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What to Look for in a Data Analytics Company: Top Must-Haves

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Regardless of your industry, accurate data is the most powerful tool for effective decision-making. According to a PwC survey, highly data-driven organizations are three times more likely to report improvements in decision-making compared to those that rely on minimal data.

However, it takes proper collection, management, and analysis to tap into the power of these rich datasets. Many organizations struggle to make the most of their data, resulting in uninformed, costly decisions.

To avoid this pitfall, partner with an analytics provider and uncover key insights that revolutionize your strategy. Look for these four non-negotiables when researching analytics companies so you can choose one that complements your goals.

1. Expertise and experience

When looking for an analytics provider, prioritize one with a proven track record of experience. Specifically, they should have extensive knowledge of the nuances related to your industry.

For example, healthcare analytics providers need to be well-versed in EHRs, claims management, and population health management data. Additionally, they should be up-to-date on emerging technologies in the field, like predictive analytics and the growing importance of AI.

In general, there are a few key indicators you can rely on to assess a company’s expertise. These include:

  • Impartial third-party reviews: Get professional perspectives on similar providers by exploring sites like softwareadvice.com and G2. These informative resources provide a quick summary highlighting recommendations, awards, and pricing. Software users often leave reviews that can give you a more in-depth look at pros and cons for each provider.
  • Use cases: Dive into specific use cases or testimonials mentioned on a provider’s website. Look for organizations that mirror your cause, size, or vision. How did the provider meet or exceed their needs? If you have additional questions, reach out to current customers and ask for their opinion — are they satisfied with the provider? Would they recommend a different option?
  • Software demos: Once you’ve narrowed down your list, consider requesting a software demo to see a provider’s offerings in action. These can be especially useful to visualize complex functionalities and decide if a solution will be user-friendly for your nonprofit.

Though not as essential, thought leadership can be another telling indicator of a provider’s expertise. If they keep their blog roll updated, provide a video series, or host a podcast, these are signs that they stay on top of your industry’s shifting environment. Therefore, they might be more reliable when it comes to keeping your database updated with the newest technologies.

2. Strong data protections

Various industries collect sensitive data, such as constituent contact details and financial information. While emerging technologies in your industry may broaden the use cases of this data, they also expose your data to risks like leaks and hackers.

Safeguarding against these outcomes begins with selecting a provider with strong protections. As 360MatchPro explains, ethical guidelines governing data collection, handling, analysis, and use are critical for managing data responsibly and maintaining public trust.

Ask these questions to ensure your provider practices the necessary precautions:

  • What data security measures do they use? No organization is immune to cyberattacks. Encryption, user authentication, and intrusion detection systems protect against hackers and other cybersecurity threats.
  • Have they had any significant breaches? Any provider can boast strong data security, but their track record will indicate whether their technology is vulnerable or not.

It’s better to determine a provider’s security measures beforehand than risk partnering with a company with weak protections. Choose a company with secure data handling capabilities to maintain and cultivate your community’s trust.

3. Relevant tools and technologies

Effective data analysis requires relevant and intuitive analytics tools. Look for a provider that can sufficiently organize and compare large data sets with user-friendly applications. Then, compare their capabilities to your organization’s needs.

As a starting point, identify analytics providers with the following capabilities:

  • Customization. Assess their ability to cater to your organization’s individual growth needs. Avoid choosing a provider with a one-size-fits-all approach. Instead, look for a provider that allows flexibility in marketing communication, team coordination, and fundraising analysis.
  • Integration. Analytics tools need to be able to integrate with additional solutions, including databases, spreadsheets, cloud services, and external sources. Look for a provider that can reduce manual data handling for faster analysis. Additionally, identify providers that offer data enrichment capabilities such as contact information appends to support your outreach efforts.
  • Reporting. Reporting integrations can help you access key insights. Consider providers with extensive reporting capabilities, such as interactive dashboards or speedy ad hoc reporting. For example, Arcadia’s healthcare dashboards illustrate how providers can visualize data to empower decision-makers.
  • Collaboration. Make sure to choose a company that promotes seamless collaboration between teams with a user-friendly interface. This includes data sharing and export, access controls, and real-time notifications to foster a culture of data-driven decision-making.

Consider fleshing out each of these capabilities in more detail to align with what your organization wants to achieve. That way, you’ll find a provider who can offer the best ROI to support your long-term growth. Their infrastructure should be able to handle increasing data volumes and quickly resolve any future bottlenecks you may encounter.

4. Support and maintenance

From fundraising consultants to external marketing teams to industry experts, like care management software providers, you want to enlist the help of a company with specialized knowledge about your data analytics goals. However, instead of completely taking over the process on your behalf, a data analytics company should guide you in extracting meaningful insights on your own.

Choose a provider that offers support you can rely on throughout the implementation process and beyond, answering any questions you have along the way. See if they offer:

  • Training videos with step-by-step guidance for users at all skill levels
  • Help hubs with detailed FAQs where you can solve problems on your own
  • Online communities of users who can walk you through implementation speed bumps with helpful tips
  • eTraining options and libraries to fill in knowledge gaps or explain new features

These online resources can help you get the most out of your data analytics and make changes to set you up for future success.

Data analytics providers can help your team gain a better understanding of its data, assess data trends, and make strategic decisions that benefit your operational health. Choose a provider that not only has a great reputation but also meets your organization’s unique data management needs. This means prioritizing features that further meaningful collaboration and profitable analysis.