Understanding the Rise of Analytics as a Service
Analytics as a service (AaaS) is expected to grow at a CAGR of 23.3% globally. In 2019, Global analytics as a service stood at USD 4.3 Billion and is expected to be around USD 12 Billion in 2024. This rapid growth of AaaS could be largely attributed to the increasing use of IoT devices among organizations.
As technology keeps evolving, the priorities for companies keep changing. Critical data resources are now the utmost priority for businesses in this 21st century. Companies are gathering a humongous volume of data from multiple sources regarding their customers daily. These data need to be processed and converted into valuable insights and this is where Analytics as a Service comes in.
The Challenge of Leveraging Data
As mentioned above, there is no scarcity of data for companies these days, the real challenge is how they use this data. A lot of companies don’t understand the importance of investing in experienced data resources and don’t make proper use of the data that they collect. There are other sets of companies that have implemented analytics but not on the right scale and without proper skill. Most of these companies fail to leverage the data to create valuable insights into their business that could be used by decision-makers to grow the company on the right track.
To properly leverage the data the companies should require the following,
1. Right set of tools and software
2. Proper and tested techniques
3. Experienced team to analyse and streamline the data analytics.
Instead of hiring the right set of resources, training them, buying expensive software and testing various techniques, a smart business will opt for Analytics as a Service. AaaS is a readymade package of all the above packed and customized for each company. Once AaaS is properly implemented, the business can leverage the data and thrive on creating value on top of it.
The Benefits Of Analytics As A Service
Providing the C-Suite with Better Insights
The ultimate goal of implementing Analytics as a Service is to enable the Chief executives of the company to make data-driven decisions that will lead to rapid and sustainable growth for the business. The BI will be able to generate insights that will enable the top decision-makers to lead the company on the right path toward growth and improve customer satisfaction.
Case Study: The Chief Marketing officer of a Global Hi-Tech business products makers wanted to identify new prospects in the European Union. After implementing AaaS, the results enabled the company to segregate 80% of potential customers. The sales team of the company then focussed the majority of their efforts on targeting those customers that were identified by the Analytics.
Data democratization and access for all
Analytics as a Service is implemented on the cloud making it easier for anyone in the company to access information from anywhere in the globe. AaaS facilitates the business to assign access rights to various segments of data analytics. This ensures each department to view and generate customized reports only on those data that are segmented for them. Anyone can create a custom dashboard with visualizations instantly. The business is likely to benefit from new ideas and initiatives when all the departments have access to data analytics overcloud.
Those companies that can identify new trends early can succeed over other businesses in the long run. Analytics as a Service is capable of identifying potential new trends that are likely to dominate the marketplace in the future. This is possible with proper data analytics. This will enable the business leaders to research the trend and pivot their business goals in that direction. Companies that don’t predict the new trends early on, will be wasting their time and money on things that could be outdated in the near future.
Case Study: An International hotel and resort company wanted to identify potential future hotspots for constructing their resorts. Instead of waiting to decide, they proactively implemented AaaS from Dun & Bradstreet’s. The results of their analytics model were stunning and enabled the company to not only finalize potential growth locations but also discover what type of property is suitable for each location.
Personalize the customer experience
AaaS has the ability to study customer behavior across channels and come up with helpful insights for decision-makers. With this information, business owners can create and deliver highly customized solutions for each and every customer based on their behavior. This will aid businesses to retain customers and keep them happy. Customers will also be delighted since they are getting personalized solutions and dedicated attention based on their taste.
Winning new customers
AaaS will throw some delightful insights to business owners on how and where customers spend their money. With such powerful insights, a business can create products and services that are more likely to be bought by new customers when they see it. AaaS will help the company to market their products in the proper channels where their potential customers are likely to make a purchase.
Case Study: An international financial institution was planning to reach and acquire a new set of global customers to offer their financial solutions. After implementing AaaS, they were able to identify 195K brand new potential prospects to whom they can pitch their solution. The study also offered the business valuable and in-depth knowledge of each prospect.
Increase business agility and optimization
Since new trends and behaviors are known to the business at a rapid pace, they will be able to change their approach and optimize their style of operations to adapt to the ever-changing business landscape.
Mitigate risk and handle setbacks
Since each and every data point are analyzed and reported on time, any possible risks will be alerted to the business right away. Business heads will be able to predict future risks and problems upfront with data analytics and handle such problems with a properly planned solution.
Case Study: One of the major Defense Contractor wanted to identify possible problems in the supply chain that was a big headwind in their quality control. After implementing AaaS, the result was breathtaking. They were able to predict quality problems 6 months ahead of the actual event. The company was able to prevent 65% of all quality issues in tier 1 suppliers.
Ready for What’s Next : Analytics As A Service
If a business wants to acquire new customers and predicts future trends upfront, it should implement high-quality Analytics as a Service. Underpinned by technologies such as cloud, Internet of Things (IoT), Artificial Intelligence (AI), Machine Learning (ML) and advanced analytics, our solutions help enhance decision making while enabling augmented intelligence and process automation.
Our experienced data resource team will be able to analyze your requirements and come up with a proper analytics solution that will help you grow faster and efficiently. Let’s work together to digitally transform your business and build the solutions of tomorrow. Contact us today