Like “the cloud,” “big data” is one of those concepts that seems a lot more complicated than it is. These days, almost all businesses are gathering data on their consumers and clients.
Yes, businesses have been doing that for a long time, but things have changed somewhat recently. In addition, to call histories, a telecom operator might also be gathering geodata, cell browsing data, a profile of the products you like, and websites you frequently visit.
But what do they do with all of that information? What big data is doing for consulting is the most crucial question.
We’ll deconstruct “big data” into some clearer, more basic notions in this article. Then, we’ll look at how these ideas are affecting the consulting sector.
Table of contents
What is Big Data?
Let’s start by examining some of the most widely used big data definitions:
According to SAS, a significant database and information management company, “Big data is a term that describes the large volume of data – both structured and unstructured – that inundates a business on a day-to-day basis.”
According to Wikipedia, ”big data” focuses on methods for analyzing data sets that are too massive or complicated to be handled by conventional data-processing application software, as well as strategies to extract information from them systematically.
Either of these serves as an effective definition of large data.
Microsoft Excel existed when our professional careers began. Therefore, we can only think of when Excel could handle data analysis.
Let’s start by stating that phase 0 of “big data” was the introduction of Excel into contemporary commercial life. It opened the door for common businesspeople to interact with and process massive amounts of data. It was much more than they could physically process on their heads or on paper.
Today, businesses frequently discover that they have more fascinating data to be examined than can be handled by Microsoft Excel, which is a straightforward but largely accurate approach to big data.
The data structure is simple; rather, there are more rows and columns of data than Excel can accommodate.
Read this: Media Consulting Review 2023: Why You Should Invest in a Media Consultant.
What Is Big Data Consulting Known For?
SAS correctly states that “the volume of data isn’t what matters. What businesses do with the data is what counts. Big data analysis can produce insights that help with strategic business decisions and better decisions overall.
The fields of management consulting and information technology consulting have historically been divided. After conducting extensive research and analysis, a management consultant could suggest a new business model, pricing strategy, or marketing mix.
The project would conclude after they delivered the suggestion and action plan. On the other hand, a new Enterprise Resource Planning (ERP) system might be put into place by an IT consulting firm.
The advantages and disadvantages of such a system are obvious. Just some system training is required for the business users.
However, neither paradigm really fits big data analytics. Using new tools and approaches is a continual process for effective big data analytics. As a result, the customer could require continuous assistance or instruction on how to make the most of the analytics.
Clients may eventually need to investigate big data innovation with a consulting partner because it is continuous. Big data is a fantastic ally for consultants in this area.
Why Do Businesses Apply for Big Data Consulting Services?
Businesses of all sizes are currently implementing big data analytics. The top three industries in the big data analytics market are automotive, telecom/media, and banking & finance.
Big data entails gathering a lot of information from various platforms and sources. The systematization, processing, storing, and updating information sometimes requires in-depth knowledge and substantial intellectual and material resources and might be dispersed and of low quality.
Despite all of this, businesses still desire the advantages of accurate data-driven decision-making, improved consumer insights, real-time anomaly detection, and other big data benefits.
Consider the following potential difficulties if you choose to implement big data using only internal resources:
Lack of knowledge
You will need a group of qualified data scientists, engineers, and analysts. You should devote more funds to ensure your internal staff has up-to-date skills in developing and maintaining vast data tools because the big data product market is continually expanding.
Also, you can read this: 15 Best Financial Consulting Services in 2023
Lack of coordination
Big data solutions should assist you in achieving specific business objectives, just like any other IT innovation in your company’s system.
Knowing the fundamental goal and the expected outcome is necessary to make the right instrument selections and construct a reliable data analytics system.
When an organization doesn’t have its own data scientists, it frequently turns to big data consulting services to get that strategic perspective and establish the project’s parameters.
Lack of visibility of data assets
Because of the ad hoc nature of data management, it is challenging to comprehend what data is available at the organizational level.
As a result, even after employing highly effective big data analytics technologies, the business risks giving the system false information, which could lead to incorrect findings.
