Companies seeking to add analytical insights to their products inevitably must face the same question: should we buy analytics or try to build them ourselves? Too often they make this decision solely based on cost factors—big mistake. The answer is not as easy as simply comparing costs, because key elements may be omitted, strategic decisions might be overlooked and often the decision isn’t appropriately matched to the product goals.
Cost comparisons might work if you are using the analytics inside your business, but when it’s embedded in a product you have to consider many more factors.
Last week I conducted a webinar, Build vs. Buy: Make the Right Choice for a Great Data Product, which was tailored specifically for product teams looking to add analytics to their applications.
In this webinar, I covered the essential elements of build vs. buy for embedded products, including how to:
- Frame the decision to make the best possible choice for your business
- Calculate the monetary portion of the Build vs. Buy decision
- Determine the strategic impact of embedding analytics
- Avoid the traps into which many projects fall
Here are my presentation slides from the webinar: