Why Your Business Needs Data Analytics Managed Services Now

Businesses generate thousands of data points daily—this is the reality for many small and mid-sized enterprises (SMEs). A mid-sized company produces approximately 1 to 10 terabytes of data each year. This translates to roughly 2.7 to 27 gigabytes of data daily, depending on the size and industry of the business.

As Microsoft’s CEO Satya Nadella wisely points out, “The real game-changer in business is not just having data but knowing how to leverage it for actionable insights.” Managing and analyzing this data effectively is crucial for maintaining a competitive edge, yet it demands the right expertise and tools.

Managed Analytics Services (DAMS) provides a solution by offering specialized experts and advanced technology to streamline data processing, enhance accuracy, and turn raw data into actionable insights. Partnering with the right DAMS provider can help unlock your data’s full potential, driving growth and keeping you ahead in a competitive market.

What Are Data Analytics Managed Services?

Data analytics managed services are when a company hires experts to handle their data needs. These experts use special tools and knowledge to look at a business’s data and find useful information. They help companies understand what their data means and how to use it to make better choices.

These services usually involve a team of data specialists who work for your company but aren’t your full-time employees. They use robust data infrastructure and advanced computer programs to collect, organize, and study your data. They then give you reports and advice based on what they find.

What You Gain from Data Analytics Managed Services

Managed analytics is a service that helps businesses use their data effectively. It offers a complete system to turn data into useful information.

• Data Integration and Automation

Managed analytics starts by bringing together data from different sources. This includes gathering data, organizing it, and making sure it’s always up-to-date.

• Cloud Data Warehousing & Data Management

Data is stored securely in the cloud. It’s organized and managed to ensure accuracy and reliability. A central data storage is created to serve as a single source of truth for the entire organization.

• Governed Reporting & Dashboards

Complex data is turned into easy-to-understand reports and interactive dashboards. These tools help people see trends and make decisions based on accurate information.

• Machine Learning & AI-Enabled Insights

Smart technology is used to find patterns in data and predict future trends. Computers learn from data to improve results over time.

• Ongoing Training & Support of Data Team

Managed analytics provides expert help and training for the data team. This allows the business to focus on its core operations while the experts handle the data.

Is Managed Analytics Services a Good Fit?

Managed analytics services are not a one-size-fits-all solution. They can be highly valuable in specific situations, especially for small to mid-sized businesses that need advanced data handling without the resources to do it in-house. Here are some scenarios where managed analytics services make sense:

1. Overwhelmed by Manual Spreadsheets

If your organization struggles with managing, analyzing, and reporting data manually through spreadsheets, managed analytics services can help. Handling data this way often leads to inefficiencies, errors, and delays.

Managed services provide automated tools that streamline data processing, improve accuracy, and speed decision-making. This shift reduces the manual workload and enhances the reliability of your data insights.

2. Difficulty Integrating Different Business Applications

Organizations using various business applications often face challenges integrating these systems to get a unified view of their data. Managed analytics services excel at connecting and harmonizing data from different sources. This integration helps provide a comprehensive view of your data and enables better reporting and analysis.

3. Analytics is Important but Not a Core Capability

Managed analytics services offer a practical solution for businesses that see the value in analytics but don’t have it as a core function. These services provide access to sophisticated data science and analytics tools without diverting resources from your main business activities. This way, you can benefit from sophisticated analytics while focusing on what you do best.

4. Struggling to Hire and Retain Data Talent

Finding and keeping skilled data professionals can be challenging due to high competition. Managed analytics services solve this problem by providing access to experienced data experts as part of their service.

This arrangement eliminates the need to recruit and manage an in-house team, ensuring you have consistent access to high-quality data-managed services expertise.

Common Concerns with Managed Analytics

Addressing these issues involves finding a provider that offers flexible solutions, robust data protection, and a supportive approach to integration and scalability.

• Limited Customization and Flexibility

A common worry is that managed services might not offer enough customization for your specific needs. However, many managed analytics providers, like DataDrive, focus on flexibility and customization. They work closely with clients to tailor analytics solutions to fit specific requirements, ensure they align with strategic goals, and integrate well with existing systems.

• Security and Privacy Risks

Entrusting your data to a third party raises concerns about security and privacy. Managed analytics providers address these concerns with strong security measures, including data encryption and secure transfer protocols. To protect your data, they also comply with international data protection regulations, such as GDPR and CCPA.

• Dependence on the Service Provider

There is a concern that relying too much on a managed service provider could be problematic. To address this, providers like DataDrive offer transparent service agreements and provide training and support to help your team develop in-house analytics skills over time. This approach ensures you maintain control over your data and analytics processes.

• Long-Term Commitments and Scalability

Businesses might worry about being locked into long-term contracts that don’t fit their changing needs. Managed analytics services often offer scalable solutions that can adjust as your business grows. Flexible engagement models allow you to modify the scope of services, ensuring that your analytics support matches your evolving requirements.

• Integration with Existing Systems

Another concern is whether managed analytics solutions integrate smoothly with your IT infrastructure. Providers like DataDrive are experienced in integrating their solutions with various systems, ensuring a seamless data flow between their services and your existing databases and applications.

• Outsourcing Data Operations

Outsourcing analytics doesn’t mean losing control over your data. Instead, it enhances your existing capabilities. Managed services complement your team with specialized expertise and technology, allowing you to focus on strategic decisions while maintaining control over your data. This approach helps you use best practices and scale your analytics efforts efficiently.

Simplify Your Data Management with Magellan Solutions Help!

Curious about how data can drive your business forward? With 18 years of expertise, Magellan Solutions offers data analytics managed services for SMEs. Our certified team utilizes advanced tools and cutting-edge technologies in data analysis, data security, predictive analytics, and artificial intelligence to transform your data into actionable insights.

Let us handle the complexities of data management while you focus on growing your business. Reach out to us and discover how we can streamline your data strategy for greater success!