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About the authorSmall-mid-sized companies can expect to spend anywhere between $10,000 to $100,000 per year on data analytics costs. The amount you will pay depends on the number of employees and your business needs. However, companies should set aside approximately 2-6% of their total budget for data analytics.
Data analytics is no longer a thing for only large kuwait mobile phone numbers database enterprises. Today, small and mid-sized businesses also generate a sizable amount of data. Business owners can gain helpful insight and make more informed decisions with data analytics.
This post provides everything you need to know about data analytics costs for small and mid-sized companies.
Read on to discover how much you’ll spend while optimizing your business.
Table of contents
Why it’s worth investing in data analytics
The 3 types of data analytics costs
The cost of outsourcing data analytics services vs. in-house data analysts
Wrapping up data analytics costs
Lower your data analytics costs
Data analytics costs should represent 2-6% of your expenses
Most companies dedicate 2-6% of their total expenses to data analytics, including tools, salaries, and services.
If a company has a revenue of approximately $2M, it would require almost $100K every year in data analytics costs. This estimate takes into consideration the time that would be spent on the data analysis and reports by all the teams. Ordinarily, this seems like a large amount to spend out of the revenue available, but most companies with this range barely have the required data analytics tools.
Why it’s worth investing in data analytics
Data has grown due to the influence of the Internet of Things (IoT) and connected devices. It has increased in volume while gaining new diversity and richness. For a business to be successful, the available data network has to be optimized.
The growing importance and use of data analytics have led to the development of new tools, such as customer data platforms. These tools successfully convert raw and unprocessed data into insight.
Good data analysis helps companies make better-informed business decisions and optimize their products and services to deliver a better customer experience.
72% of organizations claim that data analytics has been critical to their innova
