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Starting a business is difficult as it is. While you’re trying to scale and jumpstart your start-up, the looming question hovers over your head, what should you do with all this data? You must have endless excel sheets and tremendous amounts of data piling up, and that pile isn’t going to get smaller; rather, the data pile will get dauntingly large enough to haunt you even in your sleep. While you try to make the most sense of it, there is one solution you should immediately take upon: Outsource your data analytics.
Think of outsourcing as a magic wand that lets you take care of your business needs the exact way you want it to, without being burdened by it. If you feel outsourcing data analytics isn’t right at this point in time for your start-up, you need to think again. Outsourcing is done precisely at the stage when the start-up can’t afford the resource required for crucial tasks without a proper team.
This isn’t a decision that should be taken lightly. Outsourcing can be daunting in itself. But you have to start asking the right questions with an open mind. Think about the possibilities and weigh in on the prospects of outsourcing.
We’re here to help you do exactly that. Let’s walk through some of the primary considerations you need to take into account when wondering; should you outsource analytics.
Anything that isn’t directly related to your business is a task that doesn’t add value to your company. For a start-up to grow, it needs to hyper-focus on its product and how to add value to it. Rather than dividing your focus into tasks that will take your attention away from your company, you should outsource them.
Your company needs all its resources aligned to improve your product or service. Anything which is ‘non-core’ will lag and pretty much affect your company's performance.
The most important thing to a bootstrapped startup is the budget limitations. Not necessarily just a bootstrapped one, but even those who have raised funding since burning cash has proved catastrophic for startups.
To answer the question, outsourcing isn’t cost-heavy. Instead, it’s ‘cost-effective.’ The only alternative you have is to hire resources to do the same job which data analytics outsourcing companies could do for you. It doesn’t stop there; when you hire resources, you’ll need to purchase the technology they need to get the job done. It even goes further to provide them with the necessary training they might need from time to time to keep up with the ever-evolving world of big data.
This is precisely why startups should outsource their data analytics work from the start. You don’t want your cash flow going towards something non-core; this is an example of cash burn, and you want to steer clear of it.
For those who might think that performing a limited amount of data analytics in-house is better than outsourcing it, they couldn’t be further from the truth. One thing that has been established in today’s world is that data is King.
This ace card will give you that competitive advantage right from the start. This is one key initiative for your startup that will pave the way for faster, more efficient, and more effective growth metrics that will become vital in working toward your North Star.
There is only so much you could know about a field that isn’t your core. Experts handling your data can be more valuable than you think. Let’s look at the areas where a data analytics company works so you get a holistic idea of how research-oriented and thorough they are.
You must think realistically if you’re considering getting your IT guys to get these done. These are just a few of a data analytics firm's offerings for you. Each of these analytics will offer you insights into how to run your business and your way forward. But most of all, it helps you save time in your experimentation with tests and trials. It’s a fast-paced world today, and no one has time to spare. The more data-driven your decision-making is, the more effective your growth will be.
When you outsource your data analytics, you’ll have a team of experts working entirely on your data. This will ensure timely reports and analytic metrics to enhance your company’s overall performance. Individual teams, e.g., sales & marketing, will benefit largely from this. While they focus on implementing data-driven decisions, they’ll constantly get reports from the firm that will show their progress, trends, and forecasts through which they can better drive their campaigns and sales.
In his study, ‘Outsourcing and Firm Performance: A Meta-Analysis,’ Markus P. Becker found that outsourcing enhances a firm’s performance. This paper used a meta-analytic approach to investigate the relationship between outsourcing and performance measures.
Further, the reports generated for you will be easy to understand as the company will utilize its data visualization software to make reports. You can further use these to drive your KPIs and even present them to your investors.
Outsourcing is the best you can do for your company when done carefully and right. It makes more sense for a start-up and even more when it comes to data. An excellent data analytics firm will offer you services that will be a game changer and give you that market advantage to skyrocket your growth and achieve your north star metric faster than you thought you could.
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