Data analytics vendors have been becoming the backbone of organizations’ data optimization. The reason is the need for expert knowledge to use the visualization tools, improving poor system performance by lowering wait times between questions, and eliminating bureaucratic hurdles.
Now the confusion arises in choosing the best suitable analytics vendor who is capable of driving three overarching trends: capturing, storing, and analyzing the vast amount of digital data, digitization, and personalized optimization of business processes for maximum efficiency. You can apply below six tips to choose the right vendor among hundreds of them in the Analytics Marketplace.
Six tips to choose a data analytics vendor
1. Ask the right business question
You first need to figure out the specific business challenges you want to address. Then, your one business question can put forth the understanding of the vendor. Specific questions will demand a specific answer which is more actionable and easy to be performed within the stipulated time.
What are the characteristics of potential customers who make a second purchase?
2. Know the process
Ask the vendor how they deal with the frequent changes and poor data quality in data systems. How much time do they take? What are the standardized data sources they use? How can they integrate the requirements with the costs?
3. Ask to explain the turning of analytics into real actions
If you ask the vendor to clearly explain how the statistical data can be translated into real programs for real results, you would close the best deal. Thus, you would get clarity on the actionability of the vendor.
4. Look for security in data management vendor
It is a must to protect data from computer hacks and malicious malware to avoid any breach damaging your reputation. The vendor you choose must be compliant with the deployment of high-security standards to protect your data.
You need to make sure the vendor consistently tracks data protection with encryption mechanisms. Vendors must be aware of the threats and system improvements and updating systems regularly.
The vendor should be undergoing security audits annually. The top audit includes Service Organization Controls (SOC) certification which involves a series of standards to assess the control of an organization’ data. It is the best method to ensure the safety and reliability of the vendor.
5. Integrated data sources
You need to look for a vendor allowing you to handle all the data on a single platform. Whether it is about compensation, safety, or capital data sets, the vendor should not be limited in making strategic decisions.
6. All-rounded service model
Most data analytics vendors provide only analytics support and a few know that mere technology does not solve business problems. They need to answer all the questions and give other extra expert support. A data analytics vendor needs to make a service model around business challenges after the customer analysis of the specific company.
Usually, costs vary but make sure the vendor you choose is fulfilling your requirements in return for the cost, and offering a comprehensive solution. You need to compare cost and features to choose from the vendor checklist we have created of different vendors existing in the pool of analytics marketplace. You can go through and choose the right vendor.