Most business leaders would agree: data is a valuable asset. Having up-to-date, accurate data with which to make data-driven decisions currently gives organizations an edge, but eventually, this will become table stakes in most industries, simply to remain competitive. However, an up-front investment in a strong technical foundation and a shift to embrace analytics culture throughout the organization are required to achieve analytics success.

Unfortunately, there are many challenges to overcome when trying to bring siloed and dirty data from multiple sources across your business to a single place to be analyzed, including a lack of time and manpower, and the need for data points that don’t currently exist, to name a few. Using data analytics, it becomes possible to better optimize your business by discovering operational efficiencies, reducing costs, tracking customer trends across your organization, and making strategic decisions based on predictive data models. Is partnering with analytics experts the best choice for mid-sized institutions, or should you hire Full-Time Employees (FTEs) to build and manage your data?

There are multiple ways an analytics platform could be created—we’re going to look at two today.

Build it yourself

The first is choosing to create a custom data platform. While not a bad choice, it could take a FTE years to create your analytics platform—if it’s ever finished. An engineer hired to build a custom platform may leave you high and dry with no one to step in to help. Something like this could cost your business months—or even years—of lost money and productivity, leaving you with nothing to show for your platform building efforts.

Even if your data engineer remains with your business, there are other challenges you may encounter. It can be difficult for a single FTE to stay up to date on the newest technological advances and upgrades. Especially when that person is not only expected to clean and update information on thousands of data records, but also take care of system and software updates, keep up with changing trends in the analytics world, and more. A lack of manpower can also make tasks like finding trends in your data nearly impossible, as data processing may be far behind where your most recent and relevant business analytics can be found.

When it comes to advanced analytics, you would need to find and hire additional employees who are skilled in advanced data analytics, machine learning, and AI techniques, and ideally, familiar with your industry. This can be easier said than done. Data scientists, like many in the technology field, are in high demand, and may be difficult to find and hire in smaller geographical markets.

Work with a partner

A different option is working with a trusted technology partner who brings data analytics expertise straight to you. Partnering with an end-to-end provider often saves your company money while allowing someone else to take care of the nitty gritty that goes into creating reports, graphs, charts, and more. Additionally, you are guaranteed to have access to the team you need to build algorithms and find insights in your data. A partner will consistently provide you with the right tools, talent, and resources, while supporting you the entire way. But how could an Analytics as a Service partner help you find the true value of your data?

A good partner will be able to offer the required resources to achieve analytics success—a foundational data platform, automated data management, access to data experts, and data delivery methods such as relevant and actionable dashboards and reports. Imagine having a regular report, generated overnight, every night, for you to review first thing in the morning—without having to invest in many new FTEs and years of development time.

When looking for a data analytics partner, all the things above are important for creating a successful partnership that leads to analytics success. Aunalytics provides data processing and analytics help and would never expect you to go it alone. When you hire us, you hire data scientists, data engineers, and data analysts, reducing the need for multiple expensive FTEs. By having access to a team of data experts by your side, your business can find itself enabled to make better, faster, and smarter decisions based on consistent, real-time data.