Why We Love Managed Analytics (And You Should, Too!)
In today’s data-driven world, digital transformation is inevitable. For a mid-market business to grow and compete, they have to make data the epicenter of their decision-making process. Many executives think Analytics and Big-Data are for the large enterprise and that use to be true 5 years ago due to huge capital cost. Now with the adoption of cloud, the business can implement data analytics much faster, better and cheaper.
Managed Analytics as a Service take care of all your needs from Data to Discovery; you don’t need expensive hardware, software or worry about hard to find skilled resources.
Analytics – “It shouldn’t be this hard”
These are the simple words that inspired us to create EZlytix. We have been involved in dozens of Business Analytics implementations. We followed the traditional playbook. Buy the hardware and software upfront, pay the yearly maintenance costs, hire the consultant(s), build the internal team and within 6-9 months, hopefully, begin to see results.
Our goal was to re-write the traditional analytics playbook. EZlytix is a turnkey solution built for SMBs who cannot afford to follow the traditional playbook, but still want powerful, actionable insights into their business. EZlytix is a cloud-based “Managed Analytics as a Service” that delivers the vibrant visualization that you expect. More importantly, we have integrated powerful data management and data cleansing capabilities that deliver a “single version of the truth” data store.
We’ve accomplished our goal. It’s now easy to implement a full-featured Business Analytics platform with pre-written dashboards, KPIs, and reports. You will obtain meaningful results in a matter of days without a large upfront CAPEX investment.
Profitable growth and higher margins should be everyone’s business and should not be limited to C-Suite. All top-line growth is not created equally similarly; all customer or products are not profitable. The question is how do you tell good growth from bad growth? The answer lies in your data. As a CEO, it’s extremely critical to build a data-driven culture and focus on the importance of hitting multiple singles and doubles and not just focus on hitting home runs.
Research shows that companies who empower their business users with accurate information to make decisions based on various dimensions, do a better job in understanding their customers, increase revenue and improve margins. Such companies will thrive over the long run, grow both; the top and bottom lines consistently and predictable.
Fig 1: Key dimensions for profitable growth
As an industry, we have been cutting cost over a decade and have squeezed every penny possible. It’s time we re-orient our thinking and lead our organization in achieving accelerating profitable growth by pinpointing opportunities by analyzing trends, identifying up-sell and cross-sell opportunities and correlate with economic indicators. Focus on four basic categories of growth:
- Existing Customers with Existing Needs
- New Customers with Existing Needs
- New Customers with New Needs
- Existing Customers with New Needs
I was speaking with a mid-market CEO at a networking event. This bright, energetic, over-worked CEO was telling me that the demands on his small team are overwhelming. In addition to their regular duties, the Private Equity firm that recently acquired them was placing additional demands for information. He is considering implementing analytics solution that can integrate data from multiple silos but didn’t know where to start. There are 50+ tools out there and was afraid to sign up for the wrong one and he didn’t have time to evaluate multiple tools.
Fig 2: Barriers for Data Analytics program (source: CFO.com)
“Spend less time collecting and more time analyzing data”
In addition to the tool features (which are 90% similar across all leading visualization tools) executive should also be evaluating an analytics solution based on the following the 9-point checklist:
- The vendor should build a customized demo with your data
- Try before you Buy option
- Single source of truth
- Ability to integrate additional sources within days
- Monthly Subscription pricing (zero CAPEX)
- New KPI development included in the subscription
- Month to month no long-term contract
- Installs quickly and easily
- Self-service data discovery
HOW EZLYTIX MANAGED ANALYTICS WORK?
At EZlytix, we help companies reach their maximum potential by providing them with valuable recommendations. Through the use of interactive dashboards, KPIs and reports, we are able to provide meaningful insight to you within 2-3 weeks.
Data which has been gathered internally is then matched and correlated with the external data in order to find meaningful results, which can be used to project business trends.
We employ both descriptive and predictive analytics to assist in better decision-making, and offer support over a wide variety of devices, so you won’t have any issue with compatibility.
We are proud of our track record, where our client’s investments have started generating positive ROI within 8 to 10 weeks.