In today's business world, data analytics is key to unlocking growth and success. The most effective teams back every decision they make with data, and those that don't are being left behind. Small to medium-sized businesses (SMBs) know this all too well. However, hiring a full-time data professional is not always the best choice for SMBs.
In this blog, we will explore the reasons why hiring data professionals is not always the optimal decision for SMBs and what they can do instead.
1. Too expensive!
Hiring a good data analyst can cost as much as $8K to $12K per month, and data scientists and engineers can cost as much as $16K per month. This salary expense is often too high for SMBs, especially when there might not be enough work to justify paying someone full-time. Most SMBs do not have enough work to necessitate a full-time data professional earning a hefty salary. SMBs must weigh the costs and benefits of hiring a full-time data professional carefully. Is it worth the investment for the amount of work that needs to be done?
2. Too slow!
Hiring a data professional is a slow process that takes an average of 1-2 months per hire, with over 100 employee hours spent on recruitment-related activities like reviewing resumes and interviewing. This is valuable time that SMBs could be using to focus on other areas of growth. SMBs must ask themselves if they can afford to invest this amount of time in the hiring process. And even after investing all that time, there is no guarantee that the right person will be found.
3. Too risky!
But what if the data professional you hire doesn't work out? This is a risk that SMBs cannot afford to take. It's a costly mistake that can set them back significantly. Hiring the wrong person can result in lost time, money, and opportunities. SMBs must think about the long-term when it comes to hiring a data professional. Can they afford to make a mistake?
Data Analytics as a Service: The Solution for SMBs
So what's the solution? Data Analytics as a Service. Data Analytics as a Service is a subscription-based model that allows SMBs to access data expertise without breaking the bank. By subscribing to a monthly service, SMBs can reduce their costs to a fraction of the salary expenses, onboard experts within a week, and eliminate the risk of hiring the wrong person. The subscription can scale with the needs of the business, increasing or decreasing as the organization's needs adjust month-over-month.
And that's not all. Data Analytics as a Service also allows SMBs to stay up-to-date with the latest trends in data analytics and data science. With a team of experts at their disposal, SMBs can access insights and recommendations that will help them make informed decisions for growth.
Praxis Analytics: The Partner for SMB Growth
Praxis Analytics is an excellent example of a company that offers Data Analytics as a Service. With a team of experts in data analytics and data science, we pride ourselves at being the perfect partner for SMBs looking to grow their business through data-driven decision-making.
We offer a range of services that cater to the needs of SMBs, including data analytics consulting, data visualization, and data engineering. Our flexible pricing options are tailored to the needs of each client, ensuring that SMBs get the expertise they need without breaking the bank. Simply put, for a fraction of the cost, you get the full benefit of the analytics!
Conclusion
In conclusion, data analytics is crucial for SMB growth, but hiring a full-time data professional is not always the most efficient choice. The cost of hiring a data professional is high, and the time and risk involved are significant. By subscribing to Data Analytics as a Service, SMBs can reduce costs, onboard experts quickly, and eliminate the risk of hiring the wrong person.
Interested in learning more? Book a free consult now!
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