Budgeting for Data Initiatives: How Investing in a Custom Solution Pays Off
Today, we are inundated with vast amounts of data, and while this can be beneficial, it can also lead to data overload and silos. The challenge then becomes extracting meaningful insights and taking decisive actions amidst the noise. Off-the-shelf point solutions may provide a temporary fix, but they often fail to take a holistic view and limit scalability. In this edition, we explore why brands and agencies should consider investing in custom solutions to overcome the challenges of data deluge and achieve success.
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At Saras Analytics, we advise $5-$50M brands to allocate 1% to 2% of their annualized revenue for their data initiatives. By investing in Saras' comprehensive managed data operations for a tailored solution, brands can efficiently cover all their data needs with a single expense line and set themselves up for success.
Read the complete article:?Budget your data initiatives.
While point solutions might look appealing, they often generate data silos and hinder business operations and the data initiatives that support them. They also come with additional costs, including:
Cost of the tool + Personnel to perform tasks that the tool cannot carry + Additional customizations & integrations.?
A custom solution, however, allows you to address all your unique data-related requirements while avoiding unnecessary, and/or surprise expenses.
We've helped businesses, such as Profound Commerce , scale their analytics with a modern data stack. While discussing the pros and cons of point solutions,?Nirav Bhagat, CMO - Profound Commerce, explains it concisely with a car analogy:
A custom analytics solution offers numerous benefits compared to point solutions, including tailored data acquisition, storage, processing, analysis, and visualization, resulting in more accurate and relevant insights.
To understand the differences, we have broken down the main features and selling points of some leading point solutions and compared them to Saras Managed Data Ops.?
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To drive this point home, we would like to share a case study of a leading health & wellness DTC/subscription brand that invested 1% of ARR and saw 50x ROI. From tracking implementation to cohort analysis, we focused on high-impact areas of CRO and optimizing LTV/CAC ratio keeping the profitability metrics as the north star.
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