According to Gartner1, 82% of CFOs perceive data analytics tools and technologies as top priorities for 2021 and beyond. Leveraging data analytics, businesses gain valuable insights into the vast expanse of knowledge required to boost production and growth. Any business looking to benefit from data analytics should first realize that a considerable amount of data is lying within your business. However, what can emerge as a challenge is managing the humungous data on your own, which is why you need a data analytics services company by your side. These companies help organizations deal with the overwhelming data they encounter. Using powerful data analytics tools, best data analytics companies assist businesses to minimize costs, enhance customer experience, increase operational efficiency, mitigate risks, build better data security, and maintain a competitive edge.
But the big question is how to choose the right analytics company? This blog helps you answer that.
Why Do You Need a Data Analytics Services Company?
Better understand demographics
Irrespective of whether you are a product-based or a service-based company, your business cannot do without understanding demographics and customer habits. Demographics consists of data on ages, genders, incomes, marital status, and various other attributes of your customers.
From your customer database to your website and social feeds, you have access to all the data you need to gaze your consumer behavior. But it isn’t easy to analyze this vast, complex data to effectively understand your target audience and their behaviors. Data analytics companies help organizations derive valuable insights from the data employing analytics tools and techniques. You can thus predict the behaviors of different user types, thus targeting your ads and content more effectively.
Evidence-based decision-making is key
Best analytics companies ensure that businesses don’t suffer in the absence of evidence-based decision-making. As organizations embrace systematic statistical reasoning and analytics to make data-driven decisions, they improve efficiency, profits, and risk management. Evidence-based decision-making details a comprehensive process. It describes how the universe of available and applicable evidence can be evaluated, consolidated, and moved into an objective driver of crucial business decisions. This universe includes organizational and other data, scientific studies, industry benchmarks, and professional experience. Using evidence-based decision-making, data analytics services companies help Chief Operations Officers (COOs) funnel all facts and information to draw critical operational decisions. Your organization is thus well-positioned for successful strategic decision-making based on fact-based insights and a single source of truth.
You don’t have scope for What-ifs
As you drive business decisions based on insights, you cannot proceed with a “What-if” situation. You, of course, cannot place bets on your business decisions. To take the probability element out of their decisions, data analytics services companies test to see which results would be the most beneficial for their business. Data analysts measure metrics that relate to critical changes affecting business decisions. Metrics are what you measure to assess performance, and analytics use these metrics to drive decisions on how to move forward. After they have extracted and analyzed data, the best data analytics companies employ metrics to check if the right decision is taken basis the data. Besides, Chief Data Officers (CDOs) should adapt their data analytics strategy quickly while managing the economic impact of lockdowns, continual uncertainty, and consumer fear in the novel economy.
Never compromise on proactiveness
CDOs and executives cannot be as proactive as data analysts. They are short of time, as they must focus more on core business functions. You, too, may not have enough time to implement methodologies, loyalty campaigns, and programs. This is where data analytics services companies are readily available to proactively scope, develop, and manage such tools and analytics. They are also apt at recommending your team and fellow employees on data tracking, analysis, and data analytics technologies.
A proactive data analyst acts as an intermediary between the business needs and the data. Besides taking business requests, they lead to finding out the meaning and purpose from within the data. Proactive data analytics companies divide their time between researching and responding while ensuring they fully engage in the supported business functions. With a proactive data analyst by your side, you can significantly improve your business effectiveness.
How to Choose the Right Analytics Company?
Identify data analytics needs
As you take the first step to choose the right data analytics company to meet your business objectives, you must find out what you expect from a potential data analytics team. You cannot choose the right data analytics services company if you fail to identify your business requirements precisely. For instance, after identifying that your problem pertains to a humungous amount of business data, you understand you need a unified data view. Hiring a strategic partner specializing in the data platform and analytics is a prudent decision here.
Maintain harmony between your data analytics needs and the solution
There should strike a balance between your data analytics needs and the company’s solution to fulfill those needs. As you partner with a data analytics company, ensure you check first if the company you are considering offers ready-made products or frameworks. A bit of customization on off-the-shelf solutions serves as a standard answer to your fundamental data analytics problems. Remember, there is no one-size-fits-all approach in data analytics. What works for one business might fail to meet the needs of the other. From data reporting to insights generation, consider your distinct business needs and decide if the chosen data analytics solution provider can accommodate them.
Compare and analyze skills of the data analytics team
There are high chances that off-the-shelf products fail to meet your needs, and you might have to hire a data analytics services company. This is when you should compare the services of different companies offering data analytics services. Compare and analyze the skills of data analytics teams of these companies and identify the one that offers satisfactory business results. As you choose the right data analytics company, ask them directly if they have people with the requisite skills to deal with your business needs. The next important thing is to go through their data analytics-related case studies or implementations delivered so far. You must understand the hiring company’s experience relevant to your business and industry problems.
It’s Time to Consider an Analytics Company
Now that you know why you need a data analytics company and how to choose the right one for your business, it is time to make a move. Partner with Compunnel Digital, recognized among the most promising data analytics companies by CIO Review, to address all your data-related needs. Our skilled and knowledgeable data analysts assist decision-makers by translating data into meaningful stories, providing quick answers to not-so-easy questions, ultimately driving business in the right direction.