Avoiding the common pitfalls of internally-run analytics is a strong enough selling point to switch to, or adopt, outsourced analytics. But there are some other major benefits included with the move that the bulk of organizations simply shouldn't ignore.
Advantages of Analytics as a Service:
An outsourced analytics practice can have a big impact on your organization's ability to deliver timely insight and can also help to create new opportunities for the organization.
The benefits include:
Lower Costs
Increased Scale
Faster Delivery
Results and Deployment Speed
Specialty and Experience
Freedom to Focus
Lower Costs
Arguably the most significant benefit of outsourcing analytics is the reduction in costs. By taking advantage of an Analytics-as-a-Service through a qualified managed service provider (MSP), companies can access highly specialized, highly seasoned resources at a much lower cost than hiring and maintaining a similar skillset in-house.
Beyond saving money on labor costs, there are other opportunities to lower costs. For example, the MSP could provide its own licenses (BYOL) for software and analytics technology and even embed in it's price the potential for fixed hosting costs. The complete, turn-key offering would provide an appealing, forecastable option versus the unknown, ever increasing cloud and analytics fees the business pays each month.
The ability to offset costs through value-added analytics is also a realistic endeavor. In many cases the service pays for itself by creating opportunities for the business to implement cost-saving measures unearthed as part of the managed analytics practice.
Increased Scale
Cloud-based infrastructure scalability is now a feature in just about every modern application. No longer do infrastructure engineers have to toil with servers in server rooms in order to ensure failover and performance. The cloud now does this for us. However, the move to the cloud does not scale people resources. Cloud infrastructure makes systems run better but the caveat is increased demand in specialized skills.
MSPs can step in and provide the organization with the ability to scale people resources as needed. This ensures the necessary skills and tools are always available upfront that are best suited to complete each individual project. The ability to scale to temporarily fill skill gaps is an effective approach that many companies can benefit from, as many are feeling the effects of these gaps in their internal efforts.
Faster Delivery
Typically, in-house teams are dealing with a multitude of internal priorities and are receiving requests from across the organization. As the use of data inevitably grows within each department, internal teams are increasingly inundated with requests that create lengthy timelines for deliverables. Fortunately, with Analytics as a Service, dedicated outsourced teams can ensure that projects are delivered within far faster timeframes. This faster turnaround time allows organizations to cover multiple active analytics projects at once and reduce the overall backlog of work at anyone time.
Results and Deployment Speed
The deployment of Analytics as a Service is near-instantaneous, as AaaS is centered around augmenting existing operations vs. replacing them outright. This augmentation approach avoids potential disconnect and wasted “transition” time, while also making the process more seamless overall for the parties involved. Organizations can enjoy the availability of pre-packaged templates for particular industries, business processes, or for integrating with various data sources. This out-of-the-box functionality speeds up the development cycle and gets actionable insights moving through the organization faster. In addition, MSPs are able to leverage learnings from past deployments that may be applicable and immediately actionable within the new partner's organization.
Specialty and Experience
MSPs and their AaaS efforts are typically up-to-date on the latest evolving technologies and techniques and are comfortable applying innovative approaches that help drive the business forward. This gives partner companies the ability to better outmaneuver industry competitors who are still running analytics efforts in-house. In addition, the partner company of the MSP instantly gains access to a wealth of experience across different industries, as well as knowledge of similar businesses, projects, and use cases that can potentially add additional value to their efforts.
Freedom to Focus
One critical impact of Analytics as a Service is the ability to free up time for analytics teams who would no longer be inundated with difficult workarounds but can now better meet the requests and deliverables flooding in from across the organization. This freedom also extends to management and executive teams that can return focus to the other core operations of their business. With the tedious, manual work out of the way, executives can focus more on outcomes and outputs vs. managing the process itself.
Businesses are moving capabilities to the cloud not only for scalability but also for flexibility. The organization
Interested in learning more about Analytics as a Service? Read next:
7 Common Challenges of Fielding Internal Analytics Teams How To Determine If Analytics as a Service (AaaS) Is Right For Your Organization Why Businesses Are Opting for Analytics as a Service (AaaS) in 2021 Standout Offering From Process Tempo Fueling Breakthroughs in Managed Analytics Capabilities
Analytics as a Service (AaaS) from Process Tempo is an analytics solution that helps your entire team make intelligent and profitable decisions by leveraging your data without a heavy, upfront investment. By choosing an efficient, fast, and cost-effective path to insights, we can help you beat your competitors in today’s data-driven, competitive digital economy. With Process Tempo as your Managed Service Provider, stakeholders can focus on achieving sustainable and predictable profitable growth.
Ready to get started with a Managed Analytics Service? Read more about Process Tempo's Approach to Managed Analytics or schedule an introductory session.
Process Tempo is a hybrid cloud, data management & analytics platform that breaks down silos to allow people, processes, and technologies to seamlessly work together. The platform supports a secure, governed, scalable, and high-performance environment for analysts and data scientists while serving as the foundation to deliver insights to all employees. It helps to deliver markedly fast, actionable, and accurate insights, easily incorporates a semantic data layer to curate and recommend information from across the organization, and makes every employee a first-class citizen in contributing insights and feedback to make the organization smarter over time.
Learn more about the platform here.