3 Reasons to Consider Analytics-as-a-Service for your Business
The rise of social media platforms and wearable and smart devices, in addition to traditional data sources, have all lead to an abundance of data. Companies that have thrived in the last decade were those nimble enough to convert this explosion of data into business insights. Interestingly, a study by HFS research found that while 85% of enterprises view smart analytics as pertinent to success, less than 1 out of 5 enterprises felt they had the capability to handle data analytics at a large scale. A feasible option then is to leverage the benefits of analytics-as-a-service (AaaS).
Impact of Analytics-as-a-Service
With access to tools, technology, and skilled resources, analytics-as-a-service (AaaS) is an effective way to process massive volumes of data and transform them to actionable insights. While cost can be a driving factor in the decision to choose an analytics solution, consider the impact that analytics-as-a-service (AaaS) has on the following key areas.
Access to insights for C-Suite
With swift changes in macro-economic trends, regulations, market dynamics, and customer preferences, top executives need the skills to use all this information to their benefit. While it is impossible to respond to every shift in the market, failure to keep up with key changes can prove costly. By adopting a data-driven culture, C-Suites can make critical decisions by combining insights and trends. However, building these capabilities in-house is not only expensive but time-consuming. With analytics-as-a-service (AaaS), management teams are empowered with live insights while maintaining a low cost of ownership.
Crafting Customer Experiences using Customer Data Analytics
Customer satisfaction, customer experience, and the associated returns on investments are engaging C-suite leaders across industries. With the rise of digital, the number of customer touchpoints has exponentially increased, giving us a micro-level view of customer preferences and trends like never before. But without the ability to turn customer data into insights, an organization gets a fragmented view of the customer, leaving them far behind their competitors in their bid to provide personalized services. Using analytics-as-a-service (AaaS), organizations can overcome issues of such data silos to tell a unified story in a scalable manner, thus enhancing the customer experience with analytics-driven solution.
For example, a CPG client was struggling to maintain service levels and reduce cost per order in the absence of a centralized order management report from each of their regions. Through deploying analytics-as-a-service (AaaS), we instituted automated reports with standard and common KPIs, thereby improving their service levels leading to annual savings of $250K.
Empowering Employees with Data
Predictive analytics is enabling organizations to respond to market events with a high level of precision. From intelligent order management for the retail industry, resource allocation for hospitals based on demand, and customized marketing campaigns, the use cases are endless.
However, the reality is that very few organizations can provide their employees with access to predictive insight. This, in turn, affects the ability of employees to deliver value as they lose precious time mining and analyzing data on spreadsheets. With an analytics-as-a-service (AaaS) provider, organizations can quickly make intelligent insights accessible to every decision-maker, fostering transformation at all levels.
Improving Business Insights With Infosys Insights Factory
For organizations lacking the bandwidth to create an analytics function with all the necessary supporting elements, analytics-as-a-service is the solution they must consider.
Infosys BPM brings analytics-as-a-service business model (AaaS) to life through our winning offering, Infosys Insights Factory. Equipped with industry-leading tools, technologies, and a range of domain expertise covering every aspect of an organization, we are uniquely positioned to cater to the needs of different personas. With a self-service model, various personas can obtain customized reports while expending minimal effort and time. With timely and precise views of metrics across functional areas, C-Suites are no longer blindsided and can make critical strategic decisions based on real-time insights. As for employees, with the availability of predictive analytics, operations are tightened to deliver superior customer experience.
Leveraging all the advantages of data analytics and making it accessible to all levels, Infosys Insights Factory is truly leading the business transformation towards a new data-driven future.