Managed vs Self-Service Analytics

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 t