Did you know that with the growth of agile business intelligence, the data analytics market is expected to expand to 26% from 2020 to 2027?
With the growth of agile business intelligence and markets, many small to large-sized companies switched to data analytics as a service, increasing the competition to the next level. The market size of data analytics as a service was at a whopping $4.9 billion in 2019.
Every company works harder to succeed in terms of the broad market, visitor conversion, credibility, and the most important one that stands ahead of its competition. Can companies even achieve that? Or is it just a false reality? Well, investing in data analytics as a service can make that happen.
Most companies do not have sufficient knowledge about what data analytics as a service is. It’s a big decision, a significant investment.
Agile Business Intelligence: Analytics as a Service
Almost 80.7% of the fortune 1000 companies claimed that their data investments were successful using agile business intelligence: data analytics. Out of which 49.2% said that data analytics helped them lower down their expenses.
The world has evolved, and so has the business world. Agile business intelligence has made its way and has helped organize, analyze. Present data to help the company and its IT department gain clear knowledge about the ongoings and act accordingly.
What is Analytics as a Service?
A product of agile business intelligence, a fully customized analytics platform, Analytics as a Service (AaaS) provides subscription-based data analytics software. If you have just entered the world of big data, you must be familiar with the term Analytics as a Service. But do you know what that is?
As the name suggests, data analytics as a service is designed for processing and examining a massive piece of information. It has a cloud-based model for delivering information with cutting-edge tools that help the user modify and configure per their objectives, needs, and requirements.
With AaaS, your business, without making a substantial extra investment on specifically designed infrastructure for supporting storage and catering to the requirements of your business, can have the benefits of Big Data analytics.
(Also Read: What is PaaS (Platform-as-a-Service)? – A Guide)
Importance of Analytics as a Service (AaaS)
The industry, along with customer expectations, is changing rapidly. From a business-centric market, we have now entered a customer-centric market. Hence, businesses at most focus on ways to deliver better and higher quality products that not only ensure efficiency but also minimize waste production.
With Analytics as a Service, businesses have a visible area where they can identify trends and operations that are helpful for the business’s activities to run on the right path. AaaS shows how things are and what can bring improvements for a better and more accurate future forecast.
Businesses that use AaaS can easily stand out from those who don’t use it. AaaS helps in making the benefits of data analysis accessible to more companies. Not only does it reduce the burden on the IT staff, but it also reduces the risk and chances of human mishaps. It expands the temporary capabilities of an organization to analyze vast data or projects.
How Analytics as a Service (AaaS) Can Help?
Thanks to agile business intelligence, with the introduction of Analytics as a Service, many companies and businesses have regulated their activities and strategies.
You can take help from AaaS by including it in a business service that offers solutions, for instance, management systems, enterprise resource planning, network, cloud, and other security-related services.
By implementing AaaS services, you can integrate with your client’s business demands. Moreover, AaaS can help your business in any form. From any industry to financial services, telecom, customer analysis, social analysis, data optimization, and forecasting.
Benefits of Analytics as a Service
Customizing Customer Experience
There are several channels through which businesses collect customer data for a better marketing approach. These channels include e-commerce, social media, and surveys. But what’s the use of this data if there’s no implementation?
AaaS helps by creating a thorough customer profile using the data that likewise helps businesses gain insights about consumer behavior. This insight can be used in a better deliverance of the services.
Decision-Making Made More Knowledgeable
AaaS helps businesses in informed decision-making along with reducing expenses and financial losses. They help predict the effects several changes in the market, business, and perspective can bring in the industry. This prediction allows enterprises to react to the changes sensibly.
Run Smooth Operations
With AaaS, you can improve your business efficiency. Here is how it helps:
- Analyze data and reasonings for different departments
- Predicting future problems
- Presenting solutions for problems
AaaS can help a business avoid future problems and delays by predicting demand forecasts to streamline operations.
Challenges of Analytics as a Service
Data analytics is an essential part of any business, but they are complex. They need professionals and experts with know-how for proper execution. If AaaS is run under unprofessional or unqualified scientists, it can take your business from a 10 to a 0.
Since a lot of data is stored in the cloud, there are security risks involved. The reason being that most AaaS use a less secure model of cloud computing. More than 80% of companies claimed that security is the main challenge that needs to be addressed in AaaS.
The user has little said in AaaS functionality since it is provided in a complete functioning form whom you choose as your AaaS vendor determines the capability of your software.
Why are Companies increasingly turning to AaaS ?
Agile business intelligence has made its way into every industry and has been increasing ever since. The already existing analytical products are insufficient to cater to the needs of the industry today. Hence many companies are increasingly turning to AaaS.
Here are the reasons why:
- They have the freedom to choose business intelligence software of their own choice. This way, they can invest their time in important aspects and deliver quality results.
- AaaS helps them in a better, much improved, personalized customer experience.
- It gives them a platform to make improved decisions.
- It helps them focus on data analysis.
Analytics as a Service has entered the industry, and many companies have adopted this platform for a better and improved customer experience, decision making, and operation. As we enter the future, cloud computing will evolve, making it crucial for many businesses to switch to AaaS to overcome possible challenges and grow in the right direction. What are you waiting for? Switch to this platform to enhance your extensive data business activities.