make it possible for us to keep pace with the rapid changes taking place in technology. We are also GDPR compliant

 

People and data, what is more important

This question is sometimes asked, surprisingly.

So far there is no threat to the place of human beings at the top of the food chain. Many technologies of the last few decades, such as Artificial Intelligence (AI) and Robotic Process Automation (RPA) have tried to create an aura around themselves of being able to replace humans. They have fallen woefully short. The human ability to digest and process unstructured information remains unsurpassed. Of course, the application of tools and technologies in certain areas of work will continue to create value and may even gather pace, they will also do some types of work faster and better than humans, but they will still be subservient to their human masters.

Data processing is no different. Extraction, processing and analysis of data also creates greater value when its users gain skills and proficiency. By itself, data has no meaning. Organizational effort has to be to create knowledgeable and empowered employees in order that they can continue to create value for the business, whether it is through superior AI models being implemented, or finding creative ways to glean information and insights from data. They will continue to be the driving force behind organizations.

We can support clients in 22 languages. Our leadership team has several decades of work experience between them. We are a well capitalized and profitable company that does not have a need to cut corners. We are oWorkers. We are a leading BPO player in data based BPO services.

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