5 Reasons to Outsource Data Mining Services

Let’s face the truth; our world is made up of raw data. Data mining services is the need of the hour for every small to large business alike. The demand for data mining services is increasing exponentially. Data mining services is an essential tool for every business because it helps with the extraction of useful or relevant data out of an infinite set of raw data.

Proper maintenance of data leads to the growth of any business and facilitates the decision-making process. Thus, data is the backbone of any business irrespective of the domain and size.

Still Shooting Blind Arrows for Lead Generation?

Gone are the times where marketing teams shot blind arrows to generate leads. The world now is driven by quality data, which is relevant and appropriately mined by extracting patterns and relevancy. The world now has moved to an age of personalization. Marketing strategies are evolving every day with the help of data mining. Not just that, revenue estimation, company’s growth graph, competitor’s growth analysis, everything is determined with the help of data mining.

However, usually, the responsibility of useful mining data falls under the lap of the company’s marketing team, which is more than often not well-equipped neither trained. Thus, it leads to a haphazard between sales and marketing teams and also leads to their misalignment. Sales team fail to generate revenue out of inferior quality leads, and the entire marketing strategy goes for a toss.

The repercussions of a failed marketing strategy lower the morale of not just sales and marketing teams but the entire organization. The company also has to recuperate from a financial loss caused by a failed marketing strategy. Thus data mining services goes a long way in minimizing such losses. Also, it is highly prevalent and also profoundly wise to outsource this centripetal task to companies which specialize in data mining services. Data mining is a broad concept which can be sub-divided into services like CRM cleaning, email appending, Data scrubbing, Web mining, skip tracing and others. At BizProspex we offer all these services at a competitive price.

5 Major Reasons to Outsource Data Mining Services:

reason to outsource data mining services

Let’s admit it. Specialized third party does a better job!

Data is the most tangible asset of any company. Therefore appointing a third party who is professionally trained and well equipped does a better job at mining data. Sales or marketing team is often not trained or equipped at mining relevant data. Thus, it is beneficial to appoint third party companies for data mining-related services. Better the quality of leads better will be the lead conversion. Third-party companies always understand the stakes of providing quality data because of their profit and growth. Thus, it is only natural that they do a better job at useful mining data out of unstructured raw data. Also, such companies specialize in providing data mining services and are bound to do a better job than your sales or marketing teams. They have a hands-on experience and are equipped with all the latest tools which are required to mine data.

Increase in Productivity:

When you outsource a crucial task like data mining to a third party, it gives your sales and marketing teams a lot of freedom and space. Now they can design and innovate a marketing strategy which is highly optimized and bear phenomenal results. Thus this increases the overall productivity of the company. The sales and marketing teams can do what they are better best at, while the third party company that specializes in data do their best too. It’s a win-win for both the parties and also increases the productivity of the company.

We all know companies like Amazon, FedEx are performing data analytics for decades now and have set their benchmarks strappingly. When it boils down to B2B marketing outsourcing data analytics can give a much-needed boost to the company.

Cost Reduction:

This is provided; outsourcing data mining services to third party companies save a lot of money in the long run. When you deploy a marketing strategy on quality leads, this increases the ROI significantly. Especially for small-scale businesses employing and finding a quality data scientist can be a cumbersome task, and what if one employee isn’t sufficient? Also, consider the additional charges such as taxes and perks are needed to lure a quality data scientist.

Thus, it is logical and cost-saving to outsource this task to a third-party company like BizProspex, which specializes in services like CRM cleaning, data verification data mining, data appending services, Web scraping services and others.

Process Management:

As said earlier, data being the most tangible asset of any business requires a lot of diligence and maintenance. Quality data is beneficial for any organization, whereas stale data can be hazardous. Therefore, data requires a lot of security and process management. Maintaining and formulating data is not a onetime thing; it is a continuous process. Thus it is more comfortable and always better to outsource this mammoth task to third party companies like BizProspex.

