Business intelligence and data analytics companies can help their clients make data-driven decisions to ensure that their businesses are operating efficiently and effectively. Learn more about how much it costs to hire a big data firm in this pricing guide.
When running a business, company leaders often have to make decisions about operations, how to manage expenses, manage data, and much, much more.
The impacts of these decisions can be long-lasting and have a huge impact on the company’s bottom line. It’s imperative that business leaders use all of the information at their disposal to make data-driven and informed decisions. This is where business intelligence and big data companies can help.
Business intelligence (BI) and data analytics firms can use raw data to gain insight into a business’s operational processes and identify how their clients’ businesses can operate more efficiently, minimize risks, and maximize profits.
This pricing guide will dive into how much it costs to hire a business intelligence and big data firm as well as the factors that influence costs.
BI & Big Data Consulting & SI projects reviewed on Clutch typically cost$10,000 - $49,999
According to Clutch data, BI and data analytics services can range in price but usually cost several tens of thousands of dollars. The reason why the pricing for BI and data analytics services varies so much is because the scope of the project can have a big impact on the overall cost.
How Much Do Big Data Companies & Analytics Firms Charge for Their Services?
The average cost of hiring a business intelligence, big data, and analytics consultant on Clutch ranges between $25–$49 per hour.
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How much they charge varies depending on the type of support your business needs, they problem you’re trying to solve, how much data they need to analyze, and more.
Big data can refer to several different types of data such as data collected from internet cookies, IoT devices, transactions, buyer habits, and more.
- Internet cookies
- Financial transaction records
- User-generated data
- Social media data
- Digital pictures, audio, and video
- Cell towers & GPS signals
- Buyer habits and patterns from e-commerce websites
- Climate information
- IoT devices
Naturally, the data source will depend on the goals of your partnership. For instance, are you hoping to reduce manufacturing costs? Improve client retention? Cut down on fraud or minimize IT risks? Knowing what your goals are going into the project will help you communicate with potential service providers so they can find the right solution for your business needs.
Additionally, large volumes of data will take more time to collect, assess, and analyze. Therefore, the more intensive projects will be more expensive overall.
Hourly Rates for Business Intelligence & Data Analytics Services
As discussed above, big data can be used to inform all sorts of different business processes. This table details several different ways companies use analytics to make informed decisions and improve their processes.
If you’re thinking about hiring a business intelligence and data analytics firm to support these processes, this is how much you can expect to spend.
Average Hourly Cost
Marketing analytics is the process of analyzing data from marketing and advertising campaigns. This can include surveys, A/B tests, interactions with content, and more. This information can be used to improve future marketing efforts and increase ROI.
Big data analytics can help companies identify patterns and uncover fraud. It can also be used to identify and assess risks.
Similar to compliance, fraud, and risk management, IT security & prevention uses IoT and big data to analyze abnormal behavior and identify security risks.
Data analytics can be used to improve business processes and reduce waste. They can evaluate KPIs associated with manufacturing, customer service, payroll expenses, onboarding, and more to identify inefficiencies.
These are just some of the most common ways companies use big data to improve their operations. However, there are countless ways your company can use
Note: Price ranges above are in U.S. dollars
What Impacts Big Data Consulting Rates?
- Types of data professionals
- Data consulting experience
- Project goals
- Technology requirements/ Big Data tools
As we outlined in the chart above, how much a business intelligence and data analytics company charges for their services relies heavily on the goals of your project. Not only does this influence the data set your partners will be analyzing, but it will also impact the type of data professionals you need to hire.
Data analysts, for example, work with databases and have experience using statistical analysis and algorithms. Data engineers, however, build database systems to collect data and analyze data automatically.
If you need the skills of both, you may need to hire a data scientists who can build database systems and use machine learning to analyze results. However, data scientists often have higher hourly rates than data analysts or engineers.
Another big factor that can influence big data consulting rates is the experience of the professional your hire. The more experienced a big data specialist is, the higher their hourly rates will be.
Big Data Solutions & Cost
Analyzing big data often requires various tools and technologies. These tools make big data accessible and searchable so users can gather insights and create actionable strategies to grow their businesses.
The software that a big data company uses can also impact its rates. This table breaks down common tools these companies use and how much it will cost to hire a partner that works with each one.
Big Data Solution
Average Hourly Cost
Power BI is a Microsoft solution that uses several different software solutions, apps, cloud-based data storage, and data storage warehouses to extract data.
Apache Hadoop is an AWS product and open-source framework that can process large datasets. It easily handles large amounts of structured and unstructured data.
MongoDB is a NoSQL database that stores huge amounts of data, allowing data professionals search and analyze information.
Tableau is an analytics platform that allows users to prepare and analyze data. It also has sharing features that make it easy to collaborate across teams and functions.
Oracle Business Intelligence is comprised of several applications that help users collect data and present data.
Business Intelligence Firm Pricing By Location in 2023
Finally, the cost of hiring a BI & data analytics firm often changes depending on where the company is located. Generally, companies located in Eastern Europe, Southeast Asia, and South America charge lower hourly rates to compete with companies in their regions compared to companies in North America and Western Europe.
Explore the cost of hiring BI & data analytics companies in different areas of the world with the table below. If your company is looking to keep costs low, it may be worth it to explore the option of hiring an offshore partner.
2023 BI & Big Data Consulting & SI Pricing by Location
Browse hourly rates for BI & Big Data Consulting & SI companies by popular locations.
|Country||Average Cost per Hour|
|United States of America||$100 - $149|
|India||$25 - $49|
|United Kingdom||$100 - $149|
|Canada||$100 - $149|
|Australia||$50 - $99|
|Ukraine||$25 - $49|
|Poland||$50 - $99|
|Spain||$25 - $49|
|Mexico||$25 - $49|
Improve Business Operations and Reduce Costs by Hiring A BI & Data Analytics Firm
Business Intelligence (BI) & data analytics firms help their clients make better decisions, whether it’s to reduce expenses, minimize risks, or optimize marketing campaigns.
Yet, the cost of hiring a BI & data analytics firm can be expensive. Understanding what factors impact the cost of hiring a BI and data analytics partner can help you find the perfect partner for your business. While hourly rates can vary depending on the team composition, their experience, and their location, hourly rates are relatively stable.
When hiring a BI & data analytics company, be sure to consider what your goals are to come up with a solution for your business. The experts you hire will be able to identify what data they should analyze and what big data tools they need to provide an actionable solution.
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