Improve Data Insights with an Analytics Agency RFP:
Partnering with a data analytics agency to outsource or augment your analytics can be a vital component in your data management strategies. When an organization requires specialized data analytics skills, but cannot fulfill this need in-house, an RFP can be used to find the right data analytics partner for your business. Whether project bidding is limited to a few select data analytics agencies or open to the public, it is important to call in the experts with a comprehensive RFP to clearly communicate expectations with one another.
Why is it time to start looking for a third-party analytics agency?
Data is a valuable asset for businesses in our digital world, driving decisions about your marketing strategy, sales performance, product management, and client value. Many organizations are collecting hoards of valuable data, yet don’t know how to organize and utilize the data collected. What sense does all the amassed data make if you don’t know what to do with it?
In today’s world of digital transformation, the sheer volume of data collected by organizations and businesses today can be daunting to regulate and confusing to digest into meaningful insights, especially when you are too close to the business or aren’t using the optimal tools. Your organization can maximize its data insights and improve the process for making critical business decisions by utilizing the expertise of a third-party analytics consultant and it may be time to upgrade your resources for further analysis.
Following are several key reasons partnering with a data analytics consultancy can be a valuable asset to your organization.
Data Analytics Industry Knowledge and Best Practices
If analytics are not your core business, a narrow knowledge base within your organization can limit full utilization of your data assets.
An analytics consultancy has the advantage of working across a wide range of clients, accessing a variety of data sources, and utilizing multiple analytics platforms. Consultants at analytics agencies are immersed in all types of data, and on the cutting edge of technology in the analytics field. Data collection experts and analytics professionals can remove speed bumps and pain points your organization may experience if trying to take a do-it-yourself approach. You can benefit from the pitfalls and roadblocks other organizations have experienced, and find solutions faster… saving both time and expense in the long run.
Unbiased and Objective Data Analysts
Without an objective viewpoint, you may never know what your data is really trying to tell you.
Within an organization, there are so many factors driving how information is represented (or sometimes mis-represented!). In-house analysts may be less willing to suggest ideas that challenge the corporate culture, and instead go along with a groupthink mentality. Office politics, management styles, internal goals, bonus structures, and personal opinions can pollute reporting since objectivity can be clouded. Should the team that developed the creative/campaign/website/media plan really be the one to grade their own ideas? A pure analytics consultancy is separated from those biases, and can more objectively digest your data to tell a story that drives key insights for meaningful change. Instead of manipulating data points to tell you what you want to hear, data should uncover the truth and tell you what you need to hear.
An Analytics Agency Can Bring Data Clarity and Focus
A third-party analytics consultancy can help provide the focus you need to digest a mountain of data into key performance indicators (KPIs) to measure your business objectives.
In today’s innovative business world, it’s easy to get distracted in the day-to-day operations of business management, brainstorming, and outside-the-box thinking. An analytics consultancy can help keep your analysts and marketers laser-focused on your primary business goals. Are you asking the right questions? Were metrics calculated correctly? Do your KPIs actually matter? Starting with a well-defined data analytics Request for Proposal (RFP), leading into a Scope of Work (SOW), and launching a detailed Measurement Plan will be key to ensuring the success of your partnership. A consultancy will have an organized process in place to define metrics and measurements, and ensure your teams stay aligned on primary objectives.
Statistical Accuracy and Significance
When it comes to data, how do you KNOW when you know what you know?
A good analytics consultancy will have statistical experts on their team that measure the accuracy and predictability of your business metrics. You wouldn’t make a judgement call based on the actions of 1 or 2 customers, but what measure does it take to be confident in your data story? Statistical expertise takes the guesswork and hunches out of the mix and utilizes foundational mathematical formulas to determine the level of accuracy in your measurements. You won’t make the mistake of pulling the plug too soon on your A/B testing, or wasting valuable resources too long on failed experiments. You’ll be able to clearly report that your campaign or web site update delivered real and measurable ROI for your organization, with confidence.
An Analytics Agency Partnership Brings Consistency and Flexibility
When you build a strong, ongoing partnership with a third-party analytics consultancy, they can provide a consistent thread for best data practices as your team transitions and workload ebbs and flows.
Periodically, organizations have temporary support needs or movement of responsibilities in their analytics staff. Sometimes there is an excess of work for your team, a lack of particular skill set, or a unique seasonal need without enough permanent work to hire another full-time headcount. Initially you may need assistance implementing Adobe Analytics/Google Analytics tracking or providing a data audit, other times you may need data visualization help with a Tableau Dashboard or Adobe Workspace Reporting, and at other points you may need help writing SQL code to clean and organize your data. The flexibility of an analytics consultancy’s breadth of knowledge allows the relationship to evolve based on your unique business situation and staff skill sets, seamlessly filling in critical gaps as needed.
Data Analytics Industry Education and Enlightenment
The confidence your team builds will help your business adopt impactful, data-driven organizational change.
Training and sharing of information will be a valuable bridge to level-up the skills of your internal staff. A good consultant is excited about their craft and enjoys sharing their insights with your team. By nature, an analytics consultancy employs a diverse staff of the best and brightest in their field with a vast array of experiences, and your team gains the benefit of tapping into this wealth of knowledge. Customized training programs for your staff’s unique skill set can be created and help teach your team exactly what they need to know for your business and guide your team through the data transformation process. By partnering with experts in the field, your internal analysts and marketers can expand their knowledge to have a positive long-term effect on your analytics practice.
Find the Best Data Analytics Partner
A specialized data analytics partner agency can be a key partner to drive customer satisfaction, improve user experience, optimize marketing, and maximize product value and profits. Hiring an objective third-party expert in data analytics can save you time, money, and critical missteps in your business.
Is it time for your business to hire an analytics agency? Get ready to write up a work order or an RFP (request for proposal) so you can find the perfect match to take your analytics practice (and your business!) to the next level.
You will want to consider things like the primary purpose of the RFP and key challenges, background information about your company and team, and budget availability. Determine what the short term and long term goals are for the partnership, details about the work you want the vendor to execute, and any important dates and deadlines. Start thinking about what you want a third-party analytics partner to look like so you can begin assembling a plan for the partnership and finding the right vendor for your team.
More questions? Contact Us for more information.
Next Up: Writing an RFP for an Analytics Agency Partner – with an Agency RFP Template