There is little doubt that retail success depends on the ability to make real-time, data-driven decisions. When it comes to analytics, retailers have two options. They can develop their own, internal data solutions or they can partner with a third party. Retailers that lack the deep pockets of an Amazon or Walmart, however, often struggle to keep pace with change in the industry and lack the resources to invest in cutting-edge solutions. Partnering with an expert, however, can provide a host of strategic benefits.
Access to Hard-to-Find Skills
There is a well-documented skills gap in the IT industry and data analytics is one of the fields suffering from lack of talent. There are simply not enough professionals in the market to fill open roles and as a result, salaries are skyrocketing and employee turnover is rampant. Finding data analysts and scientists for your organization, paying them their market value and then retaining them as employees can be an uphill – and expensive- battle. Partnering with data companies close high-level retail analytics skill gaps by delivering this expertise at a lesser total cost than hiring your own team of data analytics professionals—it allows you to “hire” fractional resources such as strategists, analysts, data gurus and project managers.
How quickly does it take your organization to invest in and implement new technologies? To expand existing infrastructure? To hire up to meet demand? In a rapidly-evolving area like analytics, technology and best practices advance at a breakneck pace. Keeping up is a costly and time-consuming process. By the time you’ve achieved your goal, it’s time to start making changes all over again.
Partnering with an analytics team gives your company instant scalability and cost control that can be impossible to achieve in-house. Retailers can meet their rapidly-growing need for data analytics, expand their capabilities in real-time as demands change, and access some of the most cutting-edge technologies, strategies and tactics without having to overhaul their internal infrastructure.
While some analytics functions are universal, many are specific to the retail sector. Finding an outsourced partner with deep industry experience can be a huge advantage over hiring people internally who come from other industries. Niche experts in the retail industry also provide insights into industry standards, allowing retailers to access industry benchmarks and metrics to get a read on the competitive landscape. Rather than hiring generalists or professionals from other industries (and then investing in training them on retail), partnering instantly plugs you into a full team of industry-specific experts.
Maintain Core Focus
Existing IT, tech, and marketing teams are stretched thin. Adding analytics to their responsibilities takes away from their core functions. When teams are stretched beyond their limits, they cannot give any of their tasks their full attention. Partnering on analytics allows your internal team to focus on their core, strategic functions while the analytics provider worries about data analysis. The right partner can act as a seamless extension of your existing team, making recommendations and providing support to the people executing data-driven strategies.
Ready To Access Industry-Leading Retail Analytics Experts?
If you are thinking of outsourcing your retail analytics to a team of professionals with a proven track record of success, talk to the experts at Lift361 today.