Third-party companies maintain the security and integrity of your data. It thrives on ensuring that the data adheres the given timelines and is relevant. Thus, it is easier to maintain data with the help of third-party companies.

Scalability:

Let’s assume, you land up on few substantial projects and require immediate data assistance. In such a scenario, it is straightforward to outsource this task to a third party company who can quickly come up with the desired results. Thus, involving a third party allows you to scale-up your business very rapidly and in no time. Hence, outsourcing your data analytics job to a third company is, in all ways, a profitable deal. Appointing full-time data scientists can be cumbersome while selecting a freelance third party is far more manageable.

How can we help?

We at BizProspex provide the following services at very competitive pricing:

  1. CRM cleaning: We perform CRM cleaning by taking over your existing data and fixating it by taking admin rights to your CRM software. Enjoy hassle-free CRM data cleaning with us. We refresh the data on your CRM so that it shines like new.
  2. Data Mining: If you are looking for fresh and high quality leads for your business, BizProspex can do the trick. We offer data mining services where we provide highly accurate and thoroughly checked leads to our clients.
  3. Data Appending: We also perform data appending, by adding relevant information to your existing data and removing the stale data. We also look for missing entries and inconsistencies and make sure what we deliver is complete data free of any incumbencies.
  4. Data Scrubbing: Data Scrubbing is the process of removing stale data and refurbishes it. We at BizProspex provide data scrubbing services at a very compelling price.
  5. Web Scrapping: We also dig up websites on World Wide Web and scrap out information which can be very useful. Data scraping can help you devise a marketing strategy by giving you an idea of your competitors. You can check your growth and analyze and make informed decisions with the help of Web scraping.

 

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UpWork’s New Connects Policy

Upwork has launched a new connects pricing policy, which will be valid from the 1st of May 2019.

A connect would now cost $ 0.15; also there would be no free connects.

Upwork has also revised its membership plans to reflect the new connects policy,the Freelancer Plus membership now costs $14.99 and offers 70 connects, while the price for Agency Plus membership remains unchanged and also there would be no connects as an additional benefit.  A similar revision was made to Upwork’s pricing policy in April 2016;the charges per project were raised from 10% to 22%, which had raised many eyebrows.

Upwork has claimed in their blog post that this revision to its pre-existing connects policy would bring reforms in work circulation on the platform; freelancers would bid on a project only if they are fit for it, thus giving an advantage to the one who deserves it better.

I think this move is aimed to improve work quality and establish opportunities for all. This move could also be directed towards balancing 12M freelancers and 5M clients active at Upwork. There would be fewer proposals from more relevant freelancers; also the clients would have the best to select from.

Earnings of all Upwork freelancers would be impacted largely while aspiring freelancers would have to go through a lot of struggle to establish them on the platform after this revision. Freelancers’ prices would soon soar, making this step worrisome for clients too.

I went through Upwork users’ reaction to this news and found out that many of them are unhappy by it.

Upwork user Mr. Scott Knudson tweeted about leaving Upwork to find other alternatives as he is worried about minor gains at Upwork.

Miss Arline Groenewald said that she was already upset with the previous 22% charge and this revision worries her more.

Another user Mr. Craig Rich has predicted that freelancers would soon migrate from Upwork to other freelancing platforms.

 

Miss Maria Paula expressed her concerns over the increased charges and also about applications which never get opened in her tweet,

I think this revision might have a decisive impact on Upwork; either it will make Upwork more quality centred or might cause its downfall too.

I’d like to know your opinion on this change to connects pricing policy of Upwork, please complete the following survey.

 

 

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Significance of ‘GST 2017 India’ on Software Outsourcing Industry

GST 2017

The Indian government has proposed a revolutionary taxation scheme called GST 2017, which will be eliminating all the indirect CESS and VAT taxes. The motive to eliminate these indirect taxes is to bring uniformity in tax system across all the states and territories of India. The major benefit is pertinent to small and mid-sized service industries and businesses.