Data integrity and security
Big data poses some security difficulties, including granular access control, data mining, and analytics that protect user privacy, safe data storage, real-time security monitoring, etc.
Costs associated with managing big data
To manage big data internally, businesses must invest in new gear and software and hire many auxiliary personnel. The creation and upkeep of the recently developed analytics systems also point to significant expenditure.
By collaborating with a big data consulting firm, you can take on such difficulties by utilizing the vendor’s technological know-how and capacity to connect new tech stack with legacy data processing systems.
For such projects, you will also have access to various resource pools, sparing firms the trouble of recruiting and employing new employees.
According to Research and Markets, the market for outsourcing data analytics would increase at a CAGR of 11.24% from $3.49 billion in 2021 to $6.61 billion in 2027.
Read also: 15 Best Deloitte Consulting Jobs: Consulting Careers & Job Opportunities.
What are the Benefits Of Collaborating with a Big Data Consulting Company?
When a business decides to incorporate big data capabilities to enhance its data analytics workflow, it makes sense to consider several implementation options.
There are many benefits to outsourcing analytics and requesting big data consulting services from a reputable service provider instead of handling the same task scope internally. The main advantages of working with big data consulting firms are outlined below.
Faster Turnaround Time
These businesses have subject matter experts and hands-on experience using big data and analytics in various industries, making it easier to build and deliver specific solutions faster than if they did everything internally.
Time is greatly saved when using ready-made solutions and established procedures for their implementation and staff onboarding.
Reduced Costs
You will require a team of big data scientists, engineers, analysts, and software developers for internal implementation.
Also, you will need to buy the necessary tools and equipment. Internally managing such a project could result in success or become a nightmare if something goes wrong.
The price of using a vendor’s service or hiring a group of developers from an offshore or nearshore location may be considerably lower.
Given that a specialized provider would complete the job more quickly, you can significantly lower the project costs.
You can check this: 10 Best Small Business Consulting Services in 2023
Focusing on Core Business Processes
Data analytics calls for a substantial investment of time and resources as it is a crucial component of the workflow of many firms.
Your internal team can concentrate on key procedures and business management if you outsource your big data analytics requirements to a specialized vendor.
Improved Flexibility
When you outsource your big data initiatives, you can scale the project up or down in response to shifting business requirements. Internal specialists do not need to be hired or fired to maintain the shifting scale.
The big data consulting firm that was hired also aids in implementing solutions designed to handle the expanding data volume or the requirement to duplicate the same analytics workflow in new business units.
Access to Domain Expertise
The Economic Times predicted that big data analysts would be the most in-demand professionals in 2022.
Given that 96% of businesses either have plans for hiring new employees or are very likely to do so, it can take time to find the talent resources needed to deploy big data analytics given the competition.
Collaboration with big data consulting companies provides access to a large pool of subject matter specialists and aids in managing the industry’s severe skills shortage.
Even large organizations with the financial capacity to deploy big data internally seek for big data consulting services to gain the necessary information and receive professional guidance during the early phases of implementation.
Small-to-medium organizations can create thorough, scalable analytics frameworks that are typically time- and resource-intensive to adopt on their own. Therefore, outsourcing big data consultancy is effective for companies of all sizes.
If you select a reputable and experienced big data consulting company for collaboration, all these advantages become available.
Also, check this: Software Consulting Companies Review 2023 All You Need to Know
How to Choose a Big Data Consulting Company
The big data consulting industry is expanding and now provides services across various price points.
You can request assistance from the top market players or look into smaller businesses with more adaptable outsourcing models and focused specialties that suit your sector, business objectives, and budget.
It makes sense to carefully define the objectives and requirements for the future data analytics upgrade before shortlisting suitable big data consulting companies for partnership.
Set goals, i.e., the outcomes you want the implemented solution to provide, after identifying the specific business problems you wish to solve. Big data supports corporate growth in a variety of ways.
It will be simpler for your company to select a contractor that meets all of these requirements the better it can define the current state with all of its obstacles and the expected state with the goals and intended results.
After defining your requirements and objectives, it’s time to narrow down the list of suitable big data consulting firms. Here are some essential factors to think about when making decisions.
