Your association is collecting more data than ever as organizations race to keep up with member expectations and digital transformation initiatives. This data contains the insights you need to grow and differentiate your organization. But the truth is, your teams are busy and resources are too limited to really unpack and use your data effectively.
But if you’re not prioritizing data analytics, then you can’t identify actionable insights to benefit your association. You need a plan right now, but you don’t want to invest a ton of capital or time. That’s why an increasing number of organizations are outsourcing data analytics to a dedicated outside partner.
In fact, Allied Market Research projects the market for outsourced data analytics (aka Analytics-as-a-Service) to grow to a staggering $126.48 billion by 2026. Is it time for you to jump on board to maintain a competitive edge?
In this article, we’ll discuss four signs that it’s time to outsource data analytics. These four red flags include:
Your IT people just don’t have the time to deal with data requests. Oftentimes, IT folks have to respond to more pressing priorities as they arise.
Without reviewing current data, vital renewal dates get missed and time and resources get wasted on uninformed decision-making and poorly crafted business strategies. You also need to make data-driven decisions faster than ever as competition fiercens and market forces often change rapidly.
Relying on existing IT staff is simply not a good long-term strategy for data analytics. Instead, bringing in a dedicated data analytics vendor:
• Ensures you get the right data when you need it.
• Allows you to take advantage of opportunities with precision.
• Increases your productivity and competitiveness across every level and function of your organization.
Solution: Outsourcing data and analytics ensures your members are renewed on time, key deadlines and goals are met, and opportunities are capitalized on without disruption.
Your membership is increasing so you’d think your overall growth should be trending up – but it’s not.
Growing membership but flatlining growth is a clear indicator that there are better ways to spend your money, time, and resources. The problem is you don’t have the time or energy to analyze the data while also keeping a pulse on the competition. And with more competition in the association space than ever before, the urgency for analytics is tenfold.
A dedicated outsourcing partner that is exclusively focused on associations can dive into your data and competitive data, uncover insights about members, and even anticipate member needs and actions.
Plus, any membership-based organization knows that segmentation, targeting, and positioning (STP) is the only way to reach the right members with the right message at the right time through the right channel. Making this happen requires analytics as a core competency.
Solution: Outsourcing data analytics ensures resources are spent in the right places to drive growth.
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Simply put, IT people and data analysts are different.
Your internal IT teams may not have the right technical skill sets and horsepower to make sense of the sheer volume of your data and build growth strategies from it.
Deriving actionable strategies from your data requires someone who is dedicated to the cause, not halfway invested. Hiring an association-focused data analytics vendor that guarantees results and a clearly defined return on investment (RoI) ensures the job will be done right. It’s all about accountability.
Delivering on that RoI translates into success for your organization, and in turn, a mutually beneficial relationship for both parties.
Solution: Outsourcing data analytics turns ownership and accountability over to a specialist.
Data IS vital to grow your association. But in order to use your data, you first have to understand what it all means.
But not only are your in-house IT folks swamped and often don’t have the right data analytics competencies, but there’s also a huge shortage of data analysts in the market today. In fact, there’s about 250,000 more jobs than eligible candidates.
By outsourcing data needs, your organization can immediately tap into business intelligence and member behavior at a lower cost than doing it in-house.
Rather than spending tons of money and time having in-house IT teams get trained in data analytics or finding a qualified (and most certainly high-priced) candidate, outsourcing offers a way out that is more affordable and less time-intensive.
Solution: Hiring an outside firm to help with data analytics is a low-cost alternative to increased IT hours or hiring a dedicated data employee.
Analytics is well on its way to becoming a lifeline for associations in today’s swim or sink reality. Outsourcing data analytics allows you to scale up your organization and scale down your resources while adding vital analytics expertise.
Giving ownership of pressing analytics needs to a third-party provider that focuses exclusively on associations can help you:
• Dive into the psyche of members to cultivate deeper connections and tailored journeys.
• Identify what members need, even before they themselves know, to improve retention.
• Predict market shifts to build growth strategies and better member experiences.
• Get you the right data when and how you need it.
• Instantly resolve ongoing challenges and lingering stakeholder questions.
At Tasio, we provide dedicated data analytics services according to your budget, financial forecasts, and a clear RoI. As a round-the-clock partner, we manage the ins and outs of your analytics and determine data-backed strategies for sustained growth.
Our managed analytics services range from integrating your data sources and managing your dashboards, to building predictive models using artificial intelligence and machine learning.
Are you ready to unlock real results through data analytics at a lower cost of ownership than doing it in house? Partner with us.