Do you use analytics or want to use them in the future?
If your business is at a stage where it is starting to rely more heavily on numbers or KPIs (Key Performance Indicators) to show how well the business is doing, then you may be tempted to invest in an Analyst or Analytics Function. Here are some questions to consider to help you decide if you should insource or outsource any additional resources.
What is the Purpose of the additional resource?
Is the Purpose of the new resource clear.
If not, consider do you want them to:
- do the repetitive tasks no-one else wants to (why, if something can be improved do it)
- improve existing processes (reduce duplication, improve speed and accuracy)
- improve current report designs (give the stakeholders what they need)
- fix a problem then someone else can maintain it (at less cost)
If you are looking for improvements that will be made and then maintained and ran in house it maybe cheaper to pay for outside consultation for a few weeks, then hire someone on the cheaper end of the payscale to do the day-to-day. However if you
e.g.
Experienced resource for improvements (c. £25k) + Analyst already in the business to take over once task complete (c. £25k) = additional £25k spent upfront
VS
Hiring in a more experienced analyst who will lead the team = c.£45k additional/year
Whether you’re just starting out on the path to understanding how you’re business is doing then you may want external help with setting up a plan for what you want to use as KPIs or metrics or if you are looking to expand or improve your current reporting. The important thing to consider is what do you need.
How much time and £ are you willing to invest?
Analysis can be a powerful tool or a huge financial burden depending on how smoothly your processes run.
Ideally you would want to see a good ROI as soon as possible on any resources you put into improving your analytics function.
A targeted approach can help significantly with this, allowing for higher impactful changes to be dealt with first.
Will the on going work need a FTE?
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How long do you want the work to continue?
Depending on the type of work you need analysts to complete will impact how much time and resource it will require.
If you need infrastructure and processes set up to improve things for existing staff