Make up your mind
You have taken a giant leap towards business growth and profitability if you understand the significance of data driven decision making in driving your business decisions. If you are not absolutely certain and are just following the pack, it may imply you are not ready. The best approach is to sit back, evaluate the business, identify the problem and set goals before engaging and initiating an analytics outsourcing initiative. Adopting analytics is a strategic long term business decision and giving it some time to take shape in your mind will ensure you have put your best foot forward.
There is no set formula which is industry or business specific to ensure success of any basic or advanced analytics outsourcing initiative. Business keeps changing as fast as customer's needs and expectation. Therefore, a disciplined consultative approach combined with constant review sessions ensures business goals and objectives are met and the organization steers towards the direction of growth and long term profitability.
Strictly follow a hands-on approach as every analytics outsourcing initiative is the combined responsibility of both parties. A mutual give and take policy is the mantra to be followed to ensure success. Always communicate success of the analytics outsourcing initiative and raise the red flag when the direction seems to be wavering. You are the best judge when it comes to your business.
Keep it simple and direct
Analytics outsourcing firms present reports that are lengthy and cumbersome to evaluate and understand. It is often a nightmare when combined with huge chunks of mathematical formulae and unnecessary tables and charts. Strategic data summaries and reports should be easy to comprehend and take decisive timely action to address the specific business problem at hand. It is best to keep the data summaries and reports simple and direct leading to quick decision making that have a lasting impact.
Always ask for case studies and references
Case studies help you evaluate the capabilities of the analytics outsourcing firm as well as helps you understand what differentiates the firm from its competitors. References are the best judge when it comes to evaluating the character of the analytics outsourcing firm. Always ask for references which are industry specific so that you are sure about the experience of the analytics outsourcing firm when it comes to understanding the business and your customers.
A firm's greatest asset - Intellectual capital
Intellectual capital is scarce, concentrated only with a select few and clearly the key differentiator. Intellectual resources with the right analytics know-how, experience and educational background do not find a business problem complex; rather they find it challenging and interesting. You can be sure of positive results if these three components are clearly visible in an analytics outsourcing team.
Don't start with the price - begin with understanding the impact
It is a preconceived notion that engaging a analytics outsourcing firm is going to be expensive. It is not, when you have a clear road map on the expected results and clearly defined milestones with measurable results. The measurable impact of the analytics outsourcing initiative on business growth and profitability when defined clearly make the price paid for the service a fraction of the impact it has on the bottom line.
Don't be a follower - be a leader
Do not enter into a analytics outsourcing engagement just because other firms are doing it. Be a leader, learn what is generally done and focus on customized innovative solutions that make you the game changer and a leader in industry. Do things differently and stretch a little more to see positive results that have a strategic and long term impact.
In today's complex and rapidly changing economic environment - cost cutting, lean staffing and lack of skilled resources seem to be haunting decision makers globally. Analytics outsourcing can help organizations on all fronts helping them maintain leadership irrespective of the changing dynamics.
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Market Equations provides Business Analytics outsourcing services helping organizations reduce their current spends while helping them increase profitability by at least 100 percent!
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