Half of Accountants Don’t Trust Third-Party Data Collection, Oxylabs Reveals

A study by Oxylabs, a company specializing in web data collection, found that 50% of financial services organizations handle web data collection in-house, and more than a third (38%) combine in-house practices with outsourcing. to third parties.

Additionally, just over one in ten (11%) completely outsource data collection and among the challenges associated with web scraping, ensuring data quality tops the list (42%). Meanwhile, 41% find managing and processing large data sets difficult.

The survey found that completely outsourcing data collection is the least popular method, while a hybrid option combining in-house web scraping practices and outsourcing was more popular.

The results also demonstrate that web scraping remains a complicated and complex practice among organizations, which requires close monitoring, especially in heavily regulated industries such as the financial services industry.

Other challenges, such as finding the most efficient tools, ensuring consistent data flow, getting real-time data, or finding reliable partners to outsource to, are equally distributed and equally important to service decision makers. financial.

Aleksandras Šulženko, Product Owner at Oxylabs, said: “Such a low preference for outsourcing is a bit surprising, but it’s clear that better trust in web scraping needs to be developed. We know that web scraping has become an essential part of financial services, but so few businesses trust third-party services.

“The findings point to a hidden problem with how web scraping is understood and the goals it can achieve, bringing these third-party companies back to the drawing board. the safety and compliance of their methods, which is one of the many challenges the industry is currently facing.”

They added: “If organizations are to start trusting third parties, these parties need to communicate about how they can scale collection and analysis more effectively than an in-house team, as well as how they can solve problems that many people face when implementing web scraping. For example, outsourcing to a third-party web scraping solution provider is an easy option that requires minimal start-up costs and the acquired data can be integrated almost immediately.

“Web scraping produces tremendous value not just for financial organizations, but for all businesses, especially if that information can be used effectively. While a third-party web scraping solution provider is the easiest and cheapest option for organizations, it seems the majority prefer to look in-house and will continue to do so until the scrapping challenges arise. Web are resolved.

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