There is also an exemption of GST for exports under some categories. But if you are a freelancer/service provider, earning money in foreign denominations working through UpWork, PeoplePerHour or any of such online platforms then you are in for good news. Let’s have an insight on these particular provisions in GST 2017.

GST for IT/Software/Tech/Social-Media & Outsourcing Industry

If you are a firm or a freelancer earning money by providing your services overseas, GST 2017 will surely entice you. GST 2017 exempts all such industries and services from paying any taxes. Although, there are two conditions. In simple words, if the service industry or a freelancer earns money from foreign sources there is no upper limit for it, and the income is going to be free from paying tax under GST. But there surely would be some capping crossing which you will be needed to at least file your income to the Government, though not pay tax on it. The minimum income after which you need to file your income will be revealed by the Finance Ministry soon.

Whereas, if you earn money by providing services to Indian clients, the income up to Rs.20 lacs will be free of taxes (Source here).

Let me clear it with two examples-

Example 1

Suppose you, as an individual or firm, have an annual turnover of Rs. 1 Cr and 80% of your turnover constitute services provided to foreign clients and 20% income is from services rendered to Indian customers.

So, as per GST 2017 your 80% revenue or Rs. 80 lacs will be entirely free of any taxes owing to its foreign origin (Source here). Remaining 20 lacs are earned from Indian clients so still this money will be exempted from any taxes (Source here). Along with that, you would receive a tax credit for the 80% of your foreign income which you could use to redeem on your other revenues.

 

Example 2

Conversely, consider the same example above only with the difference in your Indian income. Let’s say you earned Rs.25 lacs from Indian clients, so as per GST 2017 you are liable to pay tax on it. But, as you have also received a tax credit on 80 lacs of your foreign income you will be eligible to claim it on additional Rs. Five lacs that you have earned above the specified limit of revenue coming from Indian sources.

Currently, the rate of the tax credit is not in place as per GST 2017. But very soon it will be revealed. The tax credit is issued to encourage industries/service providers to bring in the foreign currency in the country. The Government saves vast sums of money on currency conversion when you bring the external currency through your business. Hence, they pass a fraction of their saving to you in the form of Tax-Credit.

 

Big catch when you get online income

When a firm or an individual work online and earns money from foreign sources they get the money after deducting the currency conversion commission. The gateway or the payment processing firm (mostly intermediary) deposits your fees to your concerned bank account. But the catch here is that most of these multinational payment gateways have bank accounts in all the major countries, including yours. So when they transfer your fees, they do it from their bank account present in your country. It is where you need to worry. As the money you are earning is not coming from the foreign source but your own country’s another bank account.

If a government scrutiny initiates, it would be fairly difficult for you to prove the foreign origin of your income. In such cases, you can request for the FEMA certificate from your foreign-currency-processing gateway.

The Foreign Exchange Management Act, 1999 (FEMA) is put in place by Indian Government to facilitate the foreign currency exchange for firms and individuals. Under this act, you need to provide a certificate issued by your payment processing company. This document includes all the details and technicalities regarding all your past payments. It is through this certificate you can prove the foreign origin of the money you are earning.

It is quite advisable, especially if you are working as a freelancer, to get FEMA certificate.

 

Final words

GST 2017 has made it absolutely worth providing your services to national as well international clients. There are few technicalities you should take care of though. Have FEMA certificate and keep an eye out for the Tax-Credit percentage which is the process of finalisation.

Apart from these, GST 2017 is going to be an ideal facilitator for Service Industries and freelancers.

 

Sources-

http://economictimes.indiatimes.com/wealth/tax/freelancers-have-it-easy-now-with-income-tax-return-4s/articleshow/51421100.cms

https://cleartax.in/s/impact-analysis-freelancers-under-gst

http://trak.in/tags/business/2017/06/06/gst-freelancers-small-business-owners-questions-answers/

http://www.gstonlinefiling.com/tax-exemption-for-freelancers/

https://yourstory.com/2017/06/gst-hack-services-startups-freelancers/

https://taxmantra.com/import-and-export-under-gst/

 

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