Big data analytics consulting is a sophisticated service based on the process of examining big data. It’s all about uncovering useful information and hidden correlations and connections within data in your company. Big data analytics consulting has been designed to help organizations make more apt decisions and more accurate future predictions. You can now outsource these services to data analytics consulting agency.
All in all – big data analytics consulting helps your company grow faster and improve the decision-making process. However, not every company has data scientists on board. If that applies to your company as well, you should consider outsourcing this field of business. And in this article, we are going to show you how to pick a data analytics consulting agency!
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Why should you be interested in data analytics?
Let’s start with the beginning. Why should you be interested in data analytics? It’s a form of advanced analytics based on big data–large amounts of data originating from the market itself and your company. At Addepto, we believe that data is the most valuable asset of every company. But until it’s cleaned, processed, and analyzed–you waste it’s potential.
Data analytics consulting agencies help you understand and master data your company processes every day. All of that is to get useful insight that will help you work better and make more accurate decisions. Let’s think for a few moments, why is data analytics so beneficial?
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The significance of big data analytics consulting
You can think of any field of doing business on a large scale, and we bet big data analytics can be applied to it with ease. And it goes further–big data analytics can not only be applied to your business but it also significantly enhances the way your company works! To name some of the critical benefits, let’s say it’s of significant importance regarding:
- New business opportunities
- Enhanced operational efficiency
- Effective marketing campaigns
- High-quality customer service
As an entrepreneur, you fully understand and value each of these elements, don’t you? In short, big data analytics guides you through big data in your company. But in order for this service to be effective, your data has to be appropriately prepared for further analysis. That’s why the data analytics consulting agency of your choice should also be able to help you in cleaning and processing data that’s about to be analyzed.
Moreover, it’s a big data analytics consulting agency’s role to help you choose appropriate data sources that will allow you to receive answers you expect to get. Typically, big data is related to information your company gathers about:
- Customers and their orders
- Marketing campaigns
- Finances and cash flow
- Human resources
- Operational costs and procedures
And several other aspects of doing business. Sometimes, data used in big data analytics can originate even from the market, not the company itself. Depending on your goals and expectations, the big data analytics service will look differently. But it’s always all about gaining valuable business insight from the information you deal with within your company.
Gain some knowledge about data analytics
We strongly advise you to gain more information about big data. Why? First of all, data shapes our world, whether you realize it or not. Just take a look at some mind-bending numbers:
- People are generating 2.5 quintillion bytes of data each day
- By 2023, the big data industry will be worth an estimated 77 billion USD
- In the last year, the number of IT professionals using big data statistics grew from 40% to 60%
- Data warehouse optimization is considered a critical or very important issue by 70% of companies
And yes, all of that applies to your company as well! If you don’t harness data that your company produces and processes either way, soon you will be outrun by your competitors who understand the real significance of big data.
Furthermore, if you’re looking for a data analytics consulting agency, you have to understand big data to some extent. Otherwise, you will be just wandering around in a fog. You have to gain some knowledge so that you can ask the right questions and understand the answers.
What kind of service are you looking for in a data analytics consulting agency?
First of all, you have to know who exactly are you looking for? That, of course, depends on your ultimate goal. Think where do you want to be or what do you want to achieve. The answer to that question will lead you to the best type of data analytics company.
Generally speaking, we can say that there are five types of big data analytics consulting services. Many agencies offer all of them, but you have to verify that before you sign the dotted line.
Types of big data analytics consulting services
- Prescriptive analytics: In short, this service helps you to determine the best solution among many possibilities. Typically, prescriptive analytics is based on known parameters and suggests options for taking advantage of a future opportunity or mitigating future risk.
- Descriptive and outcome analytics: It’s mainly about spotting and analyzing trends within your data. Companies use this service to see how the behavior or habits of their customers have changed over time. Outcome analytics provides you with an insight into customer behavior that drives specific outcomes. This service allows you to understand your target audience better.
- Predictive analytics: It’s big data’s crystal ball. Predictive analytics uses various models to forecast what might happen in specific scenarios. This service is frequently used to assess future sales levels or the situation on the market.
