Please don't use a Hammer to Break an Egg - Setting up an Analytics Team
We combine Valuation with Data Solutions to help our clients solve the toughest valuation challenges.
I have something to get off my chest. You do not need to spend a lot of money to set up a data analytics team. You do not need expensive infrastructure to set up a data management system.
Many of our clients had been pleasantly surprised when we told them the bare minimum required to get things started.
And do not forget outsourcing. Amazon Web Services, Ali Cloud, Microsoft Azure are excellent platforms if you do ever need a data platform. Pay-as-you-use. Unless your company is a billion-dollar sales company, probably it is cheaper to outsource hardware and software requirements.
Lets go to manpower requirements. In the past, the data analytics guy was was your accountant. Times have changed and business partnering using analytics is all the rage now. Let's take a look at the typical roles in a big-data analytics team which people will preach to you:
1) Business Analyst - these guys analyse the data and come up with business insights and actions.
2) Data Modeller - he codes and builds data models. The kind of models that make ordinary mortals flee in horror.
3) Data Scientist - the really smart ones. They talk in math. They push the boundaries of statistical models.
4) Platform/Systems expert - he manages the IT platform (hardware and software)
5) IT/Ops Manager - he manages the day-to-day and more routine tasks related to the overall running of the facility. Calls in the experts when things really go wrong.
Lets face reality.
Who do you actually need ?
From our experience, we put our money on the Business Analyst. And maybe a Data-Modeller. You can definitely outsource the rest. Take our word for it.