The importance of data analytics in supporting companies to create and deliver their strategies cannot be understated. Here’s why you should partner with a data analytics company like ours.
First, what is Data Analytics (DA)?
Data analytics (DA) examines data sets to find trends and make conclusions about the information they contain. DA helps businesses optimize their performance, maximize profit and make data-backed decisions.
DA relies on various software tools, such as spreadsheets, data visualization, reporting tools, data mining programs, etc., to achieve the greatest data manipulation.
ENGINE brings on board an interdisciplinary mission-driven team of marketing analysts, data scientists, and engineers who apply their collective, creative problem-solving skills to collect, organize and manage your data.
ENGINE’s mission is to empower companies to become more data-driven through DaaS by utilizing business intelligence via business dashboards and machine learning processes. We are the perfect data analytics company to partner with to boost your business growth.
Why you Need to make Data-Driven Decisions for your Business
Data-Driven Decision Making (DDDM) refers to using data to make informed and verified decisions to drive business growth.
Making data-driven decisions is important for businesses because it provides insights based on facts and evidence rather than assumptions or guesses. By analyzing data, you can identify patterns, trends, and correlations that can inform decision-making, allowing you to make informed, strategic choices that can improve business outcomes and drive success.
ENGINE utilizes its business intelligence gathering capability to garner digital insights to help your organization make informed decisions leading to higher productivity and increased revenues.
Here are the benefits of using data-driven decisions for your business:
Continuous Organizational Growth: Companies whose data-driven decisions can narrow down on key insights gathered from many data sources, functions, operations, etc. Data-driven decisions are actionable and set companies along a continuous organizational growth trajectory.
Knowledgeable and Innovative: Studies have shown companies that approach decision-making backed up by data tend to value information as a real asset as opposed to companies with more ambiguous approaches. These companies then become more knowledgeable and innovative, leading to their exponential growth.
New Business Opportunities: Companies that make data-backed decisions discover new and exciting business opportunities. Data analytics enables businesses to uncover insights they wouldn’t have otherwise recognized, which they can use to make solid decisions that increase their business productivity.
Enhanced Communication: Data-driven decision-making enables businesses to measure and track their decisions’ results, continuously refining and improving processes and strategies over time. This results in enhanced communication across all their business components.
Unrivaled Adaptability: Embracing data-backed decision processes enables your business to grow and increase its adaptability in different operating environments. Data-driven decision-making tools enable your business to integrate easily with emerging trends and patterns that concern your internal activities and the industry around you.
Improved Decision-Making: Data provides objective, factual information that can inform decision-making and help eliminate bias and guesswork.
Increased efficiency: Data-driven decision-making can help identify areas for improvement and streamline processes, leading to increased efficiency and productivity.
DA Company Vs. In-House Data Team
For a growing enterprise, catering to the rising data needs is challenging for the in-house team. Turning to data and analytics outsourcing companies lets them leverage the skills of qualified data science experts and the latest tools and technologies. However, some enterprises still prefer to have an in-house team.
Let’s look at the pros of outsourcing data analytics to a data analytics company over an in-house data team to determine if its the best solution for your business:
Cost savings: Outsourcing data analytics can be more cost-effective than building an in-house team, as it eliminates the need to invest in salaries, benefits, and training for full-time staff.
Access to specialized expertise: Most in-house data analytics teams lack in-depth expertise that would comprise the work’s quality. Data analytics companies typically have a team of experts who specialize in data analytics and deeply understand the latest techniques, technologies, and tools. This can help ensure that data analysis is performed accurately and efficiently.
Scalability: Due to cost-cutting measures and budgetary constraints, many businesses cannot provide enough resources for an in-house data analytics team. However, data analytics companies can provide businesses with the resources they need to analyze large volumes of data, making it easier for businesses to scale their data analysis efforts as needed.
Flexibility: In-house data analytics teams don’t have many options in their service provision. Outsourcing data analytics allows businesses to choose from various services based on their specific needs and budget, from simple data analysis to complex data modeling and predictive analytics.
Reduced resource constraints: Outsourcing data analytics frees up in-house resources, allowing businesses to focus on their core operations and other critical business initiatives.
Improved data quality: To cut costs and get more for less, businesses will generally channel more work to in-house teams, negatively impacting their quality work delivery. Data analytics companies can provide businesses with high-quality data free of errors, allowing for more accurate analysis and decision-making.
In conclusion, outsourcing data analytics to a specialized company can provide businesses with a cost-effective, flexible, and scalable solution for their data analysis needs while freeing up in-house resources and providing access to specialized expertise.
Engine’s expertise in providing enterprise-level data analytics solutions makes it your preferred provider.
