By using this site, you agree to the Privacy Policy and Terms of Use.
Accept
SmartData CollectiveSmartData Collective
  • Analytics
    AnalyticsShow More
    data Analytics instagram stories
    Data Analytics Helps Marketers Make the Most of Instagram Stories
    15 Min Read
    analyst,women,looking,at,kpi,data,on,computer,screen
    What to Know Before Recruiting an Analyst to Handle Company Data
    6 Min Read
    AI analytics
    AI-Based Analytics Are Changing the Future of Credit Cards
    6 Min Read
    data overload showing data analytics
    How Does Next-Gen SIEM Prevent Data Overload For Security Analysts?
    8 Min Read
    hire a marketing agency with a background in data analytics
    5 Reasons to Hire a Marketing Agency that Knows Data Analytics
    7 Min Read
  • Big Data
  • BI
  • Exclusive
  • IT
  • Marketing
  • Software
Search
© 2008-23 SmartData Collective. All Rights Reserved.
Reading: Great Analytics Vendors: 5 Must-Have Traits
Share
Notification Show More
Aa
SmartData CollectiveSmartData Collective
Aa
Search
  • About
  • Help
  • Privacy
Follow US
© 2008-23 SmartData Collective. All Rights Reserved.
SmartData Collective > Business Intelligence > Business Rules > Great Analytics Vendors: 5 Must-Have Traits
AnalyticsBig DataBusiness RulesData MiningData VisualizationJobsKnowledge ManagementMarket ResearchModelingPolicy and GovernancePredictive AnalyticsSentiment AnalyticsSocial DataSocial Media AnalyticsText AnalyticsUnstructured DataWeb Analytics

Great Analytics Vendors: 5 Must-Have Traits

Melissa Thermidor
Last updated: 2013/06/06 at 6:51 AM
Melissa Thermidor
5 Min Read
analytics vendor
SHARE

Let’s face it; the best way to make your organization more data-driven is to get the best analytics talent within your organization. However, that is harder said than done. Invariably the attempt to improve the analytics talent pool leads to compromises like Reduction in scope of the vision, Delays in execution and Poor quality talent.

This is where external analytics vendors can assist by creating an extended analytics talent pool. It is important to spend the time and attention in choosing the right vendor.

Let’s face it; the best way to make your organization more data-driven is to get the best analytics talent within your organization. However, that is harder said than done. Invariably the attempt to improve the analytics talent pool leads to compromises like Reduction in scope of the vision, Delays in execution and Poor quality talent.

This is where external analytics vendors can assist by creating an extended analytics talent pool. It is important to spend the time and attention in choosing the right vendor.

SO WHAT SHOULD YOU LOOK FOR IN YOUR ANALYTICS VENDOR?

1. ABILITY TO DEVELOP A BUSINESS LED SOLUTION TO THE ANALYTICS PROBLEM
analytics vendorYou want a vendor with the capabilities to understand a business problem, translate it into an analytics solution and derive actionable insights. Analytics services vendors with the right capabilities will invest and harbour the right talent to play this role. So it is essential to assess whether the vendor:
(a) has hired and invested in people with skills in consulting, domain expertise and front-end engagement and
(b) is able to articulate an appropriate approach to a business problem you pose

2. CAPABILITIES IN ANALYTICS TECHNIQUES, TOOLS AND TECHNOLOGIES
There are a wide array of analytics solutions, approaches and techniques that are available. And the key to a successful implementation is to make the choices that derive benefits for the business, are actionable and generate insights. So when assessing the vendor ask for instances where they have demonstrated these abilities. Probe into how they converted the business problem into an analytics solution, why did they choose the specific approach, what data elements were included & excluded, what insights were generated and what tools and technologies were used.

The rule of the thumb is if the vendor is able to demonstrate experience and expertise across 2-3 solutions they have built for clients, then be assured that you are talking to a capable vendor.

3. CUSTOMER ENGAGEMENT AND REPEAT CUSTOMERS
Analytics outsourcing is in its infancy and many firms are experimenting and learning from it. So the smart thing to do is to check if the vendor has demonstrated steady growth in their existing accounts (a clear sign that clients see value in the engagement) and if a fair share of their revenues are coming from existing customers.

4. FLEXIBILITY IN ENGAGEMENT AND BUSINESS MODELS
An analytics vendor should have flexible engagement models to suit varying needs of your organization. The ability to scale up or ramp down the analytics teams should be an important ingredient of the engagement. Another aspect to look for is the willingness to work out different financial options at the start of the engagement.

5. KEEPING UP WITH THE LATEST TRENDS IN ANALYTICS
The analytics landscape is changing rapidly with introduction of new technologies, open source options, ‘Big Data’ buzz, data visualization, machine learning algos etc. The challenge is to be able to wade through these terms and decide which of them fit your analytics priorities best. Can the analytics vendor be the consultant who can help your firm figure this out?

To truly harness the full power of analytics look for vendors with the right attitude for business engagement and the right aptitude for analytics.

(analytics vendor / shutterstock)

TAGGED: analytics vendor
Melissa Thermidor June 6, 2013
Share This Article
Facebook Twitter Pinterest LinkedIn
Share

Follow us on Facebook

Latest News

ai low code frameworks
AI Can Help Accelerate Development with Low-Code Frameworks
Artificial Intelligence
data Analytics instagram stories
Data Analytics Helps Marketers Make the Most of Instagram Stories
Analytics
data breaches
How Hospital Security Breaches Devastate Local Communities
Policy and Governance
analyst,women,looking,at,kpi,data,on,computer,screen
What to Know Before Recruiting an Analyst to Handle Company Data
Analytics

Stay Connected

1.2k Followers Like
33.7k Followers Follow
222 Followers Pin

SmartData Collective is one of the largest & trusted community covering technical content about Big Data, BI, Cloud, Analytics, Artificial Intelligence, IoT & more.

ai is improving the safety of cars
From Bolts to Bots: How AI Is Fortifying the Automotive Industry
Artificial Intelligence
data-driven web design
5 Great Tips for Using Data Analytics for Website UX
Big Data

Quick Link

  • About
  • Contact
  • Privacy
Follow US
© 2008-23 SmartData Collective. All Rights Reserved.
Go to mobile version
Welcome Back!

Sign in to your account

Lost your password?