Businesses Benefits of Managed Analytics Services

Analytics is a powerful tool that can help uncover insights based on data to make data-driven, smart decisions. Unfortunately, not every organization can afford or need to set up and maintain its analytics infrastructure, which can be expensive.

Managed analytics services are now available that can help businesses get the most out of data without investing heavily in resources. In simplest terms, managed analytics is outsourcing analytics from an analytics organization with the required infrastructure like staff, tools, expertise & experience.

We will explore the benefits of using managed analytics services, such as cost savings, scalability, agility, and more, all of which can help get the maximum value out of the data.

Benefits of Managed Analytics

• Cost Effective Or Cost Saving: Managed analytics services offer cost-effective advantages to any business. There is a reduced need for in-house expertise and by outsourcing analytics to a specialized firm, companies need not invest in training and developing an in-house analytics team. This cost-saving solution can help small or medium businesses that may not have the budget for such investments. Managed analytics services are also offered in flexible pricing models that can be adapted peruse, requirements and budget. Besides the flexible payment models, these services provide scalability by allowing businesses to scale up or down as per requirements and pay for resources used.
• Saves Time: Managed analytics helps save time. The service team takes care of data collection, analytics and reports while keeping track of KPIs to ensure the data is accurate and up-to-date. It allows businesses to focus more on their expertise and focus on work that creates more value for the company.
• Easy Scalability: Outsourcing or managed analytics services can help businesses quickly and efficiently build up an analytics infrastructure that may not be easy or possible in-house. Data analytics is now a natural part of business and requires scalability to meet the growing business demand.
• Improve data accuracy: Analytics outsourcing can help improve data accuracy as the managed analytics service provider can dedicate resources to ensure the data is cleaned and structured before it's used for analytics. The service provider can work with the organization to establish processes and controls for unstructured data. Outsourcing these activities can help organizations free their resources to focus more on business-related tasks.
• Leveraging Value Of Data: Data is the new currency for business, and there is a huge potential for leveraging analytics for business gains. In this context, the possible benefit of outsourcing is by capitalizing on a data marketplace to build alternative business models.
• Customized Solutions: Businesses with varied and managed analytics offer the advantages of tailoring services per an organization's needs and requirements. This ensures that businesses get the most out of their investments and that the data is used most effectively.
• Eliminate Inefficiencies: When implementing a data analytics solution in-house, businesses can fail to achieve their goals. This applies to off-the-shelf data analytics and business intelligence products. These can have significant learning curves and require expert guidance from professional data engineers. Using managed analytics services can help eliminate inefficiencies in data insights. Such services can also help eliminate the silo mentality of not sharing or connecting data points, thereby increasing efficiency.
• Growth Opportunities: Analytics and other metrics enable companies to engage in targeted sales and marketing campaigns attuned to customer needs. It supports up-selling and cross-selling strategies, which can help the sales and marketing teams offer products and services that deliver value to customers. Managed analytics can help determine which customers give more business and also understand customer segments that can be approached for sales and marketing initiatives.
• Enhanced Security: Understanding how threats can impact a business, managed analytics service providers can help protect business data from hackers and other threats. It helps reduce risks associated with the loss or theft of data that otherwise can devastate business operations.
• Ensuring Compliance: As the data volume grows, the process of managing and analyzing data increases along with regulations. This can put organizations at a greater risk of being non-compliant for various reasons, from differences in governance to security policies across different data systems. Using managed analytics services can help be compliant as the data is audited and then used for analytics purposes.

Conclusion

Managed analytics services are rising as many businesses and organizations have ample in-house resources to support and run fully operational analytics. Industry trends show an increasing trend of adopting such services as companies can leverage their data without spending on administrative and maintenance resources. A focused data analytics managed services company can help by boosting the analytics to fully leverage data to help improve business performance across the board.