8 Reasons Managed Data Analytics Services Enhance Internal Processes

Every business leader’s dream is to reach broader markets, boost conversion rates, and increase brand reputation. Most decision-makers now realize that data is a vital resource necessary for reaching those goals.

The challenge lies in turning that ever-expanding repository of business applications and user inputs into actionable insights that make sense to their intended audience. That’s much less likely to happen if you’re still working with spreadsheets and relying on cumbersome manual processes. That’s where managed data analytics services come in. These services empower businesses large and small, across all industries, to automate the process of transforming their data into the insights that matter.

Whether you want to garner a better understanding of customer behavior, know which areas of your business to invest in, or boost customer retention rates, managed analytics services present a scalable and accessible solution.

Here are some ways how:

#1. Overcome the challenge of scale

Few businesses can justify building their own data teams from the ground up when it costs an average of $520,000 per year to do so. Moreover, most smaller businesses, including startups and scaleups, don’t have the need for a fully staffed team of full-time data engineers, analysts, and report developers.

Despite this, they still need the means to scale and adapt to ever-changing needs and market conditions. Fortunately, the on-demand nature of today’s service economy makes a managed data analytics service ideal for overcoming the challenge (and risk) of scale – without breaking the bank. With the ability to tap into expertise and resources on demand, you can become more agile in building data capabilities.

#2. Keep up with the competition

Businesses often need to jump on fleeting opportunities to keep ahead of the competition. At the same time, time-sensitive decisions like offering discounts or releasing new products early carry significant risks. Decisions don’t just need to be well-informed – they also need to be timely.

By leveraging a managed service to automate data analytics, you can gain access to insights in near real-time. In many situations, speed to insight is the most important factor. There’s simply no time to wait around for people to manually scour spreadsheets, compile lengthy reports, and schedule meetings to argue over metric definitions. Fortunately, a modern analytics solution can address such bottlenecks.

#3. Eliminate recurring inefficiencies

Unfortunately, most businesses fail to achieve their goals when implementing a data analytics solution, especially if they’re going it alone. The same applies when relying on off-the-shelf analytics and business intelligence products, which often have significant learning curves and may require expert guidance from a professional data engineer or outside consultant.

Managed data services can break down these barriers and eliminate recurring inefficiencies that leave your team unable to get the insights they need when they need them. They can also eliminate the silo mentality, in which teams cannot readily share or connect important data points.

#4. Focus on core competencies

It’s often said that every company is now a technology company. However, while it’s true that no modern business can expect to stay relevant without the right technology, it doesn’t mean that IT projects should detract from your core offer or your team’s busy schedules. Businesses need to focus on what they’re best at, which means technology should work for them, not against them.

Managed services of any kind aim to reduce the dependence, cost, and burden on in-house IT teams. Managed data services can take care of all the legwork involved in implementing a data analytics system catered for your needs. This includes, but isn’t limited to− deploying the cloud warehousing infrastructure and setting up secure, interactive dashboards that provide teams with the insights they need – without the hassle of hiring for those niche expensive skillsets.

#5. Gain objective insights

Before the era of big data and modern analytics platforms, business leaders had to rely largely on instinct to make important decisions. Of course, this approach takes time in requiring a lot of research, and there’s a significant risk of human error. In fact, poor decision-making and inability to shift with changing consumer demand is the main reason why many household brand names have faded into obscurity.

Data overcomes this problem by giving leaders the opportunity to make decisions based on hard facts rather than emotions or instinct. However, data can only fulfill that role if its timely, relevant, trusted, and insightful. A managed service that unites all your data sources and automates the journey from data to insights can make that possible.

#6. Access the latest analytics tools

Data management and analytics systems are undeniably costly and complicated to implement and often end up underutilized due to a lack of training and necessary personnel. As is the case with anything in the technology world, there’s also the persistent threat of obsolescence, which can quickly derail any hope of getting a decent return on investment.

Partnering with a managed services provider is a form of outsourcing that doesn’t just involve outsourcing expertise, but also technology relevance. As with a managed services provider, a managed data service has a vested interest in delivering a best-in-class service powered by the latest tools, technologies, and techniques to power data-driven decisions. After all, delivering the best analytics solutions is their core competency and primary focus.

#7. Enjoy actionable insights

Actionable insights are the output of any complete data analytics system, often via interactive dashboards and reports. In the old days, analysts would spend time trawling through things like spreadsheets, databases, and customer surveys to identify common characteristics and trends that were relevant to their intended audience. This takes a lot of time and effort to the point it’s nearly impossible to deliver a comprehensive analysis.

A full-stack managed data analytics platform delivers better reports powered by real-time data and role-based customization. Best of all, since everything works through a browser, anyone can access the reports and insights they need, no matter where they’re working or which device they’re using.

#8. Save money in the long run

As we’ve discussed, implementing data analytics has become a business imperative, but it can also be an incredibly long, costly endeavor. Even if you’re already primarily storing business data in the cloud, as the vast majority of organizations now are, you still need to create data integrations, clean data models, and set up strong data governance frameworks to see positive ROI with analytics capabilities. Once you’ve tackled the infrastructure, you then need to create the right end-user experience in the form of dashboards and reports.

By reducing, if not eliminating, the need for capital infrastructure expenses and internal team expertise, managed services help you get up and running in a fraction of the time and at a fraction of the cost. But it doesn’t stop there. The long-term improvements that come with continuous optimization and driving a data-first corporate culture also mean long-term savings and sustainable growth with a proven analytics partner.

Final words

More than ever, a business’s success relies on leveraging data to optimize internal processes, to which decision-making is fundamental. Equipped with the ability to make timely and informed decisions, you can discover new opportunities before your competitors do, grow your sales, and delight your customers. In this era of instant gratification and ever-growing demand, those benefits are exactly what are drawing more and more companies to managed analytics services.

DataDrive is your managed workforce for data analytics

We combine our end-to-end Analytics Accelerator platform with domain-specific expertise to help you realize the full potential of your data. Get in touch today to start your new data journey.