Investing in Analytics in difficult times
2012 Mar 31Expertise: Advanced (e.g. Predictive) Analytics is a very specific domain requiring very specific skills. Experts have usually grown into their role by combining advanced and detailed training with professional experience on real-life projects. Today, both service suppliers and vendors focus highly on R&D activities and the creation of relevant new business applications.
Focus: While some organizations are purely focused on Advanced Analytics, other companies may offer Analytics as a part of their broader services offering. For some situations, a niche player will prove most valuable, while in other situations the broader range of services might prove most useful. Choose carefully.
Partnership potential: Engaging in longer term analytical partnerships usually requires a more intense form of commitment. It may make sense for all parties to work transparently and to share more strategic insights in return for agreements of confidentiality, knowledge transfer and perhaps even exclusivity.
Budget: Obviously, the budget may play an important role. However, to allow comparisons, it may make sense to take into account daily rates, speed (time to execute standard projects), and expertise when comparing budgets.