Data drive the modern business landscape. It empowers stakeholders to make decisions based on quantitative and qualitative data. But, because of the availability of tons of data, it becomes difficult for business leaders to organize, manage, and extract valuable information to make value-based decisions about strategy and growth.
Effective use of data helps streamline the various processes and develop marketing, sales, human resources, and operations strategies. Therefore, companies need to have robust data collection and analysis tools, strategies, and methodologies in place as it is the key to effective decision-making. In addition, it helps them identify market trends and explore various phenomena that facilitate the product’s success.
Data analytics focuses on extracting insights from data and consists of data mining, collection, organization, storage, and data analysis to get helpful information from a broad test base. The advanced data analytics tool uses AI and ML algorithms to optimize and automate the process of data analysis. It helps to reduce operational and production costs significantly. You can outsource your data analytics strategy to a Data Analytics Company in India. These companies enable businesses, both big and small, to analyze the acquired data and use them as required. To choose the right Data Analytics Company, here are few essential pointers that you need to consider.
Understand Your Business Objectives
At the outset, you need to identify your objectives and goals for data analytics. Next, you need to outline a rough framework and identify various elements so that the Data Analytics Company gets the right entry point to leverage data for your business. It will help them to align their data management, visualization, and analysis strategy to your business. Finally, identify appropriate courses of action based on which the company can strategically align its working framework.
Use Of Right Tools
The Data Analytics Company should make use of the right tools for analysis. They need to understand the data type your enterprise needs to analyze, along with your data integration requirements. Enquire about the tool’s data modeling capabilities. Ensure that it is feature-complete; it should provide a suite of business intelligence features for data discovery, analysis, and reporting. It can make use of AI-powered predictive analytics capabilities to model and analyze data.
Review the work portfolio of your service provider spanning across business and technology domains. Ensure that they have substantial experience in your industry. Look into the work profile in the past two years. You can also enquire about the client base and approach them for feedback to understand if they can provide relevant and valuable solutions. Consider other factors like how they will support time savings and bottom-line savings. Finally, determine if they can grow and adapt to your changing business needs.
Terms And Conditions
You need to review the SLAs and contract terms to understand if the company’s service capabilities are in your best interest. They should be able to minimize risk and optimize relationships and costs throughout the vendor lifecycle. In addition, ensure that they sign a Non-disclosure Agreement to protect sensitive and confidential data from exposure to unauthorized third-party.
Return On Investment (ROI) Estimation
Finding the right service provider isn’t enough. The investment in data analytics solutions should pay off in an outlined period. You can perform a cost-benefit analysis to calculate the difference between solution cost and ROI. You need to evaluate the solution options realistically, including the cost and value it will generate to bring in growth and revenue.
The Data Analytics team should include skilled data engineers, scientists, and analysts, along with managerial and leadership roles to collect, manage, and store data. You can look for a team whose analytics initiatives are highly centralized for effective collaboration. They should look into your data vision and strategy and accordingly define the skills and roles of their team members to handle your project.
The company needs to follow a well-crafted data governance strategy to benefit from consistent and compliant work processes. The successful governance of data requires participation and accountable practices to abide by standardized rules and regulations. In addition, it helps to ensure that the data analytics practices are aligned to relevant external laws.
The data analytics company should exhibit utmost transparency. It should be conveyed to you how sensitive data is handled, for what they are using it, and why they are using it in that way. The transparency will prevent your data from an undue data breach, and clearly understand how they will leverage the data in the best interest of your company. In addition, they need to communicate effectively about the progress at every stage to maintain your data quality and optimize your business opportunities.
Data is one of the most valuable assets for any organization, and to a large extent, the organization’s overall success depends on the manner you use it. Outsourcing your data analytics needs to the right company will enable you to manage the quality, consistency, and integrity of the work process to harness your data and use it to identify new opportunities.