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 loT 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,
- Right set of tools and software
- Proper and tested techniques
- 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 Bl 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.
