Top 5 Reasons to Partner with Managed Services for Data Analytics in 2023

Almost every organization in 2023 understands the role data analytics plays in driving business growth and success. But only a few can build, manage, or sustain their data analytics initiative for various reasons. Read on as we delve into these challenges and showcase the top reasons for working with a qualified, experienced, Managed Services Partner.

The Benefits an Expert Partner Like Illicium Brings to the Table

Data has become the new fuel powering the engines of modern organizations. Holding a treasure trove of information and insights, data enables organizations to make the right decisions across every aspect of their business – from equipment maintenance to employee engagement, compliance to customer experience, security to scalability, and more. Given the role data plays in the day-to-day running of modern businesses, a humongous amount of data is being collected. But storing, cleansing, sharing, acting, and deleting this data is not everyone’s cup of tea.

Several roadblocks come in the way of efficient data management in 2023 – lack of the right skills, approach, tools, or mindset can cause any data analytics initiative to crumble. But it’s still not too late to catch up in the big data race.

Given the volume, velocity, and variety of data being generated, engaging with a Managed Services Partner is a sure-shot way of experiencing success. Bringing years of experience, expertise, and best practice knowledge, a Managed Services partner can help:

• Build a tailored data analytics strategy catering to your business and customer needs.
• Identify business analytics use cases, develop a proof of concepts, and craft a long-term roadmap for the organization.
• Gather, cleanse, update, and secure data and ensure only consistent, updated, and relevant data is fed into data analytics tools.
• Keep pace with emerging data analytics technologies and implement modern, secure, and up-to-date tools.
• Bridge the growing analytics skills gap by enabling on-demand access to expert talent as needed.
• Manage risk continuously while keeping up with growing compliance, audit, and cybersecurity requirements.
• Manage your data analytics infrastructure 24×7 while identifying and resolving issues and bottlenecks in time.
• Choose the right tools and build the right visualizations to make timely and well-informed business decisions.

The Benefits an Expert Partner Like Illicium Brings to the Table

The reliance on enterprise systems, expanding teams, and the rising proliferation of devices has led to the generation of massive amounts of data. A lot of this data contains excellent insights and immense opportunities for the business which need to be identified and leveraged. Suppose you want to derive actionable insights from growing volumes of data consistently.

In that case, you need to bring aboard a Managed Services Partner who can turn this data into insights – and insights into well-informed, real-time action. Let’s look at the top 5 benefits a Managed Services Partner brings to the table in 2023 and beyond:

Accurate Solution Deployment: Driving the right outcomes from data requires organizations to deploy the right solutions. A Managed Services Partner can bring experts to help with accurate solution deployment. Through a detailed and comprehensive analysis of business challenges and needs, a partner can help choose the right tools and methodologies and implement the right analytics solution.

For a NY-based HR and recruitment company, Ellicium implemented a Rapid Application Development model that paved the way for a faster development cycle, discovery, and R&D. We developed a data pipeline to store data downloaded from 60+ tables. We also enabled functionality that allowed the company to monitor and evaluate candidates and verify actual test results with expected results.

1. Efficient Risk Management

   Having a Managed Services Partner manage and monitor your data analytics initiative can pave the way for efficient risk management. By continuously assimilating data from across the business, a partner can detect anomalies, identify red flags, and take corrective action – thus safeguarding the business from fraud.

   Let’s look at a use case. A leading financial institution in the US wanted to automate the process of fraud analysis and money laundering. Ellicium developed a Python-based machine learning system to automate this process, which could proactively detect AML cases across transactions without human intervention. With the new system, the institution can better analyze and detect fraud patterns, predict outliers, and flag suspicious accounts or transactions.

2. Seamless Scalability

   Organizations on the road to growth and maturity often need their data analytics initiatives to scale as the business grows. A Managed Services Partner can pave the way for seamless scalability – without impacting the quality of data or the timeliness of reporting. A partner can make necessary changes by constantly monitoring the data analytics strategy to ensure the business grows without interruption.

   For a leading IoT company in Asia that was struggling to scale its IoT-based platform, Ellicium built a highly configurable Hadoop-based analytical engine, allowing engineering users to drive seamless analysis without any programming. Self-service reporting capabilities further enabled them to design their reports and handle large data volumes without disruption. Ellicium’s scalable services helped the IoT company reduce infrastructure costs by 60% while allowing it to record over 16.5 million processes each hour.

3. Quick Action

   Organizations today need to be able to act on data swiftly. A Managed Services Partner can help such organizations capture the right data, build the right reports, and better understand their data through the development of intuitive dashboards and reports. A partner can accelerate decision-making by giving decision-makers a tailored view of the data that matters the most.

   A leading media management company wanted to improve its approach to BI development. Ellicium deployed industry and client-specific visualization standards to establish the right workflows and methodologies and save time on report delivery. Incorporating a visualization view methodology enabled the company to streamline global sales monitoring, conduct effective competition analysis, and minimize the time spent supplying media intelligence services.

4. Business Agility

   For organizations looking to respond to evolving trends and emerging technologies, a Managed Services Partner can help improve business agility. By capturing and acting on data, a partner can help react to ambient changes and make the most effective decisions.

   For a private beverage company, Ellicium created a Python-based data lake that could collect data from various sources and make it available for analysis. The data lake helped the company extract valuable information, transform data files, and optimize storage. This enabled quick and easy access to information for critical decision-making while helping the beverage company respond to evolving trends and changes with agility.

Wrapping Up

Organizations want to extract maximum value from their data in today’s data-driven world. But the growing skills gap, shifting priorities, and lack of knowledge make it impossible to approach data analytics correctly.

As a successful Managed Services Provider, Ellicium delivers end-to-end data analytics services to businesses across different industries. We can help you capture the right data, assemble the right data sets, and build the right algorithms. Whether you are at the start of your data analytics journey or looking to advance to the next stage, we can help you keep up with evolving data analytics trends and translate your goals into an actionable roadmap.

Contact us today and allow us to act as your extended data analytics team!