The Real Cost of Hiring a Data Team

Data teams are often the under-the-radar workhorses of the business world - responsible for handling some of the most critical and sensitive information within an organization. And yet despite the strategic importance of data-informed decisions, business leaders struggle to commit to the investment needed to build an internal data team.

The cost of hiring and maintaining a data team can be significant. For most small businesses, the cost of hiring a data team can be outright prohibitive. Business leadership needs to focus on their core competencies, while still getting the insights they need to make informed decisions.

A data-driven organization is a more efficient, effective, and cost-effective way to run a business. And that’s something we can all get behind.

We know what it takes to build a successful data team, and in this blog post, we’re going to share some of that knowledge with you. We’ll cover the real cost of hiring a data team, three of the most common pain points you may be facing as a business, and how to help you save time and money.

Let’s dive in!

Understanding the Skills of a Data Team

To avoid countless hours of admin and time spent on the recruitment process, businesses need to know exactly what goals they want their data team to achieve, as well as the skill sets required to make it happen.

For instance, if your goal is to better understand your customer base, then you’ll need team members who are experts in data mining, customer segmentation, and campaign analysis.

On the other hand, if your goal is to improve operational efficiency, then you’ll need team members with experience in process improvement, data visualization, and business intelligence.

Data teams are composed of experts in a variety of different fields, all of which are essential to the success of any business that relies on data.

 The most common roles within a data team include: 

 Data Analyst

 Data Engineer

 Data Scientist

But these are just the tip of the iceberg. There’s a whole host of other roles that may be required depending on the specific needs of your business, including:

 Business Analyst

 Database Administrator

 DevOps Engineer

 Information Architect

 Project Manager

The skills required for each of these positions are different, and the cost of hiring someone with the necessary skills can vary widely.

It all comes down to understanding the needs of your business and finding the right people with the right skill sets to get the job done.

Deciding on the Investment for Analytics

Hours upon hours of research are spent by HR and finance departments in determining the most appropriate budget for a new data team. However, if the figure comes in a lot lower than expected, the process starts all over again.

It comes as no surprise that data scientists -especially freelancers- can charge a significant fee for their services. This is even more common if the data team you are hiring is only intended for a temporary period.

Another related issue is if an investment is made into the hiring of a data team to manage analytics, but when they ask where their team budget is, tensions rise. Turns out, the whole budget was spent getting them through the door in the first place.

Save some budget for the team who know their stuff. Having the money available to hire them is great, but not having it available to create solutions and generate growth will become a real issue for your business.

Return On Investment with Dashboards

Do you really need a purpose-built dashboard in-house for your data team to manage analytics, or are you considering spending time investing in a dashboard that may become underused?

When hiring a new data team to grow your business, don’t presume they need a new dashboard to work from. Many data teams will already be using existing dashboards, such as Google Analytics.

If that is the case, then all the work of investing and building a dashboard will be wasted. As the saying goes, if it isn’t broken, don’t fix it. Instead, save your investment for when the data team requires a budget.

Still insisting on building a dashboard and hiring a new data team? You need to have a plan just in case the latest data team you hired is resistant to the dashboard. A clear strategy for getting them on board and using the new dashboard needs to be in place before any work commences.

Investing in a data team is a process, not a one-time event.

Let’s Wrap This Up

You need a data team-as-a-service that builds, maintains, and evolves the modern data platform for organizations. DataDrive’s Analytics Accelerator can help get you to where you need to be so business leaders can focus on what they do best- running their business.

If you’re still unsure, schedule a call with us; we’d be happy to discuss your specific requirements. We’re here to help you make the best decision for your business. After all, data teams are our business, and our only focus is to ensure your team’s success.

Whether you are starting from scratch or have an existing data team in place, we can help you get to where you need to be - driving data-driven decisions that grow your business. Get in touch with us today, and let’s get started on making your data work for you.

After all, what have you got to lose? More time?

Get started on your data-driven journey.

At DataDrive, we believe that there is an easier way to start your data-driven journey without the hassle of hiring an expensive data team. Our Analytics Accelerator program provides a data team-as-a-service that can help build, maintain, and evolve the modern data platform for your organization.