In today’s data-driven world, organizations of all sizes and across industries recognize data analytics’ value in making informed business decisions. However, managing the vast amounts of data organizations generate can be daunting. It is where managed analytics services come into play. And it offers organizations the expertise, resources, and tools they need to collect, analyze, and report on their data promptly and efficiently. This would be a valuable resource for organizations that lack the expertise, resources, or time to manage their data analytics functions in-house. Further, it would enable organizations to create a robust data foundation that supports their mission-critical business apps and enables real-time efficiency gains – all while reducing infrastructure costs.
This blog post will explore the various types of managed analytics services, the skills required for managed analytics, and the reporting tools used.
Managed analytics services refer to outsourcing data analytics functions to a third-party vendor. These services typically include data collection, analysis, and reporting, among other parts. The vendor provides the tools, expertise, and resources required to manage and analyze an organization’s data, freeing internal resources to focus on other core business functions. It can be a valuable resource for organizations that lack the expertise, resources, or time to manage their data analytics functions in-house. Outsourcing these functions allows organizations to make data-driven decisions more efficiently, enabling them to gain a competitive advantage.
Businesses can gain in-depth insights made available by in-house analytics platforms more efficiently and at a reduced cost to:
Data Analytics Managed Services can benefit any organization that generates or collects data and wants to leverage it to gain insights into its business operations. Any decision maker needing foundational analytics knowledge to formulate strategies, optimize processes, identify red flags, ensure compliance, or generate performance reports can benefit.
However, some specific types of organizations that may benefit from managed analytics services include:
Any organization that generates or collects data and wants to leverage it to gain insights into its business operations can benefit from managed analytics services.
Analytics has different applications depending on business needs. The analytics reports generated enable you to conclude, predict demands, and extract practical insights to speed up decision-making. There are several types of managed analytics services, each designed to meet the unique needs of organizations. Here are some of the most common types of managed analytics services:
It addresses the question, “What happened?”
For instance, if you’re analyzing sales performance and identifying a seasonal surge in the sale of a specific product like a gaming console, then descriptive analytics will highlight the peak in sales each year’s holiday season.
Data visualization is the best fit for conveying descriptive analysis in graphs, maps, and charts that indicate spikes and dips in an easy-to-follow manner.
Taking the analysis one step ahead, it answers the following logical query, “Why it happened.” This type typically compares coexisting tendencies and identifies their causal relationships where applicable.
Continuing the example stated earlier; you can track the demographic data of console users and find that they’re between the ages of 8 to 18, whereas the buyers are between the ages of 30 to 50. This reveals that gifting is the primary motivation, and the spike in sales during the winter months is due to the holidays.
It forecasts future trends based on historical data coupled with industry drivers. For example, knowing that gaming console sales witness an upward trend during every holiday season with ample data to back it up, it becomes easier to formulate profitable strategies based on more likely events. Business Intelligence (BI) managed services provide organizations with the tools and resources to gather and analyze data from various sources to gain insights into their business operations. BI-managed services can include data warehousing, integration, dashboard development, and analytics.
It answers the question, “What needs to be done next?” Prescriptive analytics considers all possible scenarios, suggesting practical takeaways for making data-driven decisions. Rounding up the gaming console example and the forecasted trend in seasonality due to holiday gifting – Your marketing can run two ads for A/B testing.
One ad can cater to end-users, and the other can target their parents. The data from A/B testing can help decipher how sellers can capitalize on the seasonal spikes. Or how they can optimize their marketing campaigns with holiday-themed messaging and drive more conversions.
We can help you make data-driven decisions with our specialization, tools, and resources with confidence. Don’t wait!
Managed Analytics Services offer several benefits to organizations that can help them gain a competitive edge and improve their bottom line.
Here are some of the key benefits:
Reporting tools are designed to simplify the visualization and presentation of data, enabling analysts to focus more on business requirements and logic rather than creating visual representations. Most reporting tools feature drag-and-drop functionality, making them easy to use. These tools also offer data modeling and integration features, making them favorable for analysts.
Creating a managed analytics services team requires diverse skills, ranging from technical expertise to soft skills such as communication and collaboration. Some of the critical skills needed for creating a successfully managed analytics services team include:
Our data analytics services help organizations extract quick and flexible analytics from their raw data by setting up and supporting the infrastructure, conducting data management & data analysis.
We offer managed data analytics services that enable businesses to efficiently manage and govern large quantities of semi-structured and unstructured data. Our team is dedicated to supporting data scientists to obtain meaningful business insights through data lakes and open-source ecosystems. With skilled resources, we simplify and enhance data collection & management through modernized information architecture and automation, allowing seamless data access across different vendors, programming languages, locations, and structures. Our AI-powered data management approach reduces cost and development time, enabling us to provide valuable insights rapidly.
Here is an outline of how we typically assist our clients in fulfilling their customized analytic needs:
A UK-based DOOH leader with over a million digital advertising panels wanted to overcome overlapping & duplication of bookings with concurrent user access while fast-tracking the response time to bookings. They lacked an integrated mechanism for booking requests from multiple applications that
We developed an algorithm that provided a balance for inventory management while enabling the client to meet the increasing demand and offered better control to spend for additional stock purchases. The revamped ad order management system honored the strict business rules and predicted in real-time for the reshuffling of bookings.
Read more about this Digital Ad Order Management System and how it helped the client increase customer acquisition, maximize inventory allocation, and boost sales.
In conclusion, managed analytics services offer organizations a cost-effective and efficient way to leverage data insights to make informed business decisions. By partnering with a managed analytics services provider, like Rishabh Software, businesses can access a range of analytics capabilities, including data management, business intelligence, predictive analytics, and data science, without investing in expensive infrastructure and talent.
We can help you spend less time managing data to support you in achieving your data analytics objectives with minimal effort.
It typically starts with an in-depth need assessment to understand your organization’s immediate needs and pain points. Based on the inferences, our team of experts will create an advanced analytics/data science roadmap that outlines each engagement stage, enabling your organization to track progress. Our team will then get to work and provide detailed status updates throughout the engagement to ensure you are informed of progress at every touchpoint.
If your organization understands the need and benefits of proper data management but lacks the resources, the time is now. Outsourcing data & analytics managed services removes the headache of building a team with the exact skill set to manage your business’s data technologies.
We provide analytics insights in various forms, including pre-built reports and dashboards for different business users delivered on a predefined schedule or triggered by certain events. Our interactive reports and configurable dashboards also offer the possibility to drill down, pivot, and filter data for deeper analysis. Additionally, we provide a self-service analytics platform with secure role-based access, enabling users to access the data and insights they need without compromising data security.
The APMM provides a structured framework for organizations to evaluate their level of maturity in terms of analytics capabilities, identify areas for improvement, and develop a roadmap to enhance their analytical capabilities over time. It is structured across five levels of maturity, each representing a progressively more advanced stage of analytical capability:
It helps organizations in the following ways;