What is Data Management

Data management is a broad term that covers a range of disciplines, all focused on how you handle data. It can include collecting, sorting through and accessing data for a range of purposes. This leads to a lot of benefits, including boosted productivity, efficiency, and better decision-making. 

Data analytics is the act of taking your data, tidying it up and converting it into insights that the wider organisation can use. It may be used to identify trends or shape business processes. Either way, it’s a vital tool to help a business grow with informed decision making. Predictive analysis involves using data to inform future outcomes, which often makes use of machine learning and AI. 

The difference between data management and data analytics is relatively simple. The former is about collecting and safely storing data, while the latter is more about processing and using that data. Think of them as two steps of a process, connected but distinct. 

There are a huge range of benefits that come from effective data management and analytics. These include but are not limited to: 

• Improved insights, making it easier to pick up on patterns and uncovering trends
• Better security thanks to a robust system of permissions and a reduced risk of breaches
• Less downtime, as you can make data-driven decisions much quicker
• Cost management, as you can avoid fluctuations and keeps things consistent

There are a number of advantages of outsourcing data analytics. We’ve put together this list of why a company might consider it., and what benefits you could expect. 

Industry expertise

If you maintain an in-house team, you need to maintain an internal level of industry expertise. That can get complicated and pricy, fast! You’re competing against lots of other companies trying to attract and retain the best talent. With outsourcing, you don’t have to stress about that at all and can focus on other functions. 

Specialised tools

If you’re not a data analytics company, odds are good you don’t have a lot of the tools that data analysts need to really shine- if you even have the knowledge to put those tools to good use. One of the advantages of trusting data management services is they’ll have this specialist tools. 

Cost savings

While outsourcing might seem more expensive at a glance, there’s actually a huge number of cost savings you can make. This includes simple things like salaries, but it also includes hardware costs, software costs and the cost of recruiting the best talent. 

Increased productivity

Simply put, a specialised team is able to bring a lot of expertise together, processing larger volumes of data a lot faster. Meanwhile, your in-house team will be able to focus on core activities. 

Greater scalability 

If your needs change, it’s a lot easier to adjust your outsourced data service than it is to adjust an internal team. This is particularly important for organisations that need lots of flexibility, such as startups. 

Empowered decision-making

The best decisions are those made confidently, and the best way to get confidence is to be informed with accurate data. Outsourcing your data management to a team of experts  

Competitive edge

All of the above benefits combine to give you a real edge over competitors in the market. You’ll be acting much quicker than they can, in a way that is informed and accurate to the situation around you.

Outsourcing sometimes has negative association, and there are a few key reasons for this. However, there are ways to overcome these concerns.

Choosing the wrong provider

Finding a provider that can give you consistent service, meeting deadlines at the quality level you need is vital. Providing them with a strict quality standard and evaluating whether they can meet this will help you find the right fit. 

Keeping data secure

Now you understand how useful outsourcing your data management and analytics can be, how do you go about doing so? The more robust your plan, the more effective the transition will be. 

1. Assess your needs

Firstly, you’ll need to consider your needs. Do you need a full outsourcing service, or just a little extra help? Do you need more data management, more analysis, or a balance of both? What current infrastructure do you have? By evaluating your needs as thoroughly as possible, you’ll build a better strategy. 

    2.  Select a partner

Once you have a stronger understanding of what your needs are, you’ll be able to pick a partner that suits those needs. Shop around and. You may even want to consider a trail period just to make sure they’re the perfect fit. 

    3. Set objectives, responsibilities and KPIs

How will you measure success? What is the fundamental goal of your data management and analysis strategy? What operational reporting will you use? Ask these questions and set out your expected answers early to avoid disappointment.  

    4. Build a collaborative relationship

The beauty of outsourcing is its adaptability. To make the most out of this, it helps to build a strong relationship between your team and your provider. Find the key points of contact and stay in touch regularly. This will help everyone get a bigger picture.

    5. Adapt and evolve

No battle plan survives contact with the enemy, and you shouldn’t expect your data management strategy to be the same. Your needs will evolve over time, so don’t be afraid to ask for changes as and when you need them. 

With 86% of organisations not using people analytics to fuel growth, if you want to evolve your business, MHRs outsourced HR data analytics services are ideal. You’ll get the insights you need to supercharge your performance and use your treasure trove of data to its fullest effect- without adding to your costs or slowing your team down.