The science of understanding data and creating strategies based on collected information is precise. Not many are gifted with the patience and skills required to understand such a technical activity.
Due to the scarcity of data scientists, business owners are more likely to encounter professionals who charge a pretty penny for their services that may or may not meet your needs and expectations.
While you can't blame professionals in the industry for charging what they're worth, that also doesn't mean you don't have affordable alternatives.
Today, we're revealing one of the best, most cost-friendly alternatives to hiring a human data scientist.
Is it worth your time? Or should you move on? Keep reading to find out.
No-code automated analytics, also known as autoML (automated machine learning), works like any standard artificial intelligence tool—it extracts insights and patterns from data (structured and unstructured) at incredible speed. These insights answer the questions like "What will happen in my business with X or Y?"
When it comes to data and analytics, most businesses simply hire someone that they'll train to handle their data-related needs. While this may be a good idea if you want a human representative on your team, it doesn't always end well.
That said, experts believe a dual approach is the most beneficial strategy. We'll dive deeper into that later. All you need to know is this — no-code AI takes existing data, scans it through machine learning technology, and predicts possible future outcomes.
The best part? All of this is done without a single line of code and at a significantly lower cost to you.
No-code automated analytics is a technology designed for any business owner, expert, or analyst without programming knowledge who wants a more cost-effective, automated solution to maximize the value of data they collect. This way, they can keep an eye on their data without learning how to code.
Data scientists may not need to code every day, but it's an essential skill they need to learn. After all, a data scientist knows analytics like no one else. And this includes technology. For this very reason, people who choose this career path are often paid handsomely. Besides, they're great at what they do, and the results you get are usually phenomenal.
Unfortunately, if statistics aren't your strong suit, you may have difficulty catching up. This is where automated analytics software or autoML comes into play.
It can feel like a mountain to climb for SMEs to implement machine learning so that it makes an impact on their business.
The apparent obstacle is acquiring the necessary skills to develop and implement AI solutions. That can present significant challenges, especially to SMEs, as hiring AI experts may not be feasible. Here, businesses could instead consider upskilling existing staff using online learning resources (many of them free) and low- or no-code AI development products and services.
Basically, this involves upskilling existing staff or hiring someone to keep track of your automated analytics for you. They're then in charge of making sure you get the proper results. And depending on your agreement, they may even offer a strategy for moving forward.
Despite how progressive AI technology is, there is always the need for a human touch. Even with the added employee, you won't have to worry about it costing as much as a data scientist professional would.
The most significant advantage of investing in automated predictive analytics software is keeping up with the data yourself. And as a business owner with many things going on, it's essential not to waste time staring at a screen full of data and not understanding a single thing about it.
No-code machine learning tools simplify the process for you.
Here are some additional benefits you should know about:
Hiring a full-time data scientist is expensive. They charge anywhere from $30 to $200 an hour. That's at least $86,400 a year spent on a single employee. Don't even get me started on hiring someone with years of experience! It could run you upwards of $500,000 annually.
When you're a startup or small business just trying to get ahead of the competition, you may be reluctant to break the bank on such a considerable investment.
When following a dual approach, you'll only need to shell out between $6000 to $300,000 a year on average. Of course, that depends on the no-code tools you're using and how many employees you hire to run the system for you.
One of the best things about automated predictive analytics technology is that you don't have to wait around for hours to get the job done. Reports are usually ready in minutes or hours, and the strategy follows shortly after, depending on your team.
Furthermore, you can tailor your analytics to match specific goals by yourself. This way, you won't have to worry about a data scientist not meeting your needs or taking forever to get results.
Programmed with a unique data storytelling feature, Graphite is one of the most comprehensive no-code predictive analytics software you'll find in the market today. As its developers, we're determined to make sure you have access to the best analytics with a push of a button.
If you aren't too sure, head on over to our website to get started on a free trial. This way, you can figure out whether our software is the right choice for you.
Even better, you can also get in touch with us today to find out your options and discuss how our innovation can help predict the future of your business.