- Diagnostic analytics: This service is primarily based on determining why something happened in your company. It’s almost exclusively focused on historical data and helps you draw conclusions that will help you avoid making the same mistake in the future.
As you can see, mostly, it’s all about taking data you possess and analyzing it using various models and AI-fueled algorithms. And that’s the essence of big data analytics. It sounds simple, but due to big data’s voluminous nature, these processes are complicated and time-consuming. That’s why we need AI and sophisticated algorithms to pull that off. Otherwise, it would simply be impossible.
The principles of choosing the right data analytics consulting agency
There are at least nine fundamental principles (we can call them commandments), of choosing the proper data analytics consulting agency. If you stick to them, you are on a straight course for successful, long-term cooperation. So, the data analytics consulting agency you want to choose should:
Data Analytics Consulting Agency: MAKE BIG DATA SIMPLE TO UNDERSTAND
To many people outside the IT industry, all of these buzzwords like big data or machine learning sound like witchcraft. Perhaps you think so too. A professional data analytics agency should fully understand that and talk about their work straightforwardly and understandably. If the company you negotiate with uses mysterious abbreviations or terms you don’t understand–think twice before you sign the agreement. If you don’t understand their promises, you won’t understand their results as well.
QUICKLY ASSESS WHAT THEY CAN DO FOR YOU
Although big data sounds like witchcraft, it’s a very specific and precise field of knowledge. A company that deals with big data on a daily basis will be able to assess your idea and your expectations in a short period, in many instances, even during your meeting! If they ask you for several weeks to produce feedback, go find someone else.
DATA ANALYTICS CONSULTING AGENCY SPEAKS OPENLY ABOUT WHAT CAN/CANNOT BE DONE
It’s a problem for many minor agencies. Their main concern is to get a client, and, as a result, they tend to agree with everything you say–just to make you happy. It’s a very short-sighted strategy. Eventually, they will reach a wall, and you along with them. It’s better to find a professional agency that’s honest and transparent about what can or cannot be done.
DATA ANALYTICS CONSULTING AGENCY IS TRANSPARENT ABOUT SCOPE OF WORK THEY OFFER AND THEIR EXPERIENCE
A professional data analytics agency is transparent about their work and experience. Naturally, as everywhere else, NDAs are common in the IT industry, but this doesn’t mean that you can’t find out anything about your agency’s clients or successes.
ASK MANY QUESTIONS
Asking questions is crucial to building a strategy and offer that meets the client’s expectations. Your agency should try to understand your work and your company inside out. And the only way to do that is to ask questions. Lots of them.
DATA ANALYTICS CONSULTING AGENCY SHARE THEIR KNOWLEDGE
When it comes to big data, there’s no place for “the mystery of faith”. The agency you work with should be open to questions and explain every possible stage or element of their work. Partially, that’s what you pay for. Don’t be afraid to ask questions and to demand understandable answers.
KNOW THE DRILL
We talked about that earlier in the point regarding assessing what can be done. If the agency you talk to really knows how to execute your project, they will be able to start working on it quickly and efficiently. If you have the impression that each conversation is an uphill battle–it’s definitely not a good sign.
ASSIGN YOU A PROJECT MANAGER
The project manager’s role is to keep you updated and monitor the progress of your project. Every professional agency assigns one or two people responsible for the communication between you and the agency and assists you during cooperation. Always ask about a project manager before you sign the agreement.
Last but not least, it’s essential to find people who you’ll get along with. Just like in private life, if you like someone, it’s much easier to do something together. Look for an agency that understands your problem, your concerns, and expectations. Look for friendly specialists who patiently explain every unclear element of their work. It bodes successful, long-term cooperation.
If you have read our previous post, you might think that these principles are essentially the same as these regarding choosing an AI consulting agency. And that’s true, they are universal and will lead you towards the perfect data analytics consulting agency. We encourage you to check out Addepto. We are experienced in data analytics and will gladly ask all of your questions. Verify our work and find out how big data analytics can help you in everyday practice. Find out today!
 Jovan Milenkovic. 30 Eye-Opening Big Data Statistics for 2020: Patterns Are Everywhere. Dec 4, 2019. URL: https://kommandotech.com/statistics/big-data-statistics/. Accessed Aug 18, 2020.