The global big data analytics and consulting industry is currently valued at $215 billion. The world has produced an unimaginable amount of big data in the last decade, thanks to the exponentially growing number of IoT devices globally.
Amid the boom of data and businesses leveraging this data to their benefit, it’s only natural for your business to consider hiring a big data consulting service. While you may initially think of the costs involved, by the end of this blog, you’ll know the money is surely worth it!
Take a look at 11 things data consultancy firms such as Vates and data consultants can do for your business. And find out how you can hire the right data consulting service in the U.S.
What is a Data Consultant?
So what exactly is a data consultant, and why is there so much hype for them? This is because data consultancy is one of the world’s most important and rapidly growing industries, on the back of exponential big data production.
A data consultant is a professional or firm such as Vates that helps businesses categorize the data, interpret it into actionable insights, and use it for business gains. Big data analytics have become a gigantic industry in the last few years owing to the data dependency businesses face every day.
What Does a Data Consultant Do?
To get started on this subject, let’s look at the basic job responsibilities of a big data consultant.
Filter the Data
80 percent of the data is currently unstructured and of no use to anyone. Data analytics consulting services and expert analysts at Vates filter this data to determine good and bad data.
Construct Data Maps
Data warehousing is another task data consultants do. Data consultants filter the data, get rid of the poor data, and build data maps of good quality data that may be beneficial for their clients.
The data is nothing but numbers. Unless an experienced data analytics consulting service analyzes the data and interprets it. The interpretation is good to be used by businesses and stakeholders.
Build Strategies to Use Data
What do you do when you have an abundance of good-quality data? You need to have strategies and action plans to use that big data. Analysts help businesses do that.
Offer Data-Based Solutions
Good-quality big data can also be used to fix the problems in data collection systems. Based on their expertise, data analysts help their clients find data-based solutions to modern-day problems.
Identify Gaps in Systems
Sometimes the gaps in the system result in poor quality data that is enough to cause a loss of millions of dollars to U.S. businesses. Big data consultants identify those gaps and minimize the discrepancies in data collection.
11 Things Data Consultants or Consulting Services Do
But why do you need to hire a data analytics company? It’s because of these 11 things a data analytics service such as Vates does for its clients.
Offer Industry Insights
First and foremost, data analytics help businesses understand trends and industry practices. It helps businesses understand what their competitors are up to. So data analytics service offer industry insights that can help them strategize better.
Help Make Informed Decisions
More and more businesses are relying on big data, and many are keen to use it to their benefit. This is because big data is the driving force for today’s businesses, and those who use it aptly can make better decisions. Data analytics services help their clients make well-thought-through decisions.
Minimize Risks and Errors
Big data in general and data consultants in particular help businesses minimize the chances of errors and mitigate risks. This is on the back of actionable insights offered by the data consulting companies such as Vates that help businesses make error-free, insight-based decisions.
Optimize Business Processes
Not just to make better decisions. Data consulting also comes in handy to improve the existing business processes. Data analysts also collect data from within the organization and help their clients learn better ways to do business. Optimization of business processes has many long-term benefits too.
Identify New Opportunities
As discussed earlier, big data consulting firms such as Vates help their clients identify industry trends. As a result, new opportunities are unveiled, and businesses that seek to expand their portfolio can do so on the back of good-quality data and insights.
Devise Insight-Based Strategies
Identifying new opportunities is not enough. Having robust planning and a well-versed strategy is also essential for business success. Big data consultants help devise strategies to venture into new markets, change business operations, or make adjustments to existing products. Insight-based strategies warrant success in most business cases.
Identify Target Audience
Knowing your audience is essential for a successful business, whether you are on an e-commerce website or selling shoes in the mall. Data consultants help businesses identify their target audience with the help of IoT solutions and analytics. In turn, this helps businesses make better, feasible, and more profitable decisions.
Help Save Costs
By helping businesses optimize their processes, venture into lucrative markets, and tap the industry potential, data analytics services help their clients save money. Businesses that make decisions without data often end up in dismay. Whereas those that leverage data have the upper hand.
Add Value to Business
Data analytics and consulting firms add value to your business. This is because of the abundance of data, industry insights, and expertise that data analysts bring to the table. Hiring data consultants is a lucrative choice for businesses seeking to leverage technology and make the most of big data.
Offer Competitive Advantage
Believe it or not, your competitor is already using data analytics to their benefit. Hiring a data analytics service is essential if you also seek a competitive advantage and want to stay ahead in your industry. From software development companies to retailers, more than half of the businesses are keen to use data to become more competitive and agile.
Cater to Various Industries and Segments
Data analytics is not just limited to one industry or business department. Various industries and their segments can benefit from hiring a big data consulting company such as Vates. From marketing to development to manufacturing, all businesses use data these days.
Data Consulting Across Industries
Here are some of the things big data consulting companies such as Vates are doing for their clients across different industries.
The manufacturing industry uses data analytics, Artificial Intelligence (AI), and Machine Learning (ML) to improve workplace safety, train staff, and make cost-intensive investments.
The pharma industry particularly benefited from big data analytics during the pandemic. The pharmaceutical industry was able to offer quick solutions, speed up vaccination production, and gain benefits from data-driven insights.
The banking and finance sector uses data consulting services to improve its security infrastructure and offer a better customer experience. The banking industry is at the forefront of big data consumption.
Sales and Marketing
Sales and marketing folks are not behind when it comes to using big data. Sales and marketing practices have evolved a great deal in the last few years, and AI is spearheading the evolutions in the marketing sector.
How to Hire the Right Data Consultancy Service?
If you are looking for a competent big data consultant or service like Vates, here are tips for hiring one.
- Consider What You Want: take your business needs and goals into account before investing in data analytics.
- Seek What They Offer: find out what data analytics services offer and which can better fit your needs.
- Look for Experience: the number of years in an industry matter. Talk to experienced big data firms such as Vates.
- And Niche Expertise: the potential data consulting service you’re hiring must possess the industry-relevant experience to better understand your business dynamics.
- Industry Reputation: consider hiring leading data consulting services such as Vates that have a reputable name in the big data industry.
- Diversity of Portfolio: seek a big data service that offers more than consulting services. You may want someone who offersconsulting services as well as other experts.
- Value for Money: value for money is essential when hiring a data analytics consulting service. Don’t hire cheap to save money and end up with poor-quality data.
- Long-Term Partnerships: hire a company that can become a long-term partner and asset for you. Be vigilant when hiring the right data consultancy service.
Consider Vates For Your Data Needs!
Vates is a leading big data consulting service that offers data analytics, IoT consulting and solutions, and many more IT-related services. Get in touch with us to learn about our custom software development, systems integration, and nearshore software outsourcing services.
We are based in Argentina and are renowned among our global clientele as a trusted partner and experienced South American software development company.