Expertise
A competent big data consulting firm should be able to show off its expertise and real-world experience. Big data analytics are offered at Infopulse under the Data Lake & Big Data services, with all team members’ specialties listed.
Hire a staff that will offer the best possible service. Consider two factors while evaluating potential applicants’ expertise:
Industry knowledge: Enquire about years of experience, the quantity, kind, and technologies of completed projects.
Additionally, the big data outsourcing partner must be certified in all relevant fields, including quality assurance, project management, and data security.
Inquire about the number of big data engineers, analysts, and other pertinent specialists and the company’s and individual experts’ certification options.
Technical knowledge: Ask the candidates about their approach to projects similar to yours. The team should be able to describe how they manage a project adequately, guarantee the caliber of the output, and handle diverse problems.
The quality of the company’s knowledge is also demonstrated by awards, involvement in various industry summits, expert talks, and other events.
Related post: What is consulting insurance? Best Firms in 2023
Portfolio
While every team can market its offerings through enticing service descriptions, only those demonstrating actual, relevant experience are worthy of consideration.
Always start by perusing the vendor’s portfolio. Verify their references from actual clients and case studies.
Pay special attention to service providers with experience executing solutions that meet your needs and previous projects in your sector.
Analyze the project’s objectives, development strategy, technology selections, and the offered solution’s commercial results.
Reputation and reliability
Examine the background of your prospective big data consulting candidates:
- How long has the business been in business?
- Do the top players in the data analytics market collaborate with this service provider?
- What do former customers think about working with those businesses?
- Does the business follow the most recent security guidelines and certifications?
All of this information will be available from businesses with a good reputation.
Select a partner with a security policy when requesting services that directly deal with sensitive information.
To guarantee the security of collaboration and total data protection, Infopulse has four quality and security certifications (ISO 9001, ISO 27001, ISO 14001, and ISAE 3402).
Related post: What is DevOps Consulting? Know This Before Engaging A Firm
Collaboration comfort
Choose big data consulting companies with whom you feel at ease in communication. Working in the same or reasonably close time zones, having a team that speaks your mother tongue or English, if appropriate to your team, and being able to react fast are all crucial for successful collaboration.
Make sure the supplier you choose adheres to your values and working preferences.
See also: Communications Consulting Review 2023: Why You Should Invest in a Communications Consultant.
Frequently Asked Questions
Big data consulting is a high-end service built on analyzing enormous amounts of data. To find hidden correlations and linkages within this data that are relevant to business. Thanks to thoughtful analysis, it has been created to assist companies in making more optimal decisions.
Data consultants create the study strategies utilized for data collection and analysis. They aid in making strategic data-related decisions by analyzing, manipulating, tracking, internally managing, and reporting data. They take part in interpreting data analysis and creating action plans appropriately.
The demand for this profession is already high and is expected to increase in the next ten years. Another motivation to work as a data consultant is the high pay and flexible scheduling – future employment prospects. As the industry grows, there will undoubtedly be a lot of job openings in the upcoming years.
The demand for competent workers and the salaries for big data occupations are rising significantly. To participate in the talent battle, many of these jobs report compensation that is far into the six-figure range and over-market value.
Conclusion
Big data sets can be analyzed and used to uncover new information via big data. It can potentially influence a business through improved campaign and strategy execution using those insights.
To capitalize on this expanding economic area, consulting firms increasingly embrace big data for advice and even set up their implementation teams.
Even if big data has enormous promise for consulting and other industries, humans are still required to provide meaning to the data that matters and form hypotheses to ensure data analysis is as effective as possible.
As a result, big data and AI won’t completely replace consultants; nonetheless, consultants still need to know how big data is used!
References
Recommendations
- What is Pharmacy Consulting? Know This Before Engaging A Firm
- What Is UX Consulting? How Does It Work In 2023
- What is Accounting Consulting? Know This Before Engaging A Firm
- 15 Best Financial Consulting Services in 2023
- 10 Best Small Business Consulting Services in 2023
- Software Consulting Companies Review 2023 All You Need to Know
