Updated: Oct 28, 2020
Editor’s Note: In this post we explore the benefits of a managed analytics solution. If managed analytics sounds like the next step for your business, please contact us here to receive more information.
In a world where data driven decisions are king, businesses are chomping at the bit to build their in-house data analytics teams. Forbes writes that as many as 52% of enterprises included advanced analytics in their operations as of 2018. But is building a costly internal team of data analysts, business intelligence experts, and technical support staff really the only way? Luckily no, there is another option that can be just as beneficial with far less investment of resources – managed analytics.
Managed Analytics in Summary
Managed analytics, also known as outsourced analytics, is the practice of hiring an organization to analyze your data and provide actionable insights. Using a managed analytics firm is a great way to introduce data analytics to your business quickly and efficiently without the daunting, immediate overhead of deploying an internal analytics team.
Why Choose an Outsourced Option?
GAIN A COMPETITIVE EDGE
The power and value of analytics is undeniable when observing industry giants such as Amazon, Google, and Starbucks. With outsourced analytics, small to medium sized businesses can cash in on the business gains linked to data analysis. According to a study done at The University of Texas at Austin, increasing the use of data in an organization by just 10% lead to an increase in sales (per employee) by as much as 14.4%!
By accessing data insights such as customer tendencies, weak profit areas, and forecasted sales your business can gain an edge over competitors who incorrectly assume that incorporating data into their business is out of reach.
SAVE VALUABLE RESOURCES
Building an internal analytics team can be exhausting if starting from scratch. Identifying the right people for your team, the best software for your needs, and the necessary skills for analysis is no small task. MIT’s Sloan School of Management suggests that at least 6 different roles are required to build a data dream team. For most small to medium sized businesses, the resources to do this simply do not exist.
A managed analytics partnership can take the guesswork out of analytical solutions by pairing you with experts who can provide solutions to your business within weeks instead of the months or years (not to mention a large monetary investment) it would take to establish a self-service model. For only a subscription fee, managed analytics solutions can provide an almost immediate return on investment (ROI) whereas building a self-service analytics team may take years to bring any additional value to your business.
Is this Right for your Business?
Above, is one of the many dashboards Bear Cognition customers utilize to monitor their business processes. This customer can tap into insights provided by their logistics data to see where shipping is the most expensive, when their spending is out of the ordinary, what their spending month over month has been, and have an overview of their shipping KPIs right at their fingertips. This is just one example of the value that managed analytics can bring to your business.
At Bear Cognition we understand that each business faces it’s own unique set off challenges and may in turn have different goals, so if any of the points listed below resonate with the goals and needs of your business, managed analytics may be the best path forward!
Get rapid actionable insights tailored specifically to the needs of your business
Focus on growing your business and leave analytics to the experts
Incorporate analytics into your business at a fraction of the cost and time of an in-house solution
To learn more about analytics solutions offered by Bear Cognition, please contact us here.