Data analysis service in India is a crucial part of market research which is extremely important for organizations so that insights can be gained and business strategies and strategic policies are made and designed. Moreover, a fundamental part of BPO in India, data analysis can truly be considered a segment which has lots of scope in terms of revenue and employment opportunities. When the globalization process is enabling companies in the USA to outsource their work to companies located in Asia to reduce cost, India can cash in on the opportunity.
Data analysis is applied for certain industries depending upon the requirement. As most of the companies either do not have trained human resource or technology to do data analysis, they outsource the same to BPO companies which specialize in the segment; in the process, the two organizations benefit. Whereas the client firm gets attractively competent data analysis services from BPO firm, the BPO firm specializes in data analysis which helps in knowing the segment in the most sophisticated and articulated manner.
There are some sectors which specifically require data analysis and one of them is BSFI. Data analysis helps banks not only to reduce customer acquisition cost but also derive more mileage from existing customers. Additionally, with the help of data analytic the formation of statistical score cards is made possible which contribute for appraisal of credit risk. The fair appraisal of credit risk helps in quick response time in the entire evaluation process.
Similarly, there is huge business prospect in Market Research Data Analytics in the Manufacturing Sector wherein the optimization of inventory and stocking levels and logistics is done so that enhanced results can be gotten through. Data analysis is essential for demand forecast, optimization and reporting, yield analysis, etc. Additionally, it can be used to do waste control, and understand operator/shift performance, as well as know quality control metrics involved in the production process.
A recent development has been in data analysis software which not only speeds up and livens up the coding process, but also provides a complex way of looking at the relationships in the data. The data analysis software provides a formal structure for writing and storing various memos which can be used to develop the analysis. Similarly, the same can be used to get conceptual and theoretical thinking about the data.
The data analysis software are being used heavily in marketing research, ethnography, etc. to have broad understanding and linear thinking. Moreover, whereas some leading data analysis software such as NVivo, Atlas.ti, HyperRESEARCH, MAXqda V2, XSight, QDAMiner, Qualrus, etc. provide effective and suitable solutions, they also help users receive in depth analysis in various fields to meet out various objectives and challenges.