Key Takeaways
Managed analytics Services offer high impact data solutions without the in-house overhead and headaches
Managed Analytics Services are especially high impact for small businesses (SMBs) for whom hiring and retaining expensive data professionals is cost prohibitive
Managed Analytics Services provides impacts in weeks, compared to months or years to stand up an internal data team
Managed Analytics Services are fractional - they scale to meet your needs and allow businesses to pay for what they need, as they need it
Managed Analytics Overview
Managed analytics as a service (MAaaS) is a solution where a third-party provider handles the entire analytics process, from data collection to insights generation, allowing businesses to leverage data analytics and automation without the complexities of managing an in-house team
A fractional data team is a specialized, external team of data experts that integrates seamlessly with your organization to deliver MAaaS. They provide the benefits of an in-house data team, such as tailored insights and strategic support, without the overhead and complexities of hiring and managing full-time staff. This approach helps businesses leverage high-quality data analytics and automation efficiently and cost-effectively.
Think of a WeWork. You can quickly adjust the spend and office space based on fluctuating needs of your business. This structure is applied to your MAaaS partner allowing you to focus on your business and know that you have a data team that can scale to meet your needs as they change.
MaaS providers such as Durham Data Company (DDC) transform disparate data from your tech stack into unified and actionable data products such as executive dashboards.
Highest impact areas for Managed Analytics
Drowning in Excel
Organizations struggling with the manual workload of handling, analyzing, and reporting data through spreadsheets can greatly benefit from managed analytics services. This common situation frequently results in inefficiencies, inaccuracies, and delays in decision-making processes.
By implementing managed services, automated tools and processes are introduced to simplify data management, convert raw data into valuable insights, and eliminate the laborious and error-prone tasks linked to spreadsheet usage. This transition not only saves time but also improves the precision and dependability of data analysis.
Difficulty Connecting Disparate Data Across Technology Stack
Organizations that utilize multiple business applications frequently encounter difficulties when attempting to merge these systems in order to obtain a cohesive perspective of their data. Managed analytics services stand out in their ability to link and synchronize data from various origins, facilitating a smooth data exchange and unified reporting. Tailored integrations play a vital role in obtaining comprehensive insights and recognizing interdisciplinary possibilities (such as tracking a customer's complete experience).
Through harnessing the proficiency of managed services, businesses can surmount the technical obstacles of data integration and unleash the complete capabilities of their data environment via collecting and harmonizing data from disparate sources, enabling seamless data flow and consolidated reporting. Custom integrations are crucial for gaining holistic insights and identifying cross-functional opportunities (e.g. seeing a customer's entire journey). By leveraging the expertise of managed services, businesses can overcome the technical barriers to data integration and unlock the full potential of their data ecosystem.
Analytics provides lift but is not a core capability
Managed analytics services are a valuable solution for businesses that understand the importance of analytics but do not view it as their main expertise. This option enables companies to leverage advanced analytics capabilities without having to allocate substantial resources away from their primary business activities.
By utilizing managed services, businesses gain access to the required expertise and technology for implementing complex analytics strategies. This allows them to harness data-driven insights while concentrating on their core strengths. This collaboration guarantees that analytics continues to be a focus and delivers value, even if it is not an internal specialization.
Challenges in Recruiting and Retaining Data Talent
In the competitive landscape for skilled data professionals, many organizations face difficulties in both hiring and retaining the necessary talent to support a strong analytics function. Managed analytics services address this issue by granting access to a team of seasoned data experts as part of their service package.
Managed Analytics alleviates the need for recruiting, training, and retaining a specialized in-house team, ensuring that businesses can consistently tap into top-notch analytics expertise without the in-house expenses. Through the utilization of managed services, companies can effectively navigate the data talent shortage and realize a competitive advantage in analytics.
Common Concerns with Managed Analytics
Loss of Customization and Flexibility
There is a widespread misunderstanding that choosing managed services restricts an organization's capacity to tailor solutions to suit its individual requirements. Nevertheless, leading managed analytics providers, such as Durham Data Company, place a high value on adaptability and personalization in their service provisions. They engage closely with customers to grasp their distinct needs and adjust their analytics solutions accordingly, guaranteeing that the analytical functionalities are in harmony with the organization’s strategic objectives and smoothly integrate with current systems and procedures.
Security and Privacy Risks
When working with a certified Microsoft partner like Durham Data Company, you can benefit from enhanced security measures provided by Microsoft's enterprise-grade cybersecurity solutions. By utilizing Microsoft's tech stack, Durham Data Company's managed analytics services leverage Microsoft's robust cybersecurity features to ensure the protection of sensitive data.
Managed analytics providers, including Durham Data Company, prioritize data security and privacy when handling sensitive information. They implement stringent security measures such as:
Data encryption
Secure data transfer protocols
Adherence to international data protection laws (e.g., GDPR and CCPA)
By partnering with a Microsoft-certified company like Durham Data Company, clients can have peace of mind knowing that their data is safeguarded by industry-leading security practices and technologies.
Dependence on Managed Service Provider
Businesses have a legitimate worry about relying too heavily on a service provider for analytics capabilities. To address this, Durham Data Company guarantees transparency and flexibility by establishing clear service level agreements for break/fix support. By providing thorough training and continuous support to client teams, they foster a collaborative setting that enables businesses to cultivate their internal analytics skills gradually, should they wish to do so.
Moreover, precise service agreements define the range of services, allowing businesses to maintain authority over their data and analytics operations.
Long-Term Commitments and Scalability
Many potential clients are concerned about committing to lengthy contracts that may not suit their changing business requirements. Managed analytics services generally provide adaptable solutions that can expand alongside your business. Versatile engagement approaches enable modifications to the service scope, enabling companies to increase or decrease their usage according to their present needs without encountering rigid long-term obligations. This adaptability guarantees that businesses can utilize analytics services in a manner that aligns with their growth rate and evolving demands.
Integration with Existing Systems
There are often concerns about the ability of managed analytics solutions to seamlessly integrate with existing IT infrastructure and data systems. Durham Data Company and similar companies have extensive experience in effectively merging their solutions with different systems and platforms. This ensures a seamless data flow between the managed service and the client's current databases, CRM, ERP systems, and other applications, maintaining a cohesive and efficient operational environment.
Outsourcing Data Operations
Outsourcing analytics does not mean giving up your core data capabilities; instead, it means enhancing them. Companies like Durham Data Company offer additional expertise and advanced technologies to support your existing team, allowing you to focus on strategic decision-making while still maintaining control over your data. This approach allows you to leverage industry best practices and expand your analytics efforts efficiently, ensuring that your organization remains agile and competitive.
Partnering with a managed service provider does not equate to compromising the strategic importance of your data; rather, it means magnifying it, thereby aiding your business in navigating today's data-driven environment more effectively.
Turn your data into actionable insights with Durham Data Company
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