Data analytics has already become a critical aspect of decision-making for companies, government agencies, and even non-profits all around the globe.
According to a 2024 Wavestone survey, 87.9% of survey participants from Fortune 1000 companies said that investing in data analytics is their top priority. Many are looking to cooperate with the top data analytics companies to fulfill their data needs.
What is a Data Analytics Company?
We can divide the data analytics companies into two distinct categories:
Companies that provide other businesses with data analytics tools and platforms
Firms that provide customized data analytics services
The data analytics companies of the first category can supply other organizations with ready-made applications and platforms. Their tools can help the experts of other businesses gather, process, and analyze enterprise data.
These applications usually have several advanced features, including data visualization, machine learning (ML), AI, and predictive analytics. On the other hand, the data analytics firms of the second category provide companies with personalized services designed to meet specific business needs.
These companies handle customer data and offer dedicated data analysts to manage critical data analytics projects on behalf of their clients. In other words, your company can outsource your data analytics needs to these firms without worrying about building an in-house team of data analysts.
Their services include, but are not limited to:
Data analysis and insight generation
Data gathering and management
Predictive analytics
Data strategy and implementation
Data visualization
Why Do Businesses Need Data Analytics?
Here are a few reasons why your business might need data analytics:
Better Decision-making
Data analytics can help organizations get valuable insights into customer behavior, market trends, and business operations. Companies can use the right analytical tools and data to derive patterns in current market trends. These data patterns and predictive analytics can generate actionable insights, providing the stakeholders with concrete information to make data-driven decisions.
Improved Customer Insights
Customers are the lifeblood of all for-profit organizations. With data analytics, you will get a better understanding of customer data, including their needs and preferences. Your company can use this information to customize its products, marketing tactics, and even sales operations to meet customer expectations. This will improve your target audience’s satisfaction rate and brand loyalty.
Enhanced Productivity and Efficiency
Data analytics can help you analyze enterprise data to unravel and understand the issues of your business operations. This data will allow you to mend those issues and increase operational efficiency and productivity, helping the business save both money and time. For example, manufacturing businesses can use data analytics to identify bottlenecks in their supply chains. They can use this data to fix this bottleneck to increase production rate, decrease delivery time, and enhance workforce efficiency.
Efficient Risk Management
With the right tools, data, and metrics, businesses can identify potential risks that might become big obstacles in their path to success. For example, data analytics can help you identify various frauds and mistakes inside their system. This will allow you to fix these issues early on before it gets too late.
Develop Better Business Strategies
Every business needs a solid strategy to operate and thrive in this cut-throat financial market. You need to make your operations efficient, have a good grasp of customer data, analyze your competitors, and create optimized sales and marketing models. Data analytics will help you process relevant data and create fact-based insights that will help you create a concrete business strategy. It will help you meet customer expectations, compete with rival companies, make operations efficient, increase sales, and save money.
How Does a Data Analytics Company Work?
A data analytics firm will try to understand your business’s strategic goals and the exact objective of the data analysis before it starts doing its job. Here’s how a data analytics company works to provide your business with relevant insights:
Step 1: Finding the Relevant Issues and Asking the Right Questions
Asking the right questions is the first and one of the most important steps of the data analysis process. This step helps the data analytics firms outline the core objectives and identify the key problems of their clients.
The goal here is to figure out what answers the client wants to find using data. It will also help data analytics companies understand which data they need to analyze to derive relevant insights.
Step 2: Setting up a Methodology and Research Priorities
In this step, the data experts will define what metrics they need to measure and how to measure them. This step will help the analytics firms determine what kind of data they need to work with to solve the problems they identified in Step 1.
Step 3: Preparing Data
Once the analytics firms figure out the kind of data they need, they will load, prepare, and verify the data using three distinct steps, which are:
Data Loading: Experts will extract relevant data from multiple sources and export them to an enterprise data warehouse(EDW).
Data Preparation: In this step, analytics firms will transform the raw consolidated data using a predetermined set of logic and filters. Next, the transformed data will be injected into a data model.
Data Verification: Finally, experts will verify if the prepared data is accurate, making sure it is consistent with the relevant historical trends.
Step 4: Analyzing Data
The experts will analyze the prepared data using a relevant data analytics model, which depends on what answers or insights the clients want to find using their data.
The most used enterprise data analytics models are:
Descriptive analytics
Predictive analytics
Diagnostic analytics
Prescriptive analytics
Step 5: Finally, Interpreting Results
In the last step, the data experts will try to interpret the result of the data analysis. Here, the experts will try to verify if the pre-defined research hypothesis is true. And if not, what else do they need to do?
