Factors that determine the price of analytics and real-life examples of Datamine projects and costs.

Data science and analytics services are high-value investments whose costs and benefits can be difficult to estimate in advance.  Yet when many choices abound, price is a massive factor in deciding whether or not to buy a product, invest in an internal initiative or seek out a service.  Particularly one as potentially valuable as analytics.

 

Datamine therefore often has prospective clients approach us looking for a ballpark estimation of what they might pay for certain analytical solutions and products.  The following prices do range, as every business and every solution we offer in response is unique, and there are many factors that go into determining the pricing for a specific project, including:

  • The amount of data you have
  • The cleanliness and complexity of that data
  • The skillset and amount of internal capability you have
  • The analytical detail and complexity you’re looking for
  • Whether AI or Machine Learning will be used in the solution
  • How you will implement or action the analysis

Banking & Financial

What you can expect to pay for analytics projects

A ballpark estimate of what analytics initiatives might cost.

Disclaimer: We have 150+ different core solutions (far too many to list here!), and a typical project usually involves multiple core solutions, so there’s a good chance you'll be curious about one that isn't on this page.  When that happens, just fill out the form at the bottom of this page and one of our team will get in touch with the same pricing information as below for that specific solution.

With that said, here is a pricing and fee guide to a handful of data analytics solutions that Datamine offers.

 


 

How much does an Analytics Roadmap cost?

Factors that determine the price for an analytics roadmap:

Programme management

  • how many interviews and/or meetings are required
  • what stage of the process you’re at (e.g. have you already created a Data Strategy?)
  • what your business direction is
  • what your challenges and opportunities are
  • the level of detail you’re looking for in the roadmap

 

Real life example: Datamine had a customer that had begun doing analytics but was hitting some blocks - they needed help to understand what to do to truly see value from their endeavours.  The project involved a group session between Datamine and six individuals, including the Chief Executive, Head of IT, Analytics Manager and BI Manager to agree the objectives of the project and make sure everyone was on the same page.  From there, we looked at some of their data, some of the projects they had done to date and the value they had added.  The Datamine team then worked with them to create a roadmap and supporting presentation for them to use as a framework for their analytics initiatives moving forward.

Price tag for this project: $45k 

Further reading:  Data Strategy vs. Analytics Roadmap: What's the difference?

 

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How much does a Data mining & Knowledge Discovery project cost?

Factors that determine the price of a Knowledge Discovery project:

data mining purple icon

  • the size of your customer base
  • the amount of data work required
  • the types (and complexities) of questions you’re interested in
  • the amount of external information (market share) you want to include in the analysis


Real life example: An insurance client had recently completed some market research and wanted to understand the data behind the results, such as who their customers were, the products those customers were interested in and their overall market share.  We held a three-hour workshop with eight different people, mostly from the marketing team, answering these (and other) business questions before writing up a statement of work.  There were a variety of questions they raised, some of which were easy to answer and some of which involved more complex analysis.  The next step was to begin cleaning the data and creating a single customer view by pulling and analysing information from three different customer bases within their systems.  Once we had finished the analysis, we created an executive summary and delivered it to the client.

Price tag for this project: $120k 

Further reading: Striking gold: What can data mining really do for marketing?

 

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How much does Marketing Automation as a service cost?

Factors that determine the price of marketing automation help:

marketing automation icon

  • how much data you’ve got
  • the complexity of marketing automation you want to execute
  • the amount of logic you’ve got in your data (and how much you want moving forward)
  • the training that will be required internally (e.g. how many people you have and their expertise levels)

 

Real life example: Datamine worked with a client in the tourism industry who already had some online and email functionality, but they wanted to be more sophisticated with their marketing campaigns and practices.  The team members involved, primarily from the marketing department, had evaluated a number of different automation platforms and decided to work with Datamine to implement the one that best suited their business needs.  The client already had a single customer view, so we worked with them to implement the new software and have continued providing ongoing support to the team and maintenance of that system.

Price tag for this project: $25k per month 

Further reading: What your marketing automation provider failed to tell you about its platform

 

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How much does it cost to develop an Analytical Application?

To begin, let’s define what an analytical application actually is.  A typical analytics project results in some useful findings, and an analytical application takes those findings and operationalises them throughout the business.  The creation of such an app can touch many different parts of a business, ranging from the front-line to logistics, finance and more.

