No one wants to be set up to fail.
But that’s exactly what’s happening to countless modern businesses that can’t keep up with their data.
In 1945, the amount of new information created doubled every 25 years. Today, it’s estimated to double every 12 hours. It’s nearly impossible to collect, organize, and analyze even a fraction of the data created by people as that knowledge is absorbed and repurposed.
Your business needs help to keep up with the evolving needs of the people you serve. However, even the tech giants like Google Cloud Provider (GCP) and Amazon Web Services (AWS) need help finding physical space to store their vast data repositories.
That's where companies that offer managed services around data and/or analytics play a vital role in assisting in data preparation, cataloging, search, governance, and analysis. Partnering with a managed analytics service provider can set your business up for better data management so you can focus on growth.
5 Ways Managed Analytics Services are Essential to Business Growth
It’s essential to clearly understand data management before delving into the benefits of managed analytics services providers. Data management involves collecting, organizing, protecting, and storing an organization's data to be analyzed for making informed business decisions.
Managing data effectively is paramount, especially when data volume and complexity increase exponentially. Here’s a breakdown of five of the primary services that a managed analytics services company provides (and how having the right partner can free up your company and internal team to focus on growth).
1. Absorb and automate unnecessary, fundamental tasks
One of the most significant advantages of finding a provider to manage services around data and/or analytics is that these partners often can absorb and automate essential but time-consuming tasks. These companies–like Redapt, for example–take over the burden of labor-intensive data processes so you can redirect your valuable time and resources toward other core competencies and strategic initiatives.
Trusting these tasks to a managed analytics services provider with more resources allows you to streamline your operations and focus on driving innovation and achieving business objectives. How? Automation. Automation and machine learning make data-related tasks more efficient, minimize errors, and speed up your overall data workflow so you can make faster decisions that directly fuel your growth trajectory instead of just keeping you about water.
2. Improve productivity
Managed analytics services companies often possess specialized expertise and advanced technologies that smaller or quickly-scaling companies don’t have… but still need to keep growing. Many of these companies also have a team of professionals dedicated specifically to data management. Working with them lets you leverage their skills without requiring the time or resources to build an in-house team from scratch.
Partnering with managed data service providers also increases your access to accurate, data-driven insights so you can make informed decisions and stay ahead of the competition. The less your team needs to focus on data management responsibilities, the more they can focus on enhancing productivity and growth.
For example, imagine a growing online retail business that received an unexpected surge in customer orders and data volume. The increase in data is a daunting challenge for the company’s in-house IT team– which is responsible for processing and analyzing this vast amount of information. The team could try and manage it themselves, opening their company to errors and increased risk due to manual processing.
Or, the retailer can make the smarter choice and offload these data management responsibilities. A managed analytics services provider with automation tools, advanced algorithms, and data processing techniques will accurately streamline and optimize the data workflow to help the internal team stay productive despite all these changes.
3. Take on operational and security risk
Cyber threats constantly evolve, making data security a critical concern for every business. managed analytics services provider take on the operational and safety risks of data management and implement robust security measures–like encryption, access controls, and monitoring– so you are not constantly watching your back for the next threat.
By entrusting data management to experienced professionals, you also build increased trust with customers and stakeholders. A managed analytics services provider often has a greater workforce and even entire teams dedicated to early threat detection and mitigation. This availability gives you an added layer of protection and ensures that tech issues and problems are addressed quickly and thoroughly.
4. Fill in-house knowledge or experience gaps
Managed analytics services companies bring specialized knowledge and expertise in data management, analytics, and technologies that would otherwise be expensive and time-consuming to acquire internally.
Finding and vetting high-level talent can be challenging. Imagine trying to find and vet experienced professionals during a hyper-growth phase when you hardly have time to complete your work. It’s not an ideal situation for anyone involved. Partnering with these companies can bridge those in-house knowledge or experience gaps and let you benefit from industry-leading practices without acquiring the costs to get there.
5. Provide tools and resources to jumpstart growth
Managed analytics services companies bring expertise and provide a wide range of tools and resources that can unlock valuable data insights and provide an edge over your competitors. Competitive advantages can include the physical scalability of infrastructure and resources to handle larger datasets–without substantial upfront investments–so you can adapt and grow seamlessly.
Not all advantages are physical, though.
Experienced partners understand the nuances of data management, analytics, and technology trends and can provide a valuable sounding board on data-related initiatives. It’s easier to confidently make growth-related decisions when you’re getting advice from a partner that’s already done it.
Find a Managed Analytics Partner Right for You
In an era where data is the lifeblood of businesses, partnering with a reliable managed analytics services company can make or break your success in the current digital landscape. Finding the right partner to assist you with data preparation, cataloging, search, governance, and analysis can set your business up for better data management so you can focus on growth.
At Redapt, our enterprise data solutions utilize the latest predictive analytics, AI, and machine learning technologies to take your business to the next level. Contact us today to learn more about how that, or our other solutions, can help kickstart your business growth.