DA Company vs. Data Analytics Consultants
There are several advantages to outsourcing data analytics to a data analytics company over hiring a data analytics consultant, including:
Access to a team of experts: Data analytics companies typically have a team of experts with a range of skills and expertise in different areas of data analytics. This can give businesses a broader range of capabilities and support than they would receive from a single consultant, unlike data analytics consultants, who may have only specific experts on board.
Scalability: Data analytics companies can provide businesses with the resources they need to analyze large volumes of data, making it easier for businesses to scale their data analysis efforts as needed. Data analytics consultants would generally find it difficult to scale
Improved data quality: Due to limited staff, data analytics consultants find it more difficult to handle the large data analysis volume. However, data analytics companies can provide businesses with high-quality data free of errors, allowing for more accurate analysis and decision-making.
Cost savings: Outsourcing data analytics to a data analytics company can be more cost-effective than hiring a consultant, especially for businesses that need ongoing support for their data analysis efforts.
Dedicated resources: Data analytics companies typically provide businesses with dedicated resources and support, ensuring that their data analytics needs are met promptly and effectively. Data analytics consultants usually have their resources stretched to the limit.
Flexibility: Data analytics companies offer various services, from simple data analysis to complex data modeling and predictive analytics, allowing businesses to choose the level of support that best meets their needs and budget.
In conclusion, outsourcing data analytics to a data analytics company such as ENGINE can provide your business with a cost-effective, flexible, and scalable solution for your data analysis needs while providing access to a team of experts and ensuring high-quality data and dedicated support.
DA Company vs. Freelancers
Let’s look at the pros of outsourcing data analytics to a data analytics company over freelancers to determine if its the best solution for your business:
Expertise and Resources: Data analytics companies have a team of experienced professionals who specialize in data analytics and have the resources to handle complex projects, unlike freelancers, who usually have limited resources.
Quality Control: With a data analytics company, you have the assurance that the work will be done to a high standard and with quality control measures in place, as they would usually have a budget for that, unlike freelancers who would ideally do most if not all the work by themselves.
Scalability: Data analytics companies can provide more resources and support if a project expands, whereas freelancers may have limited availability.
Cost-effectiveness: Outsourcing to a data analytics company can be more cost-effective than hiring full-time employees or working with multiple freelancers.
Flexibility: Data analytics companies can provide a flexible workforce that can adapt to changing project requirements, unlike freelancers who may have limited availability.
Improved security: Data analytics companies typically have established security protocols in place to protect client data, which may not be the case with individual freelancers.
Freelance data analysts generally have many ongoing projects and clients to handle at any time. Unfortunately, having their resources spread across multiple clients makes them unable to give undivided attention to any single project.
ENGINE’s resources include a database of qualified and skilled data analysts, which makes it always ready to provide your business data analysis solutions within short notice and with high quality.
DA Company vs. Agencies
Let’s look at the pros of outsourcing data analytics to a data analytics agency to determine what’s the best solution for your business:
Access to Expertise: Outsourcing to a data analytics company provides access to experienced data scientists and analysts with specialized knowledge and skills to handle complex data problems, as opposed to outsourcing to agencies whose small operational budgets may force them to hire consultants with limited expertise.
Cost Savings: Outsourcing data analytics solutions to a data analytics company can help reduce costs associated with hiring, training, and maintaining an in-house data analytics team.
Increased Efficiency: Data analytics companies have the resources, technology, and processes to quickly and efficiently complete projects as opposed to agencies whose resources might be too stretched.
DA Company vs. Dashboards / ML built-in software
There are several advantages of outsourcing data analytics to a data analytics company compared to having an in-built data analytics dashboard:
Expertise: Data analytics companies often have specialized experience in data analytics and can provide more advanced and sophisticated analytics solutions than built-in software.
Customizability: A data analytics company can provide custom solutions tailored to specific business needs, while built-in dashboards/ML software may have limitations in terms of customization.
Cost: Built-in dashboards/ML software may have upfront costs for purchasing and implementing the software, while outsourcing to a data analytics company can be more cost-effective, especially for smaller businesses.
Maintenance: Built-in dashboards/ML software may require ongoing maintenance and upgrades, while a data analytics company takes care of maintenance and upgrades as part of their services.
Access to new tools and technologies: Data analytics companies typically have access to the latest tools and technologies and can provide expertise on their use, while built-in software may not have the same level of access to new technologies.
Choosing between a data analytics company and built-in dashboards/ML software depends on a business’s specific needs and resources.
ENGINE’s data analysts can identify your core data analytics challenges and provide a concrete, long-lasting solution.
Partner with us to improve your data-driven strategy
Creating your customized data analytics dashboard isn’t as easy as it sounds, and building an in-house team would be expensive in the long run. ENGINE’s team of data analysts brings on board many years of experience in the provision of data analysis to help your business navigate through the data analysis journey.
Get in touch with our team today and learn how ENGINE Analytics can help your business grow.