3 Reasons You Should Be Outsourcing Your Analytics
Data analytics gives businesses the facts they need to make informed decisions. It allows them to focus investment where it matters the most, taking guessing out of the equation. Traditionally, small medium businesses have been reticent to invest in business intelligence (BI), fearing a negative ROI due to their smaller workforce. Ironically, with a BI solution, they would have the KPIs to justify the investment.
With tight budgets, how can CIOs fit the high implementation costs of spinning up a highly skilled team of analysts to collect, analyze and report on the data? The answer is simple: Let someone else do it for you. Leverage the work done by IT service providers to recruit, train and retain the best and brightest analysts. Here are three reasons why this is a smart choice.
1. Insufficient In-House Knowledge To Build a Team
To build a team, you first need leaders who truly understand data analytics and what type of talent, experience and tools you need to make it work. Many companies do not have that knowledge if they don’t already have an in-house team. When you consider the time to recruit a leader, the leader salary and then the time to build a team and get them to a productive state, these are all strong indicators that leveraging an existing highly skilled team makes the most business sense.
2. Cutting Edge Capabilities Without the Investment
There are ways to upgrade your capabilities for analytics without restructuring your existing data warehouse and without trying to merge all your data into a massive data swamp. Outsourced analytics can implement data virtualization to join data from disparate sources like enterprise data warehouses, SaaS applications, NoSQL databases and even Excel and Word. There is no learning curve that an in-house team would need to get up to speed on the concept, and the service provider can work with your company to design your virtualized data views.
3. Scarcity of Experienced Resources
With the phenomenal success of companies like Amazon that built its capabilities by exploiting the opportunity that data presents, more companies are jumping onto the data sciences bandwagon. A huge amount of data needs analysts to disseminate it and find the questions that haven’t been asked yet. The need far outweighs the availability of analysts, creating the current global shortage of data analysts. Should small medium businesses like yours put themselves in a bidding war with large, well-capitalized companies for the few available analysts?
Outsourcing data analytics makes sense. Quicker time to utilize, no training time and less investment in recruiting and training talent make outsourcing the obvious choice. When you are ready to take your company to the next level with data analytics, contact Mymetrix.cloud.