The complete guide to Analytics-as-a-Service
Data is an extremely valuable commodity in today’s digital age, but only for those capable of extracting usable inferences from it. Organisations today generate massive amounts of data in the course of their daily operations, much more than can be effectively examined and analysed by traditional data management approaches. Modern data analytics solutions equip businesses with the tools and computing power to rapidly analyse extremely large datasets and identify trends or patterns in historical data to derive actionable insights and uncover hidden opportunities. The findings can guide critical business decisions, boost organisational growth, and provide a competitive edge in today’s cutthroat market.
While larger organisations have the resources and expertise to build and maintain in-house analytical systems, small and medium-sized businesses may struggle to justify the investment. After all, hiring and training a team of data specialists and setting up the data analysis infrastructure needed to gather, examine, and analyse raw data on a large enough scale would cost a fair bit. Analytics-as-a-Service offers businesses a workable alternative; affordable access to cutting-edge cloud-based data analysis tools and strategies. This guide to Analytics-as-a-Service should answer any questions you may have about boosting your organisation’s analytics capabilities without massive investments in staff, software, or IT infrastructure.
What is Analytics-as-a-Service?
Analytics-as-a-Service or AaaS is the delivery of data analytics software over the internet, usually on a subscription basis or as a pay-as-you-use model. Analytics-as-a-Service puts the benefits of powerful data analysis within reach of businesses that lack in-house data teams and analytics processes. These cloud-based solutions offer scalable analytics capabilities so businesses of all sizes can process large amounts of data and make sound, data-driven strategic decisions.
Now that we know what Analytics-as-a-Service is let’s list out the various benefits that Analytics-as-a-Service brings to the table.
- Access to expertise
- Flexibility and scalability
- Meticulous data security
- Rapid implementation
- Informed decision making
- Efficient operations
- Personalised customer experiences
By eliminating the need to manage an analytics team or purchase pricey IT infrastructure, subscribing to an Analytics-as-a-Service software solution is a lot more economical than building, maintaining, and upgrading in-house data analytics capabilities.
Proficient Analytics-as-a-Service providers can connect organisations with highly-experienced data analysis experts to help them efficiently extract personalised insights from large datasets.
Analytics-as-a-Service solutions are a lot more flexible than readymade software solutions and can be customised to suit an organisation’s specific data analysis needs. Additionally, such cloud-based services can be scaled up or down to match the organisations changing requirements as the business evolves without the need for additional investment.
Competent analytics service providers take on the responsibility of managing and securing all the data generated by an organisation during day-to-day operations. This is one less thing for in-house teams to worry about and allows them to focus on core activities and growing the business.
While in-house data management and analysis solutions can be arduous and time-consuming to set up, Analytics-as-a-Service can be implemented much faster. The rapid manner in which AaaS can be brought into play translates into businesses not having to wait long to extract useful and actionable insights from their data.
By accurately predicting future outcomes based on patterns discovered in historical datasets, Analytics-as-a-Service solutions help businesses make informed strategic decisions.
Modern analytics solutions can collect and analyse large datasets extremely accurately, allowing various business processes to run smoothly and efficiently.
Customer data gathered through channels such as e-commerce portals, social media platforms, and surveys help with the creation of detailed and accurate customer profiles. With these profiles, organisations can offer curated and personalised experiences based on each customer’s individual preferences.
For organisations on the digital transformation journey, agility is key in responding to a rapidly changing technology and business landscape. Now more than ever, it is crucial to deliver and exceed on organisational expectations with a robust digital mindset backed by innovation. Enabling businesses to sense, learn, respond, and evolve like a living organism, will be imperative for business excellence going forward. A comprehensive, yet modular suite of services is doing exactly that. Equipping organisations with intuitive decision-making automatically at scale, actionable insights based on real-time solutions, anytime/anywhere experience, and in-depth data visibility across functions leading to hyper-productivity, Live Enterprise is building connected organisations that are innovating collaboratively for the future.
How can Infosys BPM help?
The Infosys BPM, Analytics-as-a-Service providers, allow businesses of all sizes to harness the power of their data and set up relevant reporting and analytics frameworks. Organisations that adopt Analytics-as-a-Service for their data processing needs can create reports and build statistical models with minimal effort and add value to their decision-making processes. Reach out to know more about how your organisation can leverage data towards increasing profits and growing its market share.