Factors that determine the price of a bespoke analytical app:

analytical application icon

  • what it is designed to do
  • how well the data is formed
  • the complexity of the information that needs to go in
  • how ‘pretty’ and user friendly you want to make it
  • how much testing you want to undergo
  • how iterative you want it to be
  • how important it is that the app can react in ‘real-time’

 

Real life example: A banking and finance client needed an analytical pricing application in order to analyse and update their prices in real time to front line staff.  Their sales team had some basic reporting and predictive tools (mainly in Excel) but weren’t able to work out in real time what the pricing would be for a financial product.  The client engaged us to build a number of models that were able to take inputs from customers, work out the exact pricing for that specific situation and create a proposal in real time to roll out across hundreds of staff.

Price tag for this project: $250k 

Further reading: Need a unique business application?  Bespoke > Enterprise

 

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How much does a Datamart creation and data cleaning project cost?

Factors that determine the price of creating a Datamart:

datamart icon

  • the number of data sources you want to include
  • the messiness of the data
  • the level of involvement and experience of your team
  • what you’re trying to do with the Datamart
  • how much logic you’ll need to include to get the end result you want

 

Real life example: A supermarket chain wanted to have better visibility and access to its data, as well as a customer-centric view across multiple loyalty programmes for one of their many brands.  The project involved hundreds of different stores, hundreds of thousands of product lines and millions of customers – all spread across multiple data sources.  The creation of the datamart involved their Product, Marketing and IT departments, all of whom we workshopped with to discuss, scope, design, build and maintain a datamart that would enable them to deliver the projects they desired.

Price tag for this project: $140k 

Further reading: Get Data(s)mart: 3 reasons your business needs a Datamart

 

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How much do Predictive models and AI & Machine Learning cost?

Factors that determine the price of a predictive model or AI application:

predictive model icon

  • the amount of discussion necessary to work out what you want to model or apply algorithms to (and why)
  • how much data wrangling will be involved
  • the complexity of the algorithms
  • the importance of real-time capabilities
  • how much change will need to occur within the models and/or AI application over time
  • how much learning it needs to do on its own
  • how it needs to be operationalised

Predictive model example: A client of ours came to us with some existing customer credit scoring information that they’d designed in-house using external data.  They’d found that it was producing average results, so they wanted a more user-friendly and adaptable system that would do a better job of predicting accurate information.  The project itself involved workshopping with their team, receiving and analysing the data, building the models and designing the systems and then implementing. 

Price tag for this project: $70k

 

AI example: A content provider wanted to be able to recommend content for customers to read, so they sought a programme that would continue learning from each interaction over time to deliver continually relevant recommendations.  The Datamine team workshopped with them and built the prototype recommendation engine that their infrastructure team then rolled out across the platform.  The machine continuously provided recommendations through their channel to customers, improving overall customer experience.

Price tag for this project: $60k

Further reading: Datamine's free whitepaper on the Predictive and AI Modelling Process

 

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Why are Datamine's prices what they are?

When you work with a data analytics firm, you get what you pay for.  Our prices are what they are for a number of reasons:
Datamine values Don't just tick the box

We hire only the best, and only - both data scientists/developers and client services team members.  Check out some of our awesome team members here.
Datamine values Small details are huge

We don’t outsource any analytics work - our entire team is based out of Datamine offices.
Datamine values Pragmatic Excellence

We produce results to the exact level of technical support needed - whether that’s a significant amount or very little at all.
Datamine values Better together

We have multiple people (with different skillsets) involved in each solution, which we’ve found yields better results for the client – because we choose to keep our diverse team in house rather than body shop, it’s easy for us to pull together and work cross-functionally on one client project.
Datamine values Never fail to deliver a solution

With over two decades of experience, we deliver.  Datamine is an experienced and well-respected analytics consultancy, and we’ve stayed current with new technologies over time.  If you aren’t convinced, check out our case studies and testimonials page.

 
Datamine values Honesty with empathy

Before we accept a client project, we ensure it’s a problem that’s solvable - if it isn't, we don't make promises we can't keep. 
If you have questions about any of the prices above, or you would like to get a ballpark estimate or a specific quote on an analytics initiative you’re considering, please provide the details in the form below and one of our team members will provide you with information specific to your query.

SPEAK TO A DATAMINE TEAM MEMBER ABOUT OUR PRICING

Not seeing an example of the price for an analytics initiative you're looking to undertake?  Fill out the form below to get a ballpark estimate from one of our consultants.