While interpreting the analysis results, the experts usually ask the following questions:
Does the collected data solve the pre-defined issues? If they do, does it highlight any new business opportunities?
Does the result help the clients with their business objectives? If so, how?
Does the result of the current analysis have any limitations? Did we overlook any critical data or trends?
Data analysts might need to run multiple iterations of data analysis to reach this final stage. Only if the interpretation results can hold up under the considerations above, can we assume the data project to be valuable enough for the clients to act on.
How to Choose Top Data Analytics Companies for Your Business?
Expertise and Experience: Check if your preferred data analytics company has the right expertise, certifications, and technologies to meet your data needs. You should also check their track records and customer reviews to see if they are capable of meeting their client's needs.
Scalability: Your business will continue to grow over the years. Your data partners and vendors should be able to keep up with your growing needs. Check if the data analytics firms of your choice can scale up their services to manage larger data sets and complex analytical jobs.
Data Security and Compliance: Outsourcing data analytics means you must let another entity access your enterprise data. To avoid data breaches, you must know how the data analytics agency usually stores, processes, and disposes of the data they use. Always choose an agency that invests in data security and has solid data governance practices.
Customization: Every business has different data needs. That’s why the data analytics company of your choice must be flexible enough to provide customized data services designed to meet your company’s objectives.
Cost and Support: Evaluate the cost of running data projects and see which companies provide the most value for the amount you invest.
A good data analytics firm must be capable of providing a significant revenue boost to your business with its services in the long run. Meanwhile, the data firm must provide reliable and efficient customer support with timely reporting schedules, fast complaint resolution capabilities, and open communication.
Top 10 Data Analytics Companies in 2024
Render Analytics
Based in Orlando, Florida, Render Analytics has been helping businesses increase their online sales and scale with its cutting-edge data analytics services. Experts of this data company work closely with their clients to create user-friendly dashboards, intuitive reporting environments, and custom data architecture. Render Analytics also helps its clients analyze market trends, patterns, and their business operations to help them make sound, data-driven decisions. It has partnered with Google, Shopify, Tableau, and others to provide its data service to SMBs, non-profits, and large organizations across multiple industries.
This data firm doesn’t just cut ties after completing the data projects. Render Analytics provides 60 days of additional ongoing support after project completion to make the projects successful.
This dedication helped them win multiple Fortune 500 clients, including Atlasssian and Marriott Hotels, and large non-profit organizations like Blue Cross Blue Shield. Some of Render Analytics’ key offerings are:
Segmentation and pattern detection
Data-driven website optimization and A/B testing
API integration, data mining, and data scraping
Data warehouses
Customized predictive models and anomaly detection
Automated reporting and dashboard with data visualization support
Headquartered in San Jose, California, ThirdEye Data has been providing data analytics services to its clients in the USA, Canada, and India since 2010. It has partnered with AWS, Microsoft Azure, and other open-source data tech to develop end-to-end data pipelines, develop data models, and perform data analysis to drive actionable insights in real time.
Some of its notable customers are PayPal, Apple, Chegg, and Symantec. Key features of ThirdEye:
Predictive maintenance and component failure analysis
Behavioral tracking and demographic analysis
AI-powered recommendations based on historical data and trends
LatentView
Founded in 2006, LatentView has extended its global footprint to 7+ countries while providing top-notch analytical services to over 50+ Fortune 500 companies worldwide.
This data analytics company takes research and development seriously. It has developed an innovative AI/ML-powered simulation engine that can increase the success rate of product innovation by up to five times.
Moreover, the same solution can drastically reduce the time needed to complete market research and identify relevant trends.mLatentView received the Frost and Sullivan Award in 2015 for its cutting-edge data analytics services. Some of its top features are:
ConnectView and PULSE will help businesses streamline manufacturing, improve supply chain efficiency, and reduce downtime costs.
B2B Dynamo will help B2B businesses offer B2C-level personalization to their customers.
It offers data services in multiple domains, including fraud, HR, and marketing analytics.
SG Analytics
Headquartered in Pune, SG Analytics is one of the best data analytics companies in 2024 that provides services across multiple sectors, including BFSI, healthcare, technology, and media industries.
This award-winning data analytics firm has 1300+ employees across India, the USA, the UK, Switzerland, and Canada. It received the Regional Best Employer Award in 2016 and 2017 and got a place in the AIMs 2022 report as one of the leading data service providers. The key features of SG Analytics are:
Efficient and accurate data aggregation analysis.
Comprehensive data management and AI-powered analytical solutions to derive data-driven insights.
Automated data extraction.
Research reports and insights are available in 16+ popular Asian and European languages.
Qlik
Established in 1995, Qlik is one of the leading data analytics tools, software, and business intelligence service providers. It provides various analytical tools and applications in the form of on-premise and cloud-based SaaS deployment.
Thanks to its interactive dashboards, lightning-fast support, and AI-powered augmented analytical services, Qlik has won over 40,000+ companies worldwide. This client list includes PayPal, Lenovo, Deloitte, and HSBC. The key features of Qlik are:
Best-in-class self-service visualization
AutoML and predictive analytics
Automated insight generation
AI-powered data prep
Flexible reporting services
Teradata
Teradata is one of the leading data analytics companies in the US that provides its data services to over eight industries, including retail, telecom, manufacturing, healthcare, and life science.
This firm has partnered with Google Cloud to offer cloud-based data analytics services, helping businesses transform their raw data into tangible insights quickly. Teradata has also partnered with Amazon, Dell, and Microsoft Azure to offer flexible business intelligence and AI-powered big data analytical solutions. Some of its key features are:
Top-notch AI/ML database functions with open API integrations.
Availability in the forms of public cloud, on-premise, and hybrid cloud.
ModelOps for accelerated deployment time.
Powerful analytical performance with full support of data lakes, lake houses, and data warehouses.
Riverstone Infotech
Riverstone Infotech is one of the most prominent data analytics companies with 21 years of industry experience across 20+ verticals. These verticals include retail, manufacturing, food, transportation, education, etc.
Experts from Riverstone have completed 100+ data projects of over 50 active clients with its robust data analytics, data monitoring, and reporting capabilities. The key features of this data firm are:
Automated log analysis
Smart dashboards with automated visualizations
Customized deployment capabilities with third-party integration support
Data flow streamlining
Nebula Partners
With 200+ skilled employees and robust technological solutions, Nebula Partners has been helping businesses with data analytics for over 13 years.
This data analytics firm has helped 1,000+ clients transform their businesses with real-time insights, data-driven predictions, and other IT solutions. Some of the main features of Nebula Partners are:
Automated data warehouse
Exceptional BI tools and data refinement
Agile enterprise IT solutions
AI-powered fraud identification and anomaly detection services
ThoughtSpot
ThoughtSpot is another innovative data analytics firm that helps businesses solve their problems using data-driven, AI-powered insights. This data company offers a real-time data platform, packed with seamless integration, automated insight generation, and powerful visualization capabilities.
ThoughtSpot has partnered with AWS, Snowflake, Accenture, and Google Cloud to provide its services to healthcare, retail, media, banking, and public sectors.
This company secured the spot as a leader in the Gartner Magic Quadrant 2024 for top analytics platforms. Some of its key features are:
The platform can help non-technical employees get actionable insights using natural language.
Its AI-driven algorithms spot anomalies and diagnose data in real time.
ThoughtSpot has Liveboards that can automatically visualize data and insights collected from the cloud in your preferred formats.
Polaris Intelligence
Polaris Intelligence is a niche data analytics company that solely focuses on providing market insights and analyzing trends to develop data-driven marketing strategies. This data firm has been helping its clients understand their customers, trends, and market conditions using strategic consumer data and analytical insights.
Its client base includes Starbucks, the University of British Columbia, Honda, Lexus, Maple Leaf, etc. Here are some of the key features of Polaris Intelligence:
Customer profiling and trade area analysis
Mapping and point of interest analysis
Data mining
Gravity model
Wrap-Up
Finding a suitable data analytics service provider that can meet your business needs is critical for your company’s success. The data analytics companies mentioned here work closely with their clients to reduce their operational costs and increase their profits by providing data-driven insights. And they have positive online reviews from their past clients.
Go to these companies’ official websites and talk to their representatives to see which one can meet your data needs.
FAQs
Is data analytics booming?
Yes. The demand for data analytics is increasing every year and the global big data and analytics market is predicted to reach $1.09 trillion by the end of 2032.
What is the best company for data analytics?
It depends on what kind of business you’re a part of. Some companies are best at providing market analytics while others excel in more than one field. If you’re not sure which company to choose, try talking to the experts of Render Analytics who have experience dealing with businesses of all sizes.
What do data analytics companies do?
Their main job is to provide your business with the right analytics tools and process your company’s historical data to bring out fact-based, actionable insights and solutions.
What are the signs that indicate a company needs data analytics?
Here are the most common signs that indicate your business needs data analytics:
Data overload
Manual data processing
Poor data quality
Slow reporting
No dashboard to check the company’s performance
Poor marketing strategies
Delayed decision-making
Which industry has the most demand for data analytics?
Industries that have the most demand for data analytics are:
Manufacturing
Healthcare
Media
Entertainment
Food
Banking
Security
Government
Retail
Transportation
Education