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Big data companies provide invaluable solutions for extracting vital insights from huge datasets. They uncover valuable information like hidden patterns, correlations, customer behavior and habits and much more.
Although data analytics companies and the concept of big data are not a novelty, most organizations have just recently started to understand how to “capture” streams of data and get significant value from it.
As data influx grows exponentially with time, enterprises need to continuously scale their infrastructure to maximize the economic value of data. Hence, hiring top data analytics companies would be the way to go.
The benefits that big data companies bring to the table are speed and efficiency. They gather data, run analytics, dig for invaluable information and identify insights that may help client organizations in the decision-making process.
No wonder that the global big data analytics market is set to reach $103 billion by 2027.
As we previously noted, data analytics companies enable businesses to analyze the acquired data and use them as required. Data analytics services assist in a multitude of business aspects including product development, identifying potential market gaps, improving operational efficiency, etc.
But before we jump into the different types of services big data companies offer, we need to understand the different variations of data itself.
Big data has four major components, known as the four V’s:
The biggest challenge of big data is not just its volume but the complexity and data variety, especially now. Furthermore, not all of the data are readily usable. It has to undergo a transformation known as data cleansing to make it readable and understandable.
Big data is usually classified in three ways:
Easiest to work with — structured data is highly organized by set parameters. It represents all the business’s quantitative data.
More than 80% of the data is unstructured. It requires untangling to make it interpretable and that can be time-consuming.
As the name suggests, semi-structured data walks a fine line between the two previously mentioned classifications, which often translates to unstructured data with metadata attached to it.
It is essential to know the structure of the data to identify how to work with it and what results/insights it can produce. Understanding where the raw data originates from and how it has to be treated before analyzing it is crucial.
Big data companies go through the process of analysis and implementation such as:
Data analytics companies help organizations across industries such as:
Besides data analytics, big data companies also offer related services including:
Data analytics companies help organizations foster data-driven decision-making, but they also can empower your in-house talent in ways that add value to their business. How?
The most significant advantages of working with big data companies are:
Hiring a data analytics company may not be cheap, but it is the best thing you can do with your budget. With their expertise, experience, tools and resources, analytics companies identify the most efficient and cost-savvy ways of managing your business.
Based on your data, they can pinpoint every cost-reduction opportunity, estimate which products and/or services are most likely to be sold/returned/get unnoticed, allowing companies to save money and reallocate budget on time.
All businesses need to better understand their customer base in order to develop better products and/or services. Luckily, big data companies are here to give unique insights into customer behavior and positively impact business efficiency.
By interacting with customers/clients and gaining their feedback, big data tools amass large amounts of useful customer data through online platforms and/or customer databases, which, after analyzing, can reveal meaningful patterns (taste, preferences, pain points, etc.) to create custom-tailored personalized experiences in the future.
The information derived from big data analytics is essential for planning and creating business strategies. Analyst experts manipulate volumes of data and morph it into actionable information which helps organizations make better, well-informed and ultimately, efficient decisions.
Collected insights are the key to innovation, as they can be used to develop new products/services, improve marketing techniques and find more radical ways to expand brand reach.
By using big data analytics, Netflix saves $1 billion per year on customer retention.
As noted, customer data doesn’t leave much to the imagination, which can help you boost sales, as well as retain customer loyalty. The higher the level of personalization your business offers, the more it will attract customers, new or old.
Big data companies can help you identify the latest trends and practices in the industry and keep your organization up to date on the current market climate.
Organizations that are able to recognize emerging trends and tailor their services accordingly can meet the rising demand and become the exclusive source for specific products and/or services.
Now that the benefits of partnering with big data companies are evident enough, let’s discuss their pricing structures. How much exactly does big data consulting cost?
There are a couple of factors that determine the rates of data analytics companies:
Big data companies typically charge fees:
Some companies, however, also offer monthly retainer pricing models.
Most analytics companies charge around $99 per hour, with high-end ones asking up to $199 or even $300 per hour.
In terms of project-based pricing, top analytics companies take projects valued anywhere between $10,000+ and $100,000.
Here are some points you should consider when selecting a big data analytics company to partner with:
1. Understand Your Specific Business Needs
Businesses often face obstacles when trying to extract real value from big data initiatives because no clear goals were set from the get-go.
When selecting your future agency partner, you need to clearly explain your business KPIs to prospective analytics companies so they can analyze your business case and help you define realistic estimates and how to achieve them.
2. Check Proven Track Record
Finding a reliable big data analytics service provider can be taxing. Besides collecting and processing heaps of raw data, they must produce intelligible and timely reports.
When reviewing prospective companies, check their case studies and client reviews to get a better insight into their approach, techniques, reports, etc.
3. Data Security
Securing data is crucial. Whether your data is stored on-premises or in the cloud, opt for a provider that offers data encryption to prevent the risk of hacks or tampering of any kind.
The questions below will show you if prospective analytics companies are truly qualified to help your business grow:
Big data companies help businesses with all their big data needs - from consultation and implementation to full-time data management. They analyze collected data to extract actionable insights that can help businesses grow.
Besides consulting and analytics, big data companies offer services including:
The main benefits of working with analytics companies are:
When selecting your ideal partner among the top data analytics companies, be sure to check whether they:
Best